Sterling Bay unveils $5b Chicago River vision

Chicago developer Sterling Bay has unveiled its planned Lincoln Yards project, a more than $5 billion development planned for at least 70 acres along the Chicago River between Lincoln Park and Bucktown, on previous owned industrial parcels.

The project features 12 million square feet of office, retail, hotel and residential buildings, skyscrapers as tall as 70 stories, 13 acres of parkland, a 20,000-seat soccer stadium and various entertainment venues, hundreds of hotel rooms, and up to 5,000 residential units.

The project will create about 2,500 construction jobs over the 10-year development period.

Sterling Bay plans to file its plans with the city next week, breaking it up into north and south development pieces. The 29-acre northern portion would be mixed-use commercial and residential, while the 24-acre southern area would be anchored by the stadium and arts and entertainment venues.

In addition, the plan also presents challenges, particularly traffic congestion, concerns about straining resources such as nearby schools, and providing adequate park space, according to local media outlets. Infrastructure improvements are estimated to cost approximately $1 billion.

Sterling Bay’s director of development services Erin Lavin Cabonargi told local residents at the Wednesday presentation, the developer is funding a traffic study and seeking engineering proposals to reduce traffic. A handful of new bridges would connect various parts of the site, and Sterling Bay would dedicate 3.5 acres to new roadways, she said, according to Crain’s.