Chicago developer Sterling Bay, with big plans pending at its Lincoln Yards site on the North Side, has revealed its push for a residential tower across the street from the 53-acre property.
The developer has applied for a zoning change so it can build a 15-story building on vacant land at 2031 N. Kingsbury St. The application was introduced Wednesday to the City Council.
The building would contain 359 units and 205 parking spaces, according to the zoning application. It would occupy land Sterling Bay acquired from steelmaker A. Finkl & Sons. It’s a venture with Dallas-based Lone Star Funds.
“The demand for multifamily housing across Chicago continues to grow,” Sterling Bay spokesperson Julie Goudie said, “and 2031 N. Kingsbury sits at the cross section of several of Chicago’s most populated communities like Lincoln Park, Bucktown, Wicker Park, as well as the future site of Lincoln Yards.”
The zoning application starts a city review process that could lead to a vote in the City Council.
With a design by architectural firm Pappageorge Haymes Partners, the building would be on the other side of Kingsbury from Lincoln Yards, former industrial land slated for a $6 billion mixed-use project.
Sterling Bay said 36 units will be set aside for low- to moderate-income renters. To meet legal requirements, the developer also said it will provide $5 million to the city’s fund for affordable housing.
Next year, Sterling Bay expects to deliver its first Lincoln Yards building at 1229 W. Concord Place. It’s an office building designed for life-sciences research.
In a separate project just north of the Kingsbury site, Sterling Bay plans a nine-story residential building at 2100 N. Southport Ave. It’s planned to be the tallest mass timber building in Chicago since the 1871 fire.
Supporters of the technique say advances in adhesives and laminates make timber a fire-resistant and sustainable construction method.