Sterling Bay set to begin construction of life sciences building in Chicago

WCN Editorial Team 1 Oct 2021 NORTH AMERICA BUILDINGS

Construction of the eight-storey building in the $6bn, 55-acre Lincoln Yards development project is expected to begin this month.

Sterling Bay had closed a $125m loan from Bank OZK to begin construction of a 280,000ft2 life sciences building, called ALLY.

Sterling Bay’s life sciences division director Suzet McKinney was quoted by Chicago Tribune as saying: “This particular building is critical to not only the Lincoln Yards development as a whole, but also to the city of Chicago.

“We are working diligently to raise Chicago as a major life sciences market.”

The ALLY building will be situated at 1229 W. Concord Place, along the Chicago River.

It will be built over the next 18 months, with the first tenants expected to occupy the building during Q1 2023.

Sterling Bay secured the approval of the city authorities in 2019 to develop 14.5 million square feet of mixed-use buildings along the riverfront corridor from Lincoln Park to Bucktown.

The development plan features a combination of 50% commercial and 50% residential buildings.

Up to 6,000 residential units will be developed over a decade.

Sterling Bay has also agreed to allocate 21 acres, or 40% of the site, as open space that can be accessed by public.

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It will be built over the next 18 months, with the first tenants expected to occupy the building during Q1 2023. Credit: Hands off my tags! Michael Gaida from Pixabay 

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