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.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
