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Sterling Bay Sets Groundbreaking for First Lincoln Yards Project
Sterling Bay will break ground on sometime this month on ALLY, a 320,000-square-foot life sciences hub, the company announced. It will mark the start of construction on the 53-acre Lincoln Yards mega-project, which was delayed by the COVID-19 pandemic.
“ALLY at 1229 W. Concord Place — and the forthcoming innovation district at Lincoln yards — will meet the needs of today’s most exciting and rapidly expanding life sciences companies, create a new home for scientific research in Chicago and help the city continue to build its reputation as a major player in this critically important sector,” said Sterling Bay CEO Andy Gloor.
The developer, which secured City Council approval for the Lincoln Yards project in 2019, has obtained $125 million in construction financing from Bank OZK for ALLY. At full buildout, the project will encompass 15.5 million square feet of mixed-use space, at a projected cost $6 billion.
- ◦Development
