The redevelopment of the former A. Finkl & Sons Co. site in Lincoln Park could happen sooner than some may have previously thought. Ryan Ori of Crain's dropped a bombshell this morning, indicating that developer Sterling Bay is currently in "advanced talks" with the owners of the 28-acre property. This news comes just weeks after it was first reported that Sterling Bay had committed to buying two other neighboring properties: the Gutmann Leather tannery and the Lakin General sites. If this deal does indeed go through, Crain's suggests that Sterling Bay will control a total of 40 acres along the North Branch of the Chicago River. Although the three sites are all part of a Planned Manufacturing District (PMD), there's no doubt that the large combined parcel offers Sterling Bay a huge opportunity. The developer has become a veteran in the West Loop/Fulton Market area in converting industrial properties into high tech office space and there's certainly a chance that a similar formula could be followed in Lincoln Park.
While residences and retail aren't allowed to be built in a Planned Manufacturing District, Sterling bay could build new offices or a large corporate campus—as long as it relates to tech. Of course, if the PMD is repealed or amended, the door for developing different uses could be swung wide open. At an event in March that discussed the changing development landscape in the Fulton Market area, Sterling Bay managing principal Andy Gloor suggested the former Finkl Steel site could be a great opportunity for a large company like McDonald's to relocate their corporate headquarters. Whatever is eventually built could be a huge shot in the arm for the area and could bring $1 billion in investment, Crain's suggests. Be it a corporate campus, residences, retail or a combination of all of the above, thousands of jobs could soon make their way to the area.
·A billion-dollar makeover for Finkl steel site? [Crain's]
·Sterling Bay Buying 7 Acres of Industrial Land in Lincoln Park [Curbed Chicago]
·Previous Sterling Bay coverage [Curbed Chicago]
·Previous Finkl steel coverage [Curbed Chicago]