Construction is set to begin in October on the first building in the 55-acre Lincoln Yards development that straddles the river between Bucktown and Lincoln Park.
The eight-story riverfront building will house medical research facilities and creative office space and is the first step in developer Sterling Bay’s plans to create a scientific innovation district at the mixed-use mega-development, the company announced Thursday.
“Chicago is an emerging market for biotechnology, supported by world-class academic institutions and a reputation for advanced medical research, but the city’s current inventory of superior lab space prevents the industry from reaching its highest potential here,” Andy Gloor, CEO of Sterling Bay, said in a statement.
Sterling Bay also announced Thursday it had secured a $125 million construction loan for the building from Bank OZK, which is based in Little Rock, Arkansas.
Construction is set to begin on the building, dubbed Ally, in October.
The building will be in the southeast corner of the Lincoln Yards development at 1229 W. Concord Place, just north of a Home Depot location.
It will house 280,000 square feet of rentable space, 55 enclosed parking spaces and more than 100 bike storage racks, according to a website dedicated to the building.
It’s slated to be ready for tenants by April 2023.
Sterling Bay has experience in creating housing for the life sciences industry. The developer previously converted a building at 2430 N. Halsted St., formerly part of Lurie’s Children’s Hospital, to accommodate labs and shared workspaces that appeal to life sciences startups.
Sterling Bay is partnering with Chicago-based real estate investment firm Harrison Street and the investment arm of J.P. Morgan Asset Management on the project.