Illinois, particularly outside Chicago’s downtown core, presents a distinct equation. Acquisition prices for former factories, mills, and warehouses remain relatively low compared with coastal cities, reflecting decades of industrial decline and population stagnation. That discount is the entry point. What follows is anything but simple. “Adaptive reuse looks cheap on the spreadsheet until you start opening walls,” says Hirsh Mohindra. “The value isn’t in the building you buy—it’s in the problem you’re solving.”
