Sterling Bay Close to Sealing $1B Deal for Finkl Site
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The group that owns the former A. Finkl & Sons site in Lincoln Park is close to selling the 28-acre parcel to Sterling Bay Cos, creating one of the largest North Side redevelopment opportunities in years. Sterling Bay has been busy in the Clybourn Corridor PMD. The group bought the Gutmann Leather and Lakin General tire sites in July and, if this deal is sealed, Sterling Bay would have 40 acres of some of the most desirable land on the North Side to develop. Sterling Bay hasn't announced what it's planning on the giant tract, but rumor is it would invest at least $1B in the properties.
The future of the Finkl site has been subject to debate in recent months. Developers have called for the city to reform the zoning restrictions in Chicago's planned manufacturing districts in order to spur future development. Opponents counter that the current restrictions are necessary to prevent overdevelopment. Ald. Brian Hopkins (2nd), in whose ward the Finkl site is located, has urged residents to consider zoning alternatives. Hopkins sent a letter to constituents telling them to stay tuned for future Finkl announcements. [Crain's]