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General Iron selling prime riverfront property along North Branch
Developers had made unsuccessful bids to buy the site, which is near Sterling Bay’s planned Lincoln Yards
General Iron Industries is selling its property on the North Side, opening up another prime riverside parcel to possible redevelopment in the North Branch Industrial Corridor.
General Iron hired JLL to market the 21.5 acres around 1909 North Clifton Avenue, according to Crain’s.
The company is merging with Reserve Management Group and moving in 2020 to a 175-acre facility on the Southeast Side.
Developers have been eyeing the General Iron property and have made unsuccessful bids to buy the site, Crain’s reported. The land is in the 760-acre stretch of the river from Kinzie Street to Fullerton Avenue that the city recently opened up to new uses by easing rules that were meant to protect manufacturers.
Sterling Bay has been acquiring the land north of and across the river from the General Iron site for its plan to create the sprawling 70-acre Lincoln Yards development.
The city also could try to buy the land for park space, which several aldermen have pushed for as part of any redevelopment along the river. [Crain’s] — John O’Brien