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Chicago

Sterling Bay adds another property in Lincoln Yards area

The developer picked up a site on North Mandell Street in the North Branch corridor

From left: Sterling Bay’s Andy Gloor and a rendering of of Lincoln Yards and 1907 N Mendell St, Chicago (Credit: Sterling Bay and 42 Floors)
From left: Sterling Bay’s Andy Gloor and a rendering of of Lincoln Yards and 1907 N Mendell St, Chicago (Credit: Sterling Bay and 42 Floors)

 

 

Sterling Bay acquired another property along the North Branch of the Chicago River in the area where it’s proposing the $5 billion Lincoln Yards mega-development.

The Chicago developer bought a five-story warehouse at 1907–1915 North Mendell Street for $8.6 million from Matanky Realty Group, according to Cook County records.

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Sterling Bay is financing the purchase in part with a $4.9 million loan from Signature Bank, records show.

A Sterling Bay spokesperson declined comment on the deal.

The property sits within the corridor where the developer is planning 4,000 to 5,000 residential units, office buildings, retail space, hotels and sports and entertainment facilities — including a 20,000-seat soccer stadium.

The developer last week unveiled revised plans for the project, which it plans to kick off across the river from the Mendell property with a cluster of streetscape makeovers and mid-rise buildings between Webster Avenue and Cortland Street.

The existing CH Robinson headquarters at 1515 West Webster Avenue would be joined by two new office buildings Sterling Bay is calling “21st Century Lofts” along with an above-ground parking garage.

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Commercial Real EstateIndustrial Real EstateLincoln YardsSterling Bay