Developer Buys Finkl Steel Site As Hope To Expand The 606 Takes Root

By Stephen Gossett in News on Dec 12, 2016 7:05PM

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Photo credit: Justin Carlson

The evolution of the Finkl Steel site from post-industrial disuse to mega-development—and likely anchor of The 606 expansion—just took a huge step forward, and at a correspondingly huge price: big-timer real-estate developers Sterling Bay have purchased the Clybourn corridor space for a cost estimated “well above $100 million,” according to Crain’s.

News surfaced back in September that Sterling Bay—the ever-ambitious firm you might also recognize from its proposed skyscrapers near Union Station—intends to transform the massive, 22-acre former site into a mixed-use space of commercial, residential and retail property. Perhaps most excitingly, the sale helps further the move for an eastward push of the popular elevated bike trail called The 606. Ald. Brian Hopkins told Chicagoist in September he was “very encouraged” to hear Sterling Bay’s plan to link the trail to the Finkl site.

Not unlike the proposed rooftop bar and music venue at Lagunitas brewery, the move would require a change from its current zoning as a Planned Manufacturing District. According to a Crain’s report in April, the mayor’s office has considered allowing easier rezoning if developers are willing to pay a fee.

Sterling Bay could not be immediately reached for comment.