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  #1401  
Old Posted Aug 14, 2023, 6:34 AM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by SamInTheLoop View Post
^ There's gotta be big institutional money behind this, no? Or was there and they split? As mentioned, I've had the feeling there might be major capital partner issues going on. Something about Gloor's Razzie worthy schtick lately/ public B Johnson fluffing/turn to the Chicago Teachers Pension Fund.....it's all just a bit much. And, man, their parting ways with Citadel down in hype cycle land for new hq - ouch.
You kinda answer your own question:

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Originally Posted by SamInTheLoop View Post
Well, rule #1 of real estate development is you build with other peoples' money.
The institutional money never existed. As usual Sterling Bay is acting as a pure developer and attempting to generate profits out of thin air by merely tying up the land and entitling it. There probably were institutional players ready to shell out, but changing economic conditions like money no longer being free put the kabosh on that.

So now you have Sterling Bay sitting on entitled land that they acquired with other people's money, but can't begin developing because it's a nasty brownfield with zero infrastructure. The other people in this scenario are understandably not satisfied with the recent headlines from what I hear.
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  #1402  
Old Posted Aug 18, 2023, 5:00 PM
CaptainJilliams CaptainJilliams is offline
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Welp, is anyone really surprised?

Chicago Teachers' Pension Fund says no to Lincoln Yards
https://www.chicagobusiness.com/comm...-lincoln-yards
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  #1403  
Old Posted Aug 18, 2023, 5:03 PM
SamInTheLoop SamInTheLoop is offline
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^ Good. Glad that's off the table.
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  #1404  
Old Posted Aug 19, 2023, 2:55 AM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by SamInTheLoop View Post
^ Good. Glad that's off the table.
In light of the news that Crescent Heights is on the verge of defaulting on their SF project, I'm starting to think Sterling Bay might be facing some difficulties of their own given their massive exposure to the flagging office and CRE sectors.
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  #1405  
Old Posted Aug 19, 2023, 8:54 AM
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Randomguy34 Randomguy34 is offline
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^ They've told Crain's in June that they have to start selling some of their buildings due to financial troubles, and are grappling with hundreds of millions in outstanding debt they're struggling to pay off. Some of the buildings they intend to sell include 333 N Green, 311 W Monroe, and 300 N Michigan

Article: https://www.chicagobusiness.com/comm...-lincoln-yards
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  #1406  
Old Posted Aug 19, 2023, 1:04 PM
CaptainJilliams CaptainJilliams is offline
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All of this sounds like the original Lincoln Yards vision is becoming a pipe dream.
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  #1407  
Old Posted Aug 19, 2023, 1:49 PM
mh777 mh777 is offline
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Quote:
Originally Posted by CaptainJilliams View Post
All of this sounds like the original Lincoln Yards vision is becoming a pipe dream.
Most definitely. There is absolutely no need for the amount of office space they are proposing.. I seriously don’t get why they wouldn’t try to convince the bears to look at possibly building a new stadium in the area.
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  #1408  
Old Posted Aug 19, 2023, 2:55 PM
twister244 twister244 is online now
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Originally Posted by mh777 View Post
Most definitely. There is absolutely no need for the amount of office space they are proposing.. I seriously don’t get why they wouldn’t try to convince the bears to look at possibly building a new stadium in the area.
I wouldn't be surprised if there aren't some sort of backroom conversations around this actually happening. The site is large enough to hold a new stadium, and it's a good location transit wise. I'm purely speculating though.
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  #1409  
Old Posted Aug 19, 2023, 8:54 PM
west-town-brad west-town-brad is offline
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Originally Posted by CaptainJilliams View Post
All of this sounds like the original Lincoln Yards vision is becoming a pipe dream.
Bears aside, the site sits between two perennial in demand residential areas, so it might be easiest to just go pure residential.
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  #1410  
Old Posted Aug 20, 2023, 3:47 PM
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ithakas ithakas is offline
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Originally Posted by west-town-brad View Post
Bears aside, the site sits between two perennial in demand residential areas, so it might be easiest to just go pure residential.
Yes, I never loved the original Lincoln Yards plan. To me, a neighborhood that replicates the form of something like Printers Row would be perfect here. Maybe a couple of taller towers in the area closest to North/Clybourn and a sprinkling of boutique office buildings along the river.
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  #1411  
Old Posted Aug 20, 2023, 9:32 PM
west-town-brad west-town-brad is offline
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Originally Posted by ithakas View Post
Yes, I never loved the original Lincoln Yards plan. To me, a neighborhood that replicates the form of something like Printers Row would be perfect here. Maybe a couple of taller towers in the area closest to North/Clybourn and a sprinkling of boutique office buildings along the river.
I don’t know what the allowance for residential is in the current PD(s) but is think the city could achieve a lot of objectives by going super high density with a high set aside for affordable units.
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  #1412  
Old Posted Aug 28, 2023, 7:02 PM
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Randomguy34 Randomguy34 is offline
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11 pickleball courts are open up at Lincoln Yards till end of November:
https://blockclubchicago.org/2023/08...ampaign=buffer
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  #1413  
Old Posted Mar 13, 2024, 11:50 PM
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Randomguy34 Randomguy34 is offline
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Lincoln Yards: Episode IV – A New Hope

Real estate investor mulling plan to kick-start Lincoln Yards

Quote:
Boca Raton, Fla.-based Kayne Anderson Real Estate is exploring the prospect of becoming a primary financial backer of the planned 53-acre campus and recently met with top Chicago planning officials to discuss the project, according to people familiar with the matter. Sterling Bay has spent much of the past year hunting for a new financial partner for the 14.5 million-square-foot development, which would reshape a swath of the city's North Side between Lincoln Park and Bucktown with high-rises and generate thousands of new jobs.
....
Sterling Bay and Kayne Anderson executives met with city planning officials on Feb. 26 to discuss the Lincoln Yards project, a spokesman for the city's Department of Planning & Development confirmed.

Sources familiar with the meeting said Kayne Anderson was gathering information about Sterling Bay's approved planned development and the nature of the redevelopment agreement the developer struck with the city, which includes details of a tax-increment financing district meant to help back construction of new infrastructure on the site. Kayne Anderson and Sterling Bay did not indicate a partnership or new development was imminent or propose any changes to the plan, sources said.
https://www.chicagobusiness.com/comm...-lincoln-yards
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