Sterling Bay, Live Nation Planning Entertainment Complex At Lincoln Yards
Sterling Bay's partners in redeveloping Lincoln Yards are starting to take shape. The seemingly ubiquitous developer is partnering with concert promoter Live Nation to build an entertainment district as part of the 70-acre project along the North Branch Industrial Corridor.
Sterling Bay and Live Nation will build as many as five venues on the site, ranging from an intimate 100-seat amphitheater to a 6,000- to 8,000-seat venue. Live Nation will help fund construction and will manage and book events year-round. Sterling Bay promised the venues would be available to corporate partners and the surrounding community for recreational purposes, when not in use.
"Chicago already has a reputation as an entertainment hub and we are excited for the community to have easy access to a variety of new events with some of the biggest names in music," Sterling Bay Managing Principal Andy Gloor said in a statement.
Last week, Sterling Bay announced it was partnering with Chicago Cubs Chairman Tom Ricketts to bring a United Soccer League franchise to Lincoln Yards, and Sterling Bay would build a 20,000-seat stadium for the team with a retractable roof. Sterling Bay principal and general counsel Dean Marks told the Chicago Tribune the entertainment district would cost a combined $50M to build, while the stadium construction would be in the $200M range.
Bringing in partners like Ricketts and Live Nation will help Sterling Bay mitigate its risk as the plan to redevelop Lincoln Yards moves forward. The master plan still needs to meet community and City Council approval. Having plans like this in place indicate Sterling Bay is not waiting for Amazon to announce the city for its second headquarters, and can complement that golden goose should Chicago get the nod.
For Live Nation, Lincoln Yards gives the concert promoter an even stronger foothold in Chicago, similar to Live Nation's involvement in the Toyota Music Factory in Irving, Texas.