Sterling Bay is expected to break ground on its latest Lincoln Yards project by the third quarter after it was approved by the Chicago Plan Commission.
An 800,000-square-foot development called The Steelyard will include a 19-story, 350-unit residential building, a 15-story commercial building and a market hall, the Chicago Business Journal reported. It will also have office space and a 6.5 acre riverfront park open to the public, according to Julie Goudie, spokeswoman for Sterling Bay, the Chicago company behind the development. Construction is expected to end within 24 months of the starting date.
“We expect to start construction in mid- to late summer 2022,” Goudie told the Chicago Business Journal. “The informational presentation to the Plan Commission was the last step in the public review process.”
The Steelyard is part of the Lincoln Yards project, a $6 billion, 53-acre development on former industrial land along the North Branch of the Chicago River.
Goudie said several more buildings will be built after The Steelyard is completed, as well as several infrastructure projects to support the new developments, such as Throop Street Bridge, an extension of The 606, an elevated park built on a former rail line, as well as new Riverwalk space and a water taxi stop.
[Crain’s] – Harrison Connery