Sterling Bay Adds To Its Clybourn Corridor Land Grab
Sterling Bay hasn't revealed how it plans to redevelop the former A. Finkl & Sons site in the Clybourn Corridor, but the firm continues to buy surrounding lots in what is shaping up to be one of the largest redevelopment projects in Chicago. Sterling Bay acquired a 4.5-acre parcel at 1509 West Cortland (pictured, inside red boundaries) from recycling company Sims Metal Management.
Sims closed the site, across from Finkl, last November, citing a declining demand for scrap metal. The city shut down another scrap metal operation, General Iron at 1909 North Clifton, in April after inspections revealed 28 building code violations. The future of that site is uncertain, but it wouldn't be a surprise if a developer bought it.
Sterling Bay made waves last year when it bought the 28-acre Finkl tract, shortly after it acquired the Gutmann Leather and Lakin General Tire sites. While the firm has been mum about how it wants to develop the 40-plus acres it now controls in the Clybourn Corridor, it did reveal plans last month to extend The 606 over the Chicago River to the site. Sterling Bay was repped by Colliers in the deal, while Sims was repped by Paine Wetzel's Ed Wabick.