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Sterling Bay’s Gloor Seeks New Financing for Lincoln Yards Project
Chicago’s $6-billion Lincoln Yards mega-development is in talks to receive new financing after delays in getting approvals from the city set the project behind schedule, Bloomberg News reported.
The city has been slow to issue permits for the 53-acre development on the banks of the Chicago River, set to become a life sciences hub, and developer Sterling Bay is now in the process of recapitalizing the whole project, said CEO Andy Gloor.
Mayor Lori Lightfoot “put a brake on our entire project,” Gloor told Bloomberg in an interview, adding that the delays set the project back by three years. “She fought the development, which is so puzzling to me because the economic impact in terms of construction jobs, permanent jobs and the ability to compete with some other cities. It’s in the $8 to $10 billion [range] if you add it all up.”
- ◦Development
