With Lori Lightfoot’s farewell address as Chicago mayor canceled, Sterling Bay CEO Andy Gloor isn’t holding back.
The company is in talks to secure new financing for its $6 billion Lincoln Yards mega-development, Glower said, because of Lightfoot and the city, Bloomberg has been slow ReportSo far, financial support for the project has been provided by JPMorgan Asset Management and Dallas-based Lone Star Funds, which Gloor has previously described as “patient” and “with us every step of the way.” together,” as his company strives to bring users to its campuses.
Gloor told the media that the Lightfoot government’s slow pace of issuing permits for the 53-acre development has held back the project. Sterling Bay is now in the process of recapitalizing the entire project due to lack of municipal support, setting Lincoln Yards back three years, Gloor said.
“She’s against development, which really baffles me because of the economic impact in terms of construction jobs, permanent jobs and the ability to compete with other cities,” he told the media. “It’s between $8 and $10 billion [range] If you add it all up. “
When Lightfoot took over in 2019, development across Chicago stalled as the number of aerial cranes dropped from 60 to 11 or 12, Gloor added. If Lightfoot’s predecessor, Rahm Emanuel, had still been mayor, Lincoln Yards could have eight cranes in the air right now, according to Gloor.
However, he believes newly-elected Mayor Brandon Johnson, who will be sworn in on Monday, will help bring the project to a successful conclusion and will make significant progress under his presidency, despite the Sterling Bay speaks out Backed by mayoral candidate Paul Vallas, who lost last month’s runoff election.
“I can’t just talk about my initial meeting with Brandon and his team,” Glore told the outlet. “I’m very encouraged because he understands how important these large developments are to Chicago.”
Construction begins on Sterling Bay Lincoln Square In October 2021, it is planned to complete the development in 10 years.The project covers approximately 14 million square feet and is planned for a range of office, residential and life sciences building. Its first building, a 285,000-square-foot property at 1229 West Concord for a life sciences company, is nearing completion and the company is in lease negotiations with potential tenants.
— Quinn Donoghue
