Andy Gloor’s Sterling Bay has acquired land for a speculative industrial development on Chicago’s southwest side.
The Chicago-based firm, which is currently trying to kick start its $6 billion megadevelopment at Lincoln Yards, is moving on a 147,500-square-foot industrial plan in Archer Heights.
Sterling Bay bought the land for the project, located at 4510 West Ann Lurie Place, from 4530 DISTRICT BLVD., INC., an Illinois LLC. The price for the land was not yet available in Cook County Records but filings with the city of Chicago pegs the value of the project at around $25 million.
Affinius Capital provided the financing for the land acquisition and First National Bank of Omaha provided the construction loan.
Industrial is one of the smallest lines of business for the Chicago megadeveloper, which also counts office, life sciences, residential and retail in its portfolio. It currently has four industrial developments, three of which are in Illinois, according to its website.
The latest project is set to break ground later this year on a speculative basis, meaning without a tenant in mind.
The company is seeking economic incentives for the project, specifically a Cook County Class 6(b) tax incentive. The incentive would reduce taxes on the property by approximately $4.7 million over the next 12 years. The incentive works similarly to tax increment financing, allowing for a total of 25 percent of the tax bill to be reduced over 12 years.
It also plans to follow the standards set in the city’s MWBE Program which sets minority contractor participation at twenty-six percent and women contractors at six percent.
PREMIER Design + Build Group will build the project. It will include 10 loading bays, two drive-in doors, and 101 parking spaces. Sterling Bay said the building will be completed to LEED Silver-certified standards, and will include EV charging stations, upgraded steel components for future solar panels, and native plant landscaping.
“This project reflects our unwavering belief in the power of real estate development to contribute to the betterment of our city,” Gloor said in a release.
Read more
Development
Chicago
Sterling Bay unveils big statue on long-vacant Englewood development site
Development
Chicago
Sterling Bay’s Lincoln Yards can’t pass teachers fund test
Development
Chicago
Sterling Bay sells site near Lincoln Yards to co-founder Scott Goodman’s new firm