Quote:
Originally Posted by sentinel
Sterling Bay’s hubris got the best of them.
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Yeah. That was basically my takeaway from the
Sun-Times piece from a couple of weeks ago.
Sounds like SB was riding high on their success in Fulton Market and thought they could do no wrong. They bet big on building a "second Loop" of Class A office space (in place it really had no business going), gambled on a Chicago life science resurgence that didn't happen, spent millions on non TIF-eligible environmental remiation, got caught out by the pandemic, and then realized they were unable to raise the billions in capital needed for infrastructure work to get reimbursed by TIF — per the terms of the agreement they had pushed so aggressively for.
And finally blamed Lightfoot for good measure.
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