Sterling Bay to Make Lincoln Yards a Recreation District
The riverfront site, a possible home for Amazon, will have multiple entertainment venues and a year-round calendar of events.
CHICAGO—It’s now a given in real estate circles that a developer will get the best results with a new site by mixing in an array of uses that make it a true destination. Sterling Bay is getting ready to transform the former Finkl Steel site near Lincoln Park into such a space, and officials from the Chicago-based firm announced this morning that they have brought on Live Nation to turn their Lincoln Yards project into a premier event and recreation district.
The Beverly Hills, CA-based events promoter and venue operator runs the House of Blues music hall chain, produces Super Bowl halftime shows along with many sporting events, and has signed long-term partnerships with superstars like Madonna, Jay-Z and U2.
“This is the first time Live Nation is investing in the development of any venues, which will be co-owned by them and Sterling Bay,” a spokesperson for Sterling Bay tells GlobeSt.com. The venues created will host a curated year-round calendar of events and will allow corporate partners and the community to make full use of the facilities when they are not in-use for entertainment and recreational purposes. The company will announce corporate partners in the coming months.
The future of the 70-acre property along the north branch of the Chicago River is still up in the air. Sterling Bay has touted it as a possible home for Amazon’s HQ2, an office complex that could serve tens of thousands of employees, and officials of the Seattle giant recently paid a visit to evaluate its suitability.
But along with attracting new community events, it will include hotels and restaurants, a six-acre park, a soccer stadium in partnership with the United Soccer League, and an expansion of the city’s 2.7-mile 606 trail.
“We are thrilled to be executing on such a unique project,” says Andy Gloor, managing principal at Sterling Bay. “Chicago already has a reputation as an entertainment hub and we are excited for the community to have easy access to a variety of new events with some of the biggest names in music.”