Further details and renderings have been revealed for the potential mixed-use development at 345 N Aberdeen Street in the West Loop. Replacing the former Cougle Commission factory on the intersection with W Carroll Avenue, news on the development broke earlier this year as developer Sterling Bay prepares to sell the site.
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 hired to sell properties at three locations,1907 N Mendell Street, 1901 N Elston Street and 1500 W Cortland Avenue, which were initially part of the $6 billion mixed-use project. Amid financial difficulties, Sterling Bay has been selling properties, including an industrial property sold last year for $4 million, Crain’s Chicago Reported.
Potential financing has been revealed for the Lincoln Yards megadevelopment near Goose Island. The money would come from Florida-based Kayne Anderson Real Estate who is exploring becoming the primary financial backer for the project according to Crain’s. The 53-acre development has stalled as the lending market has changed since its original announcement in 2018.
Initial plans have been revealed for a potential mixed-use development at 345 N Aberdeen Street in the West Loop. The information comes as developer Sterling Bay submits a zoning application for the site, which currently holds the Cougle Commission factory. However the developer is selling the site, using the Gensler-designed project to rezone it as part of the sales package.
Developer Sterling Bay has announced the sale of their property at 345 N Aberdeen Street in the West Loop. Bound by W Carroll Avenue to the south and rail tracks to the north, the site currently holds the Cougle Commission Company factory. The developer has brought on real estate company JLL to sell the property for them.
