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Chicago & Midwest  + North Side  + Finance  | 

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.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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