Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Downtown Projects Contribute $25M to Neighborhoods on South, West Sides
A Sterling Bay office project underway downtown has positive implications for the city’s South, West and Southwest Sides. Sterling Bay’s $5-million payment to the city’s Neighborhood Opportunity Fund (NOF) enables the developer to build an additional 200,000 square feet of leasable space at its 333 N. Green St. tower (pictured), and brings the fund, which supports neighborhood economic development, to $25 million.
The city’s downtown density bonus, adopted in 2016, helps support the NOF along with the Citywide Adopt-A-Landmark Fund and the Local Impact Fund. The latter allocates 10% of all bonus contributions to public infrastructure improvements within one mile of the development site. Eighty percent of the density bonus goes to the NOF.
The program is administered by the city’s Department of Planning and Development. More than $50 million in additional bonus payments, made when projects apply for building permits, are pending for projects approved through the system.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Development
