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General Iron Parcels Come to Market Near Lincoln Yards
General Iron Industries has put three parcels of land near Sterling Bay’s Lincoln Yards site up for sale, the Chicago Tribune reported. The scrap yard’s owners hired JLL to sell the parcels.
Although there’s no list price on the land, the Tribune reported that the parcels could fetch $130 million based on comparable sales. General Iron announced plans last July to vacate the property and relocate to the Southeast Side.
Since then, Lincoln Yards has gotten zoning approval as well as tax increment financing, and that changes the conversation for potential buyers of the General Iron site, JLL’s Tom Kirschbraun told the Tribune.
Future owners of the General Iron site would still need zoning approval for development on the site. However, “now that the Lincoln Yards zoning and the TIF are approved, there’s greater certainty for developers as to what it is they can build,” Kirschbraun said.
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