Lately the company is concentrating on sites near the Chicago River on the western edge of Lincoln Park. Shortly after buying the former A. Finkl & Sons steel site near the river, Crain’s discovered the developer paid $11.5 million for a 2.2-acre swath of land north of the Home Depot on 1232 North Avenue.
The sales, prompted by the city changing the area’s zoning to allow for non-industrial development, could be the start of the Clybourn industrial corridor’s transformation into a more residential-, retail- and office-dense neighborhood. Sterling Bay also owns three other properties in that neighborhood alone.
Crain’s says the developer hasn’t revealed plans for the land, but Sterling Bay’s managing principal did say last year that the company is considering a mix of commercial, residential and retail for the former steel site and land around it.