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.
Go deeper with GlobalData
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.
See Also:
It will be built over the next 18 months, with the first tenants expected to occupy the building during Q1 2023.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSterling 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.
——————————————————————————————————————–
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
