Vetter Pharma buys Des Plaines property for $350 million headquarters
German pharmaceutical company Vetter Pharma has closed on the sale of property in Des Plaines, the next step in a long process to build its $350 million United States headquarters, city officials announced Monday.
The company bought a 17-acre property formerly owned by the Salvation Army at the corner of Algonquin and Mount Prospect roads on May 31, City Manager Mike Bartholomew said.
With plans to build a production facility, automated warehouse. and office and lab spaces, the development may not be fully built until 2030, when the company plans to occupy 1.2 million square feet and employ 500 people. Commercial production is expected to start by 2022.
The next step will be for the company renovate executive offices and a building with conference space at the site. A third building, a six-story office facility, will eventually be demolished, Bartholomew said. Next year, the company plans to begin construction on four new buildings with more than 700,000 square feet of production, warehouse, storage and multifunction space.
The city, Cook County and state officials used two tax incentives to lure the company to the site. Cook County commissioners approved a 6b property tax incentive, which lowers the assessed value of the property for 12 years. Vetter will also get an EDGE grant tax credits through the Illinois Department of Commerce and Economic Opportunity.