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Sterling Bay plans big apartment building next to Lincoln Yards

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property is just outside the bounds of Lincoln Yards, A collection of planned office, residential, and laboratory buildings along the North Fork of the Chicago River west of Lincoln Park. Approved in 2019, his $6 billion project stretches north to Webster Avenue and is the first building. Eight-story life science facility It will open next year across the river.

This property is also just south of the site Stirling Bay wants to build 9-story apartment It will be the tallest mass timber structure in the city built since the Great Chicago Fire.

Sterling Bay has plans for multiple office towers in Lincoln Yards, but these days it’s easier to develop apartments than office buildings. Apartment rents are at record highs, and while rising interest rates haven’t helped, lenders are still keen to fund multi-family projects. However, with many professionals working remotely or on hybrid schedules, demand for office space is low these days.

Chicago-based Sterling Bay was to develop the apartments in a joint venture with Dallas-based Lone Star Fund, one of the partners in the Lincoln Yards project. According to the zoning application, the building will span a long, narrow lot across from Lincoln Yards and be horizontal rather than vertical.

Once part of a gritty industrial area, the block and its surroundings are set to undergo a residential transformation in the coming years.The development group, located just behind the development site on Clybourne Avenue, has replaced its former headquarters at the Anixter Center. 136 units. Within the subsection immediately west of Lincoln Yards, Sterling Bay plans four residential buildings totaling approximately 1,800 units.

“Demand for multifamily housing throughout Chicago continues to grow, and 2301 N. Kingsbury is located at the intersection of some of Chicago’s most populous communities, including Lincoln Park, Bucktown, Wicker Park, and Lincoln Yards. It’s also a future location,” a spokesperson for Stirling Bay wrote in an email.

Designed by Pappageorge Haymes Partners, the Kingsbury building will rise 168 feet according to the project’s zoning application. Sterling Bay requires City Council building approval, which is not permitted under current zoning.

To comply with the city’s Affordability Requirements Ordinance, the project will include 36 units set aside for low- and middle-income residents, according to documents. The Stirling Bay venture will also pay him $5.1 million to the city’s affordable housing fund.

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