Photo courtesy of Crain’s Chicago Business. The Finkl steel mill on Cortland Street has since been torn down.
Did you think that all of the massive parcels of land in Chicago’s north and west city center were already developed? There is still a prime area left, and it’s the size of nearly 25 football fields.
This past week, local real estate development company Sterling Bay purchased the 22-acre parcel of land that was formerly owned and occupied by the Finkl & Sons steel factory on the western-most border of the Lincoln Park neighborhood. With this purchase, Sterling Bay has now secured a total of 35 acres along prime Chicago riverfront space between Cortland and Webster Avenues, according to Crain’s Chicago Business.
If Sterling Bay has their way, what is now a desolate manufacturing district on the border of Lincoln Park and Bucktown will become a mix of new residential, retail, and commercial space. As an added bonus, Sterling Bay is hoping to extend the 606 trail from its Bucktown end point into the new riverfront development space. Now, Chicagoist says, it’s just a matter of getting the city’s approval to convert the current Planned Manufacturing District zoning so that the land can be used for a new purpose.
What does this mean for Chicago residents? The land’s prime location along the Chicago river and close to the Kennedy expressway and Clybourn metra stop could make the new mixed-use development a bustling destination for the north and west sides of Chicago.
The exact impact it will have on the Lincoln Park and Bucktown housing markets remains to be seen. And because Armitage Avenue does not cut all the way through from Elston to Racine, bringing more traffic to the area could cause some traffic jams on the Cortland Street bridge.
Sterling Bay has secured 35 acres of land along the Chicago River, between Cortland Street and Webster Avenue.
Now, we just have to wait to hear that the city has given Sterling Bay the green light to move forward with their vision for the land. We’ll keep you posted!