Sterling Bay is seeking a financial partner for the Lincoln Yards megadevelopment and is planning to sell land adjacent to the 53-acre site to meet debt repayment deadlines. CBRE has been commissioned to facilitate the sale of properties situated at three distinct locations: 1907 N Mendell Street, 1901 N Elston Street, and 1500 W Cortland Avenue. These properties were originally incorporated into the ambitious $6 billion mixed-use development project. Amid financial difficulties, Sterling Bay has been selling properties, including an industrial property sold last year for $4 million, Crain’s Chicago Reported.
Ariel Image of Land for sale form CBRE
Ariel Image of Land for sale form CBRE
The recent sales come as Sterling Bay is trying to find a new capital partner after J.P. Morgan Asset Management and Lone Star Funds decided to sell their stakes in the project. The properties for sale are linked to loans from Signature Bank, totaling over $8 million. Sterling Bay has been granted multiple extensions to meet repayment deadlines, with the latest deadline set for May 2.
Overall rendering of Lincoln Yards via Sterling Bay
Sterling Bay has had discussions with Florida-based real estate investor Kayne Anderson Real Estate, offering hope for potential partnership. While navigating the financial complexities of Lincoln Yards, Sterling Bay plans to develop sites along the project’s eastern border, aiming to add over 1,100 new residential units to the Lincoln Park neighborhood. The properties are being marketed by CBRE brokers, highlighting their proximity to Lincoln Yards and visibility to commuters on the nearby Kennedy Expressway.
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Chicago needs to start fining these developers who bought up a bunch of plots in the city knocked down the buildings and let them sit empty without doing anything on it for years while ruining the aesthetic of the neighborhoods. I bet Sterling bay owners don’t want to have empty abandoned looking lots like that next to their houses.
At this time, I’m not sure how possible something like that is. Generally, unless a property is deemed historic, an owner has the right to demolish a structure on their building. This is probably a right which is more than a municipality can take away.
I’m guessing the property taxes go way down without a structure on the land and this being the main cause of it happening?
If so, it could pretty much be fixed by taxing the unused land more than one with property. Give them incentive to keep the old one or build a new one in short order.
Many of the big C levels at Sterling Bay live right there in Bucktown.
Whats left of Sterling Bays top staff need to start building better looking buildings that will enhance the neighborhood. For too long they have been buying up land and building up ugly glass buildings-look at the west loop/fulton market area.- horribly wrong for the most part.
Why would I want to buy land next to that failed project. Ick. SB made a mess of that area and now nobody is going to want to build around that. They would best off just seeing the fields with native wildflowers.
I wish I had the money to purchase these. I know exactly what I would do with them.
One of them would be split in half to accommodate a turn only lane to help alleviate the insane traffic on Courtland. The western most piece would become a native plant, rain catch, solar catch. something native prairie.
The other remaining pieces would become transportation stations. A new L stop as well as an elevated walkway that would take you directly to the Metra tracks. The L stop would be for a new line that would connect the Brown and Purple line with the blue line. In a perfect world, the line would run down Armitage terminating at Clark on the east and 1st avenue on the west. To build the line, we could use migrants and anyone in Chicago who wants a job. This is an opportunity to build a line that is needed and could help revolutionize the area.
The project could be paid for by government grants and supplemented by Sterling Bay.
Redeveloped areas look so much better with a mix of developers as opposed to 1 developer. This land sale will be a huge win for the area and it’s already ready and remediated for construction. Sterling Bay would have taken years to develop this, prioritizing their larger continuous land mass. The new owners will develop these lots immediately. A benefit of these lots are they have fully operating business next door to them (Cards Against Humanity Headquarters, Regus CoWorking & Chicago Rood Deck and Gardens).
I agree! Multiple developers offer much needed variation that entice people to visit/live/work in the area. The less land held by SB the better.