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General Iron could fetch up to $130M for property near Lincoln Yards
A year after it announced its move, the metals company officially put the North Side property up for sale
Nearly a year after General Iron Industries announced it would pack up its North Side scrap metal facility and relocate, the company has put its 22-acre riverfront property up for sale.
General Iron has not disclosed an asking price for the three parcels just east of the planned site of Lincoln Yards, but based on surrounding properties, they could fetch up to $130 million, according to the Chicago Tribune.
The metals company announced last summer it planned to vacate its long-time home at 1909 North Clifton Avenue and set up a new facility with Reserve Management Group in the city’s East Side neighborhood.
Sterling Bay has been steadily gobbling up land surrounding the 55-acre Lincoln Yards site, but it remains unclear whether the developer is interested in the General Iron property. Fresh off receiving zoning approval and the benefit of a new tax increment financing district, Sterling Bay is underway on site preparation for the riverfront site.
Alderman Brian Hopkins (2nd), whose ward includes the General Iron site, said any developer interested in buying the land should expect to provide a public park as part of its proposal. Neighboring Alderman Michele Smith (43rd) has championed a grassroots campaign to create a 24-acre public park along the east bank of the river.
JLL is marketing the property on behalf of General Iron. [Chicago Tribune] — Alex Nitkin