CHICAGO | Lincoln Yards

[Steely Dan]

* moderator note *


i moved the mayoral election talk to the chicago politics thread: https://forum.skyscraperpage.com/showthread.php?t=213683

please continue all city election discussion there.

[ChiTownWonder]

Originally Posted by marothisu

Not really a good comparison besides the fact that the poster is wrong about how successful of an activity center it is right now..since it's really not besides the High Line.

Anyway, the comparison to Hudson Yards is a pretty bad one, as someone who has been working there for over 3 years now and came before almost anything else was built.. The comment about it being a playground for the rich literally made me laugh out loud

Sorry I gues I was unclear on that. The project isnt a playground for the wealthy right now. Because it is not even fully open. I should have said the developer is aiming to create a playground for the wealthy. You are entitled to your opinion, but I’m not sure how you don’t get that vibe...
https://www.google.com/amp/s/ny.curbed.c...yards-nyc-guide-buildings-apartments-map
https://www.google.com/amp/s/newyork.cbslocal.com/2019/03/12/living-at-hudson-yards/amp/
https://www.google.com/amp/s/newyork.cbs...manhattan-west-side-vessel-the-shed/amp/
https://www.google.com/amp/s/ny.curbed.c...hudson-yards-new-york-condo-sales-launch

You could try thier website too, where they promote “luxury, flagship, and specialty stores” and in reguards to thier housing units, “remarkable craftsmanship, exquisite service and amenities, and breathtaking views”. Not to mention a 850sf condo starts at almost $2mil

Either way, this thread is not about that development, however I hope that Sterling Bay follows a more integrated approach in reguards to the organization of the projects program and the way it interacts with the two distinctive neighborhoods it will meet. I also think centering the project’s identity around the Chicago River will easily anchor the development to its site and the city as a whole. Still, I’m skeptical.

[BVictor1]

Approved by City Council

[kolchak]

Originally Posted by the urban politician

Crains just reported: the project landed construction financing mostly from Bank of the Ozarks.

Sterling Bay is out
Wanxiang is in as an equity partner

Total cost of financing: $850 MM.

Oh my oh my, I'm going to LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOVVVVVVVE watching this rise..

Fantastic!

This is great news also for Lincoln Yards, No? I imagine, as the article said, that Sterling Bay can now focus their resources on that mega development. What a boom we have going in Chicago.

[Steely Dan]

how many more approvals are needed until this thing is finally cleared?

[Mr Downtown]

None. That's it. It's now been Rahm-ed through.

[the urban politician]

Isn't there still a final vote on the TIF?

If I were a politician in Chicago, I think I'd be pretty damn tired of all of these meetings

[Steely Dan]

Originally Posted by Mr Downtown

None. That's it. It's now been Rahm-ed through.

i thought the TIF subsidy still had yet to be approved.

[donnie]

Originally Posted by kolchak

Fantastic!

This is great news also for Lincoln Yards, No? I imagine, as the article said, that Sterling Bay can now focus their resources on that mega development. What a boom we have going in Chicago.

almost ripe!

[ardecila]

^ sounds like you answered your own question!

Basically, with the PD (zoning) approved, Sterling Bay can file for building permits on the buildings as soon as the zoning change is recorded in the Journal of Proceedings (which happens at next month’s City Council meeting). Actually, they could file for building permits even sooner, they just wouldn’t get approved at the zoning desk until the legislation is recorded and published. Not to complicate things further, but there is also something called a “PD Part 2” which is a separate submittal to the Planning Dept so that city planners can review the development plans and make sure they conform to the intent of the PD approved by City Council.

The fancy infrastructure and park upgrades will be approved separately. Part of that is authorizing the TIF district, which is scheduled for next month, but there’s a separate part which is a Redevelopment Agreement (RDA). This spells out the ground rules by which a developer can gain access to city funds or city-owned land. Potentially the TIF authorization and the RDA will be rolled into one city ordinance, but not necessarily. I’m not sure in the case of Lincoln Yards.

It appears as if the first phase will be two office mid rises and a colossal parking garage just south of the new CH Robinson building. These pieces may be able to move forward without any new infrastructure or parks, just like CH Robinson diid.

[Steely Dan]

Originally Posted by ardecila

^ sounds like you answered your own question!

well, i thought the TIF issue was still up in the air, but what i don't know is if there are any other outstanding approval hoops to jump through.

[Goose Island Guru]

Originally Posted by kolchak

Fantastic!

This is great news also for Lincoln Yards, No? I imagine, as the article said, that Sterling Bay can now focus their resources on that mega development. What a boom we have going in Chicago.

City Council voted in favor of LY this afternoon 33-15.

Last step is City Council vote on the TIF district next month. Just in time before the new mayor takes over.

[TR Devlin]

This makes me sick. The City Council is disgusting. The City's planning department is disgusting.

The best posts in this thread are LVDW's. Thank you Louie.

[Busy Bee]

_

[LouisVanDerWright]

Originally Posted by TR Devlin

This makes me sick. The City Council is disgusting. The City's planning department is disgusting.

The best posts in this thread are LVDW's. Thank you Louie.

Thanks, lol. All I have to say is the proposal today along the lake front is exposing just what a lame handout this plan was. If you can build over railyards and pay for a new transit spur and do it with zero subsidy in the South loop then why do we need a handout for Sterling bay with zero transit directly between two of the hottest neighborhoods in the city.

[VKChaz]

Originally Posted by LouisVanDerWright

Thanks, lol. All I have to say is the proposal today along the lake front is exposing just what a lame handout this plan was. If you can build over railyards and pay for a new transit spur and do it with zero subsidy in the South loop then why do we need a handout for Sterling bay with zero transit directly between two of the hottest neighborhoods in the city.

That lakefront area is one where I hoped the city would throw more of its weight. Strategically, it makes more sense to me. Improving access to the lakefront, Soldier Field, museums.. The area could already use better transit so the thought of actually doing something (even with some public support) doesn't seem that far fetched and could benefit far more people. And anything that improves the area around McCormick and experience of event attendees can generate more business - that means more visitors, jobs and revenue for the city.

[BonoboZill4]

Originally Posted by LouisVanDerWright

Thanks, lol. All I have to say is the proposal today along the lake front is exposing just what a lame handout this plan was. If you can build over railyards and pay for a new transit spur and do it with zero subsidy in the South loop then why do we need a handout for Sterling bay with zero transit directly between two of the hottest neighborhoods in the city.

Yep, I've been trashing this proposal from the start(not much on here though since the proposal is older than my account lol), and at least the push-back got them to make some changes, they are hardly enough to make me wish for this project's success. Seems like it's inevitable though, which bums me out because it'll cannibalize from other, much better and more transformative/needed projects. Sigh....

I think this might be the first time I've even commented in this thread since the summer. Meh

[skysoar]

Originally Posted by LouisVanDerWright

Thanks, lol. All I have to say is the proposal today along the lake front is exposing just what a lame handout this plan was. If you can build over railyards and pay for a new transit spur and do it with zero subsidy in the South loop then why do we need a handout for Sterling bay with zero transit directly between two of the hottest neighborhoods in the city.

I see no comparison between LY and the lake front proposal. Its location , location, location. Anything built in the proximity of Chicagos lakefront is solid gold, and will stand on its own, as opposed to anything further west, especially when chemical removal is involved. The alderman probably believe with all the challenges the LY development area has, this is probably the best opportunity they will have to develop it, the TIF not withstanding. I believe that with the exception of New York, maybe, because after their Amazon experience I am not sure, few cities if any in this country would reject a development like Lincoln Yards.

[LaSalle.St.Station]

Yes the lakefront proposal is all ready to go, the financing is in place, all the transit agencies and railroads too are all lined up to go with excess funds available to alter rail lines and build infrastructure.

Sterling Bay should never have been allowed to buy private property and develop it.

[LouisVanDerWright]

Originally Posted by LaSalle.St.Station

Yes the lakefront proposal is all ready to go, the financing is in place, all the transit agencies and railroads too are all lined up to go with excess funds available to alter rail lines and build infrastructure.

Sterling Bay should never have been allowed to buy private property and develop it.

I can't tell if you are being sarcastic or not, but the challenges of literally building on top of active railroads are wayyyyy greater than tearing down a few industrial shacks, remediating the land, and hopping to it. Sterling Bay should never have expected to buy industrial land and just get to build whatever they want to on it.

Originally Posted by skysoar

I see no comparison between LY and the lake front proposal. Its location , location, location. Anything built in the proximity of Chicagos lakefront is solid gold, and will stand on its own, as opposed to anything further west, especially when chemical removal is involved. The alderman probably believe with all the challenges the LY development area has, this is probably the best opportunity they will have to develop it, the TIF not withstanding. I believe that with the exception of New York, maybe, because after their Amazon experience I am not sure, few cities if any in this country would reject a development like Lincoln Yards.

Lakefront is indeed solid gold (unless between I-55 and Hyde Park), but you really think it's more appealing to live in the South Loop than to live along the river literally in between Lincoln Park, Wicker Park, and downtown?