Sterling Bay wants to pick its own neighbors on the edge of its Lincoln Yards megadevelopment on Chicago’s North Side.
The development firm, led by CEO Andy Gloor, is seeking city zoning approval for a 15-story, 359-unit residential project at 2301 North Kingsbury Street, Urbanize reported. It would also include 205 parking spots for cars and 72 for bicycles.
The new building would be shorter than the high-density towers planned for Lincoln Yards, which is a 53-acre site between the Wicker Park, Bucktown and Lincoln Park neighborhoods along the Chicago River that Sterling Bay is loading up with creative office buildings and other residential projects.
The Kingsbury site sits directly across the street from the Lincoln Yards North project site, and is surrounded by low-rise retail buildings and parking lots. It is just south of a new mass timber mid rise residential project planned by Sterling Bay at 2100 North Southport, a project the developer also recently announced it was pursuing near its massive Lincoln Yards site.
Chicago’s affordability ordinance requires Sterling Bay to set aside at least 20 percent of the Kingsbury site’s units as affordable to people making less than the city’s median income.
Instead of fulfilling the obligation by making 72 units within the project itself affordable, though, Sterling Bay will dedicate 36 units as affordable and pay a $5 million cash in lieu fee to the city’s affordable housing fund earmarked to finance construction of affordable homes elsewhere. The on-site affordable units will average rents affordable to people making 60 percent of Chicago’s median income.
For years, Sterling Bay fought to gain city approval for Lincoln Yards and received the green light for the $6 billion plan in 2019.
The megadevelopment could bring more than 800,000 square feet of new buildings, and its first commercial tower at the site is nearly completed. Ally, at 1229 West Concord Place, is a 328,000-square-foot building geared toward hosting tenants with a need for laboratory space as well as offices. It was built on spec, and Sterling Bay has yet to announce a deal with a tenant to occupy the property.
— Sam Lounsberry
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