CHICAGO | Lincoln Yards

[marothisu]

Originally Posted by Roy_Batty

People who think Lincoln Park has no demand for public buses are all wrong. There are thousands of people using public buses in the area, and not only Lincoln Park but the entire north Chicago (buses connect and cross different neighborhoods so you cannot judge this for 1 specific neighborhood, although as I mentioned, there are still thousands of people using public transport inside Lincoln Park).

Lincoln Park is not only populated by millionaires with penthouses and single 3 floor town houses in front of the park, there are several middle class professionals, students, people that rent since they cannot afford to buy something themselves, etcetera, that live in apartments, duplexes and what not. In the east side you also find a lot of people traveling to the park from outside the neighborhood, and not to forget, the western section of Lincoln Park close to the Clybourne Corridor is very far from upscale. Is crazy how you are misjudging the entire neighborhood.

I know there will always have the typical NIMBYs that will oppose public transport, but as usual, this will be a minority. People in this forum making the argument there are no riders for public transport inside Lincoln Park are just being ignorant and making the argument fit the usual nonsense from NYMBYs.

I live in the area and I am a witness of people using public transport, being a bus and CTA user myself, so please stop misjudging the area and using this stupid stereotypes.

Agree, as a Lincoln Park resident myself and one who lives in a $1M+ condo. I take public transit to work (yes, I have a car - no I don't use it to get to work) and for the last handful of months especially our stop has been very busy for commutes. I know of neighbors who take public transit to work despite being in that "upper class" type of distinction. My wife and I also take a bus east to the park/lake if we are on some sort of certain schedule instead of driving. It can be a bit easier as long as you time it fine.

[CaptainJilliams]

https://www.chicagobusiness.com/comm...-lincoln-yards

I’m behind a paywall, but anytime an article has the word “rescue” in relation to a project, it can’t be good.

[Randomguy34]

?????????

Sterling Bay asks Chicago teachers' pension fund to rescue Lincoln Yards

Sterling Bay is trying to strike a deal with the Chicago Teachers Pension Fund to bail out Lincoln Yards, a move that could help jump-start the stalled North Side megadevelopment, inflict hefty losses on the original backers of the ambitious $6 billion project and offer the developer a lifeline amid a financial storm that threatens its control over major pieces of its high-profile local portfolio.

With the real estate firm under growing pressure to raise money to recapitalize the 53-acre mixed-use campus planned along the Chicago River between Lincoln Park and Bucktown, the pension fund's investment committee voted during a May 23 meeting to investigate an opportunity to become Sterling Bay's primary financial partner on the development, according to a video of the public meeting and investor documents obtained by Crain's.

The pitch to the $12.1 billion fund, as laid out during the meeting by Sterling Bay CEO Andy Gloor: Buy into Lincoln Yards at between $100 and $150 per square foot — potentially a more than $300 million commitment — to replace the project's existing financial backers at steep discounts and help inject life into a stagnant project that could generate billions of dollars in new tax revenue for the city over the next couple decades.

The fundraising push comes as Sterling Bay grapples with financing issues not only at Lincoln Yards, but a series of properties it has amassed en route to becoming one of the city's most prominent real estate firms. Slides that Crain's obtained from part of an April 26 presentation Sterling Bay made to investors reveal its lender could force a sale of the Groupon headquarters building along the Chicago River, and a loan challenge ahead for the two-tower Prudential Plaza complex overlooking Millennium Park.
....
There's little clarity on when or if the project will begin to see more activity and what role new Mayor Brandon Johnson —a former Chicago Public School teacher and paid CTU organizer — will play in helping Sterling Bay forge ahead. Gloor told the CTPF that his group has "been in regular communication with Mayor Johnson's administration.... They're enthusiastically in favor of the development. They understand the economic benefits to the entire city of Chicago and the jobs. We didn't have that type of communication (with Lightfoot), but we do now. So we do not anticipate any delays."

https://www.chicagobusiness.com/comm...-lincoln-yards

[west-town-brad]

Originally Posted by Randomguy34

?????????

Sterling Bay asks Chicago teachers' pension fund to rescue Lincoln Yards

https://www.chicagobusiness.com/comm...-lincoln-yards

I guess the Teachers Union wouldn't be able to protest the development anymore, or it's use of TIF funds.... kind of genius if it works out.

As long as everybody gets a taste.... no one will protest.

[ardecila]

[SamInTheLoop]

LOLOLOLOLOLOL


And now we know what all of Gloor’s gratuitous bj fluffing was about.
As I posted recently, I did suspect it had something to do with a capital problem, but this is just a big ole sloppy wet chef’s kiss. Too perfect by infinity.

[CaptainJilliams]

Yep, I think this project is a pipe dream now.

[Randomguy34]

Originally Posted by CaptainJilliams

Yep, I think this project is a pipe dream now.

I agree the original plan likely won't move forward. The article does mention Sterling Bay will likely sell off portions of the site to other developers. Since zoning is already approved, there are probably a dozen developers who'd clamor to buy and develop the site

[twister244]

Without digging into the details.... To me this is a reflection of the current CRE implosion happening.

SB has put a ton of eggs into the office tower basket, and they are probably paying the price now given what's happening. They probably find themselves in a survival mode where they are trying to shore up their finances and are in no position to finance something like Lincoln Yards. You should also read this as a death notice to any other SB proposal that involves office space in the city (looking at you West Loop).

It sucks, but hopefully in the next cycle we can get the land built out with a more solid financial backing.

[mh777]

Originally Posted by twister244

You should also read this as a death notice to any other SB proposal that involves office space in the city (looking at you West Loop).

I wouldn’t be so sure about that. The same article mentions their recent successes at 333 & 360 N Green. West Loop is the only neighborhood they haven’t completely gone underwater in recently.

I just think they have to go back to the drawing board on LY. It just isn’t practical to construct that much office space right now, especially in such a desolate/unattractive area.

[twister244]

Originally Posted by mh777

I wouldn’t be so sure about that. The same article mentions their recent successes at 333 & 360 N Green. West Loop is the only neighborhood they haven’t completely gone underwater in recently.

I just think they have to go back to the drawing board on LY. It just isn’t practical to construct that much office space right now, especially in such a desolate/unattractive area.

I will give the benefit of the doubt that West Loop may be an exception, but it's bleak right now. As I have noted several times, we haven't had any real new groundbreakings recently involving office space. The market just isn't there for it, and there's a blood bath right now with everyone that holds loans/properties with office space.

[HomrQT]

Just like many of the factories of old, many office buildings will eventually be converted into residential.

[Bombardier]

Originally Posted by HomrQT

Just like many of the factories of old, many office buildings will eventually be converted into residential.

Converting office to residential is typically more costly than building residential from scratch. Office floor plates are not conducive to residential, the mechanical systems are different and in the case of older Chicago offices the clay tile structures are difficult to work with and often need to be replaced as they cannot withstand large penetrations. Residential construction also requires operable windows that are not present in offices and retrofitting the windows is another significant cost. There is a reason this is rarely done, even with significant governmental incentives.

[moorhosj1]

Heard the rumor on sports talk radio (670) that Lincoln Yards has been discussed with the Bears.

It kind of makes sense. Sterling Bay needs a bailout and buildings. The Bears need land and infrastructure. Have to admit that taking a water taxi from the new casino to new Soldier Field sounds intriguing.

[CaptainJilliams]

I don’t know how realistic it is, but yeah, when I heard the news about the Bears and Lincoln Yards I was thinking the potential for a new stadium on the site would be intriguing.

However I’m still fairly certain the Bears just want out of Cook County, so I’m doubtful it happens.

[moorhosj1]

Originally Posted by CaptainJilliams

However I’m still fairly certain the Bears just want out of Cook County, so I’m doubtful it happens.

It's not like DuPage has low property taxes. The Bears want the best deal they can get for their new stadium. I don't think county has much to do with it.

[twister244]

Originally Posted by moorhosj1

Heard the rumor on sports talk radio (670) that Lincoln Yards has been discussed with the Bears.

It kind of makes sense. Sterling Bay needs a bailout and buildings. The Bears need land and infrastructure. Have to admit that taking a water taxi from the new casino to new Soldier Field sounds intriguing.

Very interesting.....

The timing of both the Lincoln Yards press and the AH/Naperville stuff is interesting from a pure coincidence. Maybe this is SB's way to securing financing for the buildout of LY? Is there enough space to support a stadium?

It's not the worst location either given it's proximity to the Clybourn stop, and if they follow through on the original plan of moving it into a transit hub within LY, even better considering it serves both the UP-NW and UP-N routes. While not super close to CTA, it's close enough.

[west-town-brad]

Originally Posted by twister244

Very interesting.....

The timing of both the Lincoln Yards press and the AH/Naperville stuff is interesting from a pure coincidence. Maybe this is SB's way to securing financing for the buildout of LY? Is there enough space to support a stadium?

It's not the worst location either given it's proximity to the Clybourn stop, and if they follow through on the original plan of moving it into a transit hub within LY, even better considering it serves both the UP-NW and UP-N routes. While not super close to CTA, it's close enough.

from what I understand there are few parcels of land big enough and vacant to build a new stadium within city limits and not encumbered by the lake protection ordinance. LY would also give the bears the ability to build out the fan village or whatever concept they say the need. also favorable highway access along with the trains and cta. SB wanted to build an MLS stadum at one point there so it's not that crazy of an idea even though the sizes are different.

[Chi-Sky21]

Lincoln yards is not large enough for a stadium even if you could build over Cortland. Not gonna happen there. The only realistic site would be McCormick East. Good luck with that though, if you were tear it down our friends of the park would never let you put something else up.

[ardecila]

I can't see this working. An NFL stadium would be a VERY tight squeeze on either the north or south part of Lincoln Yards. In either case you'd have to relocate streets, utilities, etc to fit the stadium footprint. Even an MLS stadium was a tight fit.

Or you could maybe tighten up the stadium a bit, but that means lots of compromises. Bad sightlines, very steep seating, etc. Or accepting a smaller number of seats, which is the whole problem with Soldier Field in the first place.

Then there's the whole tailgating thing. LY would be even less tailgate-friendly than Soldier Field. There's no room for big parking lots.

Then there's access - the streets around LY are very congested even on a normal weekday. A billion-dollar stadium will have Bears games and other events on weekdays. It will be a nightmare to get in and get out, especially since transit is only an option for people living around the UP-N and UP-NW lines.