Construction is set to begin imminently on the first building of the 55-acre Lincoln Yards development.
An eight-story riverfront building that will house medical research facilities and creative office space will be the first structure to rise in the megadevelopment, the Chicago Sun-Times reported. The building, dubbed Ally, represents a part of developer Sterling Bay’s plan to create a “scientific innovation” district.
“Chicago is an emerging market for biotechnology, supported by world-class academic institutions and a reputation for advanced medical research,” Sterling Bay CEO Andy Gloor said. “But the city’s current inventory of superior lab space prevents the industry from reaching its highest potential here.”
Sterling Bay, which announced that it acquired a $125 million loan for the building, will begin construction this month, with plans to be ready for tenants by April 2023.
The Ally tower will be located on the southeastern corner of the massive Lincoln Yards site, at 1229 W Concord Place. It will yield 280,000 square feet of rentable space, as well as enclosed parking spaces for 55 vehicles and more than 100 bike storage racks.
Sterling Bay is no stranger to the life sciences industry. The developer redesigned a building that was formerly part of Lurie’s Children’s Hospital to better accommodate labs and shared work space.
In addition to its own projects, Sterling Bay is also following the lead of Trammell Crow, which is working on another campus for Fulton Labs. The new 400,000-square-foot lab rising at 400 N Aberdeen Street is set to be available in the first quarter of 2022, according to the Fulton Labs website.
Sterling Bay has partnered with J.P. Morgan Asset Management and Chicago-based real estate investment firm Harrison Street to bring the Lincoln Yards megadevelopment to life.
[CST] — Victoria Pruitt