The former Olson Rug factory and Marshall Field's warehouse at Pulaski Street and Diversey Avenue is being redeveloped as The Fields. View Full Caption Hirsch Associates

LOGAN SQUARE — A nearly 1.5-million-square-foot, six-story warehouse in Logan Square will get a new lease on life and bring an anticipated 1,000 jobs to the Logan Square and Avondale area, officials said.

The warehouse at 4000 W. Diversey Avenue has been empty since Macy's vacated the building in 2008. The building was previously occupied by Olson Rug & Carpet (1928-1963) and Marshall Field's (1964-2004).

On Tuesday, the building's owner, 4K Diversey Partners, and developer, Merit Partners, along with Ald. Milly Santiago (31st) and Cook County Commissioner Luis Arroyo Jr. hosted a public meeting at the warehouse to present what community members can expect once the redevelopment is complete.

Plans are propped up for the 1.49 million-square-foot warehouse in Logan Square at a community meeting Tuesday, July 14. View Full Caption Jamie Lynn Ferguson

Construction is expected to begin in about two weeks, according to Paul Fishbein of 4K Diversey Partners.

The building will offer a 70,000-square-foot grocery store in Cermak Fresh Market, and host businesses Newly Weds Foods, Studio41, Climate Guard and Deal Genius. The second and third floors will be transformed to 700 indoor, heated parking spaces.

"We're very hopeful that we can get all this completed before the holidays," Fishbein said. "It's ambitious but it's not unachievable."

The building will also have 300,000 square feet of office space, 80 live-work units, potential for a restaurant and an area that may be used as an event venue on the weekends and community space on the weekdays.

The time frame for full completion of the development is 2-3 years, Fishbein said.

"What's coming here is a dream come true for the residents, not just of the 31st Ward, but the entire northwest side," Santiago said.

"You have a very nice project that's going to be put forth in this building," Arroyo said. "The most important thing is the jobs it's going to create in this area, and those jobs are going to come from the community."

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