CHICAGO | Lincoln Yards

[Jstange059]

As I understand it, it sounds like they are planning on building the 606 extension across the river as long as the extension across the highway is built. Well, that seems like a good thing to ask about in the upcoming community meeting.

I myself really don't care much about a Southport bridge, but I'm curious about the Wabansia/Clifton bridge that they say is proposed that I really haven't heard any details about, but that is in the south part of the site which really isn't being planned right now. Also curious about a timing for the Kingsbury extension, and whether that would be completed in this first phase or along with the south part of the site.

[BVictor1]

I had to leave the meeting early, but the tallest tower could rise 520’

I left 1/2 through the Q&A, and at that point there was no negative comments towards the project.

They want to go before plan commission in December.

[munchymunch]

I mean it got a bit more dicey after you left but nothing crazy. Just mainly density complaints and oddly enough parking complaints? Seems counterintuitive if you’re worried about traffic…

Regardless interesting to note that JDL seemed very confident that they can get the first phase going starting next year around this time; financing is secured.

[dreamy-developer]

Originally Posted by munchymunch

I mean it got a bit more dicey after you left but nothing crazy. Just mainly density complaints and oddly enough parking complaints? Seems counterintuitive if you’re worried about traffic…

Regardless interesting to note that JDL seemed very confident that they can get the first phase going starting next year around this time; financing is secured.

I myself as a side-note am very interested on where JDLs priorities are. They now have 2-3 projects in Chicago.

- Moody Bible North Union Project in River North
- The two towers at 1200 W Fulton St in Fulton Market
- And now the LY/Foundry Park.

All of these are not small developments either. I know that with the Chestnut building maybe happening in the next year, with the demo of the Franklin midrise done that if those two are built the North Union project would be half way complete, but you still have 4 massive towers that I'd imagine aren't cheap to build in today's economy still.

They must have access to some deep pockets if they are dedicated to juggling all of this and getting them done in the near/far future, or at least have a lot of optimism. I have faith they will get it all done though. Just interesting nevertheless on where they're focused on most, as I personally want them to finish/get North Union completed.

[k1052]

Originally Posted by dreamy-developer

I myself as a side-note am very interested on where JDLs priorities are. They now have 2-3 projects in Chicago.

- Moody Bible North Union Project in River North
- The two towers at 1200 W Fulton St in Fulton Market
- And now the LY/Foundry Park.

All of these are not small developments either. I know that with the Chestnut building maybe happening in the next year, with the demo of the Franklin midrise done that if those two are built the North Union project would be half way complete, but you still have 4 massive towers that I'd imagine aren't cheap to build in today's economy still.

They must have access to some deep pockets if they are dedicated to juggling all of this and getting them done in the near/far future, or at least have a lot of optimism. I have faith they will get it all done though. Just interesting nevertheless on where they're focused on most, as I personally want them to finish/get North Union completed.

Their priority is going to be what the submarkets are doing. If demand dries up around North Union somewhat FP will probably get more attention sooner. Leasing up new units in LP is going to be pretty easy given the huge lack of any new stock in the neighborhood.

[r18tdi]

Originally Posted by BVictor1

I had to leave the meeting early, but the tallest tower could rise 520’

What was the tallest proposed building under SB's plan? Just shy of 600'?

[Randomguy34]

^ Yup, 590 feet

[MorganChi]

Originally Posted by Jstange059

Curious what you don't like about it?

It would’ve been nice if the tallest building was 700ft like the original plan

[r18tdi]

Originally Posted by MorganChi

It would’ve been nice if the tallest building was 700ft like the original plan

I don't think 700' was ever on the table, was it?

[Jstange059]

Originally Posted by MorganChi

It would’ve been nice if the tallest building was 700ft like the original plan

Originally Posted by r18tdi

I don't think 700' was ever on the table, was it?

Yeah, looking at the old Lincoln Yards masterplan, it looks like they were planning 2 595 ft towers, but yeah, nothing near 700 ft. And while I am perhaps sad to lose 75 ft of height, I really don't care considering that it's not like Lincoln Yards was ever going to be built. And as much as I may like a tall building, we can't pretend that these sort of height games have any sort of actual importance or substance behind them

[twister244]

I care much more about getting this built to help facilitate a better urban fabric between Lincoln Park and Bucktown. Any highrises, for me, is icing on the cake, and I still hope at some point in the future, Metra can ramp up service at the Clybourn stop and maybe even rebuild it.

I live in Logan Square, and you don't realize how close these neighborhoods are until you bike from Logan/Bucktown to Lincoln Park via 606 and Courtland - It's such low hanging fruit that will do wonders for the North Side in this area.

[BVictor1]

Originally Posted by Randomguy34

^ Yup, 590 feet

In November 2018 the thought was 650'.

[Randomguy34]

Zoning app for Foundry Park is up: https://chicityclerkelms.chicago.gov/Matter/?matterId=5F6F7B24-0DD6-F011-8543-001DD8066465

I'm not able to post pictures at the moment, but the tallest building will be 520 ft and the project will have 3,737 units!

[Tom In Chicago]

Looks like the tallest will be even - if only slightly - higher than that 520 ft number. . . hopefully they will build it. . .

more from Crains - https://www.chicagobusiness.com/commerci...lopers-seek-ok-former-lincoln-yards-site

. . .

[Randomguy34]

Novak Construction is buying the southern half of Lincoln Yards.

Buyer emerges for southern slice of stalled Lincoln Yards

Novak is finalizing a deal to purchase more than 18 acres along the Chicago River between Lincoln Park and Bucktown from a venture of Chicago developer Sterling Bay and New York-based J.P. Morgan Asset Management, people familiar with the matter confirmed. The property was slated to become the southern portion of the $6 billion, 14 million-square-foot Lincoln Yards megaproject for which Sterling Bay won city approval in 2019.

In a separate transaction, Novak is also closing in on the purchase of the 284,463-square-foot building on the southern edge of the property at 1229 W. Concord Place, sources said. The contractor is poised to buy that empty property — built during the pandemic to accommodate life sciences research tenants that never came — from a venture of Sterling Bay, J.P. Morgan and Chicago-based Harrison Street Real Estate Capital, which have been marketing it for sale in recent months.

The pending purchase price for the land and building were not immediately clear, but Novak CEO John Novak confirmed the price for the land was well below the roughly $200 million that Sterling Bay and J.P. Morgan had spent assembling the property, according to industry publication Real Deal Chicago, which first reported Novak's agreement for the land.

https://www.chicagobusiness.com/commerci...ction-buy-southern-portion-lincoln-yards

[Bonsai Tree]

Originally Posted by Randomguy34

Novak Construction is buying the southern half of Lincoln Yards.

Buyer emerges for southern slice of stalled Lincoln Yards

https://www.chicagobusiness.com/commerci...ction-buy-southern-portion-lincoln-yards

Genuinely fascinated by this. They have little experience outside a few grocery stores and the Sears 6 Corners redevelopment. Kinda hope they partner with JDL on the development. Wonder how much they paid and how big they need to go to recoup their investment. It has to be more than JDL offered (60 mil) but clearly not by much, given the "bargain" they received on it.

[ChicagoLVR]

Originally Posted by Bonsai Tree

Genuinely fascinated by this. They have little experience outside a few grocery stores and the Sears 6 Corners redevelopment. Kinda hope they partner with JDL on the development. Wonder how much they paid and how big they need to go to recoup their investment. It has to be more than JDL offered (60 mil) but clearly not by much, given the "bargain" they received on it.

Is it possible they're buying it, building infrastructure, then selling parcels off? I just can't see them having the ability, by themselves, to have a development that matches the impact of Foundry Park. I think having a mix of developers would be a good thing to diversify architecture instead of it feeling corporate/stale. It would be brilliant on their part to double dip -- sell the parcel and act as GC for new construction of what is built on that parcel.

[ardecila]

Originally Posted by Bonsai Tree

Genuinely fascinated by this. They have little experience outside a few grocery stores and the Sears 6 Corners redevelopment. Kinda hope they partner with JDL on the development. Wonder how much they paid and how big they need to go to recoup their investment. It has to be more than JDL offered (60 mil) but clearly not by much, given the "bargain" they received on it.

Yeah they've been around for awhile doing suburban stuff and mostly GC. But they did the Six Corners project, and they are doing multifam at the other former Sears store at North & Harlem in Galewood.

Since it's Novak, though, I'm concerned this is a play for a big warehouse. LY South is a big and roughly rectangular site with proximity to wealthy neighborhoods, so it's well suited for a last mile e-commerce warehouse. I don't think Novak is one of Amazon's preferred developers, but they could certainly partner with Wal Mart, Wayfair or another big online retailer.

[sentinel]

Originally Posted by ardecila

Yeah they've been around for awhile doing suburban stuff and mostly GC. But they did the Six Corners project, and they are doing multifam at the other former Sears store at North & Harlem in Galewood.

Since it's Novak, though, I'm concerned this is a play for a big warehouse. LY South is a big and roughly rectangular site with proximity to wealthy neighborhoods, so it's well suited for a last mile e-commerce warehouse. I don't think Novak is one of Amazon's preferred developers, but they could certainly partner with Wal Mart, Wayfair or another big online retailer.

Was previous LY PD zoning for the South parcel already approved?

[ardecila]

Yes. Novak would need a zoning change to build a warehouse here, and that's sure to be contentious. They'll probably try to greenwash it with a riverwalk that they're legally obligated to build anyway, and some cheapo murals covering the blank walls. Honestly they would have a pretty good argument for traffic, the site used to be 2FM and had thousands of garbage trucks coming and going all day. An e commerce warehouse is a similar level of traffic, minus the gross smells.

Here's hoping they have a plan for mixed use residential and not some crappy warehouse though....