New developer considering buying Lincoln Yards after previous efforts fall through: Chicago alderman
A revised strategy has been unveiled for the upcoming development of Chicago’s Lincoln Yards area.
Recent plans to revitalize the property have not come to fruition.
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And now another person is interested in purchasing it.
Occupying 55 acres, Lincoln Yards is located along the north bank of the Chicago River, extending from the Kennedy Expressway to Webster, Clybourn, and North Avenues.
The project was intended to be a $6 billion mixed-use development along the riverside on the North Side. However, over the past few years, 55 acres of land have remained unused. What became of Lincoln Yards?
Tangled vegetation, street art, and unused paving: Construction at Lincoln Yards commenced in 2019. However, apart from an unoccupied life science facility, no further progress has been made.
“Sterling Bay failed to make their proposed and promised project move forward, which they told everyone would occur around six or seven years back,” stated 32nd Ward Ald. Scott Waguespack.
The vast development project located within Waguespack’s 32nd Ward is owned by Sterling Bay. Currently, he is engaged in discussions with another Chicago-based developer. According to him, JDL Development is in negotiations regarding the potential purchase of the whole site from Sterling Bay, following financial institutions’ decision to withdraw their support for the original agreement with Sterling Bay.
“We’re attempting to integrate all elements, explore fresh concepts for it, and simultaneously fulfill numerous existing commitments,” Waguespack stated.
Waguespack mentions that among the fresh concepts being considered is reducing the scale of the project by constructing additional residential areas instead of offices. He expresses hope that JDL might be receptive to incorporating a Chicago Fire soccer stadium into the plans. Meanwhile, North Side community organizations state that their main focus remains unaltered—they are advocating for increased green spaces.
“Greater access to open green spaces that welcome everyone in the neighborhood, rather than being exclusive to those who may reside in specific buildings,” stated Brian Comer, president of the Sheffield Neighborhood Association.
Another key concern for local inhabitants is constructing sufficient infrastructure to accommodate this major expansion. Initially, Sterling Bay was expected to develop new infrastructure and be compensated through a tax increment financing agreement negotiated with former Mayor Rahm Emanuel. However, according to Waguespack, the company reneged on its commitment by requesting an advance payment from the municipality.
“Was it too big to be true? Probably, and what can we do to make it realistic now for a developer to get it done?” Waguespack said.
Neither Sterling Bay nor JDL would provide comments.
If everything proceeds as planned with JDL, Waguespack anticipates that a fresh strategy for Lincoln Yards should be established by the end of this summer.