Sterling Bay is planning on having a groundbreaking on their eight-story Life Sciences Building later this month. This will kick off their Lincoln Yards Megadevelopment in Bucktown. Construction will start on the ALLY, a sciences-focused office building at 1229 W. Concord Place.
The Chicago Tribune states that this project was delayed due to the pandemic disruption but Sterling Bay is now ready to redevelop the 53 acre former industrial site on the North Side. A few days ago, it had closed a $125 million loan from Bank OZK to begin construction on the 280,000 square foot life sciences building at the south end of the mixed-use development.
"This particular building is critical to not only the Lincoln Yards development as a whole, but also to the city of Chicago. We are working diligently to raise Chicago as a major life sciences market."
Director of Sterling Bay's Life Sciences Division | Suzet McKinney
The ALLY building will rise along the Chicago River over the next 18 months, with the first tenants expected to move in during the first quarter of 2023. They expect demand for space in the building to be robust.
Lincoln Yards has been in the works for years, with Sterling Bay winning city approval in 2019 to develop 14.5 million square feet of mixed-use buildings along the formerly industrial riverfront corridor stretching from Lincoln Park to Bucktown. The City Council approved up to $1.3 billion in tax increment financing for infrastructure projects associated with the development.
Plans for the entire development will include the following:
- Mix of 50% commercial and 50% residential buildings
- Up to 6,000 residential units to be developed over 10 years
- 21 acres of the site will be publicly accessible open space
Last year, Sterling Bay targeted breaking ground on the eight-story life sciences building in early 2021. But the groundbreaking was delayed by development challenges posed by the pandemic which included supply chain and construction issues to obtaining financing.
A $35 million bridge is also in the plans and will be funded by the city's tax increment financing. The 80 foot wide vehicle and pedestrian bridge, now known as the Throop Street Bridge, would span the Chicago River to connect Lincoln Yards to The 606 recreational trail. Construction was supposed to begin over the summer but has been further delayed. Work on the bridge is expected to begin with the next 24 months.
The ALLY website reports that the Life Sciences building will feature:
- 128 ft of Chicago River frontage
- Healthy building design (WELL Health safety rating, RESET, Fitwel and LEED Silver)
- Private balconies on every floor
- Lab/office flexibility determined by tenant
- Amenity and fitness center on the 1st and 2nd floor
- Conferencing and collaboration space
- 328 SF building with 280K RSF
- 42K SF floor plates
- 8 stories
- 15 ft slab heights & floor-to-ceiling glass
- 55 enclosed parking spaces
- 100+ bike storage racks
The Lincoln Yards website states that the ALLY will provide Chicago's rapidly growing life science community with much-needed lab space along the North Branch of the Chicago River. The new lab space at Lincoln Yards will house industry-leading companies that seek to develop groundbreaking medical solutions in Chicago and also create a sense of community within their workplace.
The Lincoln Yards megadevelopment is a new community activation space that will also feature sports, arts and entertainment.
DataBid is currently reporting on this project - Lincoln Yards Mega Development North Branch - Chicago (0084071918)
