Power Construction moving headquarters from Schaumburg to Chicago
Schaumburg-based Power Construction Co. LLC announced Wednesday it is moving its headquarters — and more than 200 jobs — to Chicago.
The company will relocate its corporate headquarters in March 2014 to Triangle Plaza at 8750 W. Bryn Mawr Ave., according to a news release issued by Chicago Mayor Rahm Emanuel and Gov. Pat Quinn.
Power is one of the Midwest's largest contractors, with average annual revenues of $600 million. The company, which plans to add 30 new jobs upon its relocation and increase its workforce by at least 15 percent in the next few years, will be eligible for tax credits under the Economic Development for a Growing Economy program.
Besides anticipated employee growth, the company said it is moving because its current office space at 2360 Palmer Drive is outdated and there are new construction opportunities in downtown Chicago. Power was founded in Chicago in 1926.
"It's great to welcome Power back to Chicago after 80 years," Emanuel said in a news release. "This is a cutting edge company, with deep roots in our city. They are doing great things around the city, constructing wonderful buildings that help Chicagoans enjoy a high quality of life while spurring economic activity and job creation. I am so pleased to welcome Power, and I look forward to the company's future success."
Julie Fitzgerald, director of community development for Schaumburg, said because there are thousands of jobs in the village, losing about 200 won't have a huge impact.
The village isn't too worried about the space Power is leaving behind, which is in an industrial park that the village is planning to turn into a tax increment financing district, she added.
"We're constantly having people come to us for industrial spaces, so this will just be another opportunity," Fitzgerald said, noting that oral hygiene company Sunstar will soon be moving from Chicago into a 300,000-square-foot building close to the one Power is vacating.
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