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MASSIVE CHICAGO DEVELOPMENTS GET US$2-BILLION BOOST
On April 10, the Chicago City Council approved approximately US$2 billion in tax increment financing (TIF) for two mixed-use megadevelopments: Sterling Bay’s 14.5-million-sq.-ft. Lincoln Yards on 55 acres of formerly industrial space on the riverfront between Lincoln Park and Bucktown and Related Midwest’s 13-million-sq.-ft. The 78 on 62 acres of vacant land on the Chicago River’s south branch, Curbed Chicago is among news outlets to report. Sterling Bay plans to use up to US$1.3 billion to build new infrastructure, including two new bridges over the river, while Related aims to use US$700 million to relocate rail tracks, build new roads and build a new subway station. The source observes TIF financing “freezes real-estate taxes on the vacant sites at their current levels and reimburses the developers for fronting the costs of infrastructure improvements with the incremental tax revenue generated by the completed projects over the next two decades.”
Image credit: Sterling Bay.
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