Chicago Sterling Bay’s Lincoln Yards lives on
February 07, 2019
- Sterling Bay’s proposed $6 billion, 54.5 acre megadevelopment, Lincoln Yards, has won approval for zoning changes by the Chicago Plan Commission after multiple redesigns based on community feedback. In its entirety, Lincoln Yards will entail of 15M SF of buildings including 6,000 multifamily units & a total of 5 towers standing 500+ feet tall. Sterling Bay will be required to include 20% of the apartments to consist of affordable housing due to the Tax Increment Finance money to be received for infrastructure improvements.
- In its initial phases, the development has been controversial but has garnered strong support from labor & construction entities due to the potential 10,000 temporary construction jobs & 24,000 estimated permanent jobs to be brought to the community and City.
- Lincoln Yards is a unique opportunity for Lincoln Park and Bucktown/Wicker Park to bridge the gap between the two communities, making the city more accessible and becoming a catalyst for more opportunity and economic growth for all Chicagoans.
Source: JLL Research, Crain’s Business Chicago, Sterling Bay