News
Sterling Bay on a Roll
July 18, 2012
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| In a few weeks, Sara Lee will start to fit out its new 235k SF office at 400 S Jefferson. Sterling Bay founding principal Scott Goodman (here with principal/director of construction Patrick O’Connor) says his vertically integrated CRE firm was lucky to snag the food company last fall, just days after agreeing to buy the funky ‘40s building in the West Loop. | ||
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| Sterling Bay, which reportedly paid $10M for the property, has lots more going on. Managing principal Andy Gloor and investment principal John Gavin green-lit the $70M, 450k SF Evergreen Park shopping center project, one of the region’s largest new retail developments. By the end of July, Sterling Bay will complete the work on the 48-acre site and turn the pads over to anchors Meijer and Menards. The property, which it purchased with project partner Pritzker Realty Group, had been the Evergreen Golf Club since the 1920s. (People just got sick of losing golf balls in the woods.) Scott says it’s rare to find such a site in a mature, upper-middle class neighborhood, a feature prospective retail tenants will appreciate. |
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| In what may be a $100M funky building overhaul, project manager Keating Crown, design director Regina Stilp, and architect Rick Kintigh (with Hartshorne Plunkard Architects) are planning the transformation of the 380k SF Fulton Market Cold Storage building into 1K Fulton, offices and retail. Scott tells us that Sterling Bay has agreed to buy the 1920s building, and expects to go before the city council next month to change the zoning from manufacturing. Since the site is a full city block, Sterling may build a second office/retail building with parking, Scott says. Once completed, the complex could contain 500k SF, 450k SF of offices, and 40k SF of retail. |
