One of Lincoln Park's last remaining pieces of its former industrial self will soon be demolished to make way for an eventual reuse. Demolition of the huge A. Finkl & Sons Co. complex on the western edge of Lincoln Park will begin in the coming months, Crain's has reported. The company was sold to a German steel producer in 2007, but the 28 acre property in Lincoln Park was not part of the deal. Finkl's steel operation has been moved to the South Side, and now a group of former Finkl execs are looking to clean up the site, in preparation for a possible sale. The land is a part of a planned manufacturing district (PMD), and to build residences or other forms of development, the zoning would have to be changed. However, a local nonprofit economic development organization has suggested that the PMD should stay in place and that the property should be reused by companies to bring new jobs to the area.
Nothing has been set in stone at this point. However, the demolition of the large buildings on the site will help reduce costs and property taxes for the current owners, as the future use of the former Finkl complex is fleshed out. The demolition won't happen overnight, as it could take nearly a full year to finish the task. The industrial park was the home of Finkl Steel for 112 years.
It is worth noting that nearby Goose Island is currently experiencing a dramatic shift from its former industrial self to becoming a major player in Chicago's high-tech scene. At previous meetings to discuss the reuse of the Finkl site, some residents suggested that Lincoln Park's old industrial corridor could follow a similar path that Goose Island has taken. The man-made island is about to receive a $320 million tech research and manufacturing facility, along with two other sizable new office developments that are hoping to draw tech tenants from River North and the West Loop further north. Either way, the demolition of the former Finkl site could signal a coming gold rush for developers who will likely seek to transform the area with new projects.
·Finkl steel factory to be demolished [Crain's]
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