Today’s article shines light on one of the leading real estate investment firms in Chicago, namely Sterling Bay Companies LLC. The corporation is based in Windy City and started out in 1986 with only its two founders, Craig Golden and Scott Goodman, at its helm. The entire business venture began quite humbly, with the purchase of a five-flat in Lakeview for $92K, which the duo renovated.
From these modest beginnings, Sterling Bay has evolved a lot over the course of its 33-year history. It has grown into one of the top firms of its kind in the state of Illinois, currently having over 130 employees and an impressive résumé including a wide variety of development projects already under its belt.
Diversity in Business
The company’s main expertise is within the real estate sector, and they advertise themselves as passionate developers, experts at recognizing and constructing build-to-suit properties. Sterling Bay basically handles every aspect of the process, from site location and design to making plans become a reality by leading clients through the entire construction process with the help of their contracting and development capabilities.
Besides this, the firm also actively pursues other types of business ventures, including having their own in-house legal team, ready to guide you through decision-making assignments as well as problem-solving tasks. The company’s hospitality branch can boast that it has partnerships with some of the leading restauranteurs and boutique hotel operators in the nation, like Hogsalt Hospitality, the Boka Restaurant Group and the Ace Hotel.
Sterling Bay’s design team pledges to honor the original building’s character when working on developments and promises unique designs for each project they take on. The company’s leasing division relies on its relationships within the industry to match tenants with suitable lodgings. This feature is complimented by the firm’s property management department, which makes an enthusiastic team of stewards and managers available to tenant’s at all times.
The asset management section of the firm stays on top of their game at all times, fully aware of real-time market conditions, ensuring the best outcome for all parties involved. The in-house architect team helps clients plan optimal spaces, recommending clever layouts and contributing to the development of creative environments in the process.
Revamping Lincoln Yards
With a long list of high-profile clients, such as McDonald’s, Uber, Google, Twitter, Ebay and Starbucks, one would think that Sterling Bay has reached the highest level in their professional field, yet their most extraordinary project is yet to happen. The company’s ambitious $6 billion dollar plan to revamp Chicago’s north side was approved by the Chicago Plan Commission just a few days ago.
Lincoln Yards is a grandiose plan to revitalize the former industrial land of the North Branch Corridor and turn over 55 acres into a vibrant and welcoming community. Uniquely situated at the bend of the majestic Chicago River, the area’s strategic location is further emphasized by its proximity to some of the most emblematic neighborhoods in the city, including Lincoln Park, Wicker Park and Bucktown, which will consequently and inevitably benefit from the Lincoln Yards project.
The game plan states that its aim is to set up a walkable, livable and diverse mixed-use district which will open up the waterfront to the community and deliver top quality open spaces easily reached by residents whilst promising a cleaner environment along the way. Energy-efficiency will be a top priority, and this will be ensured by solar roofs, clever use of geothermal energy and a wide range of recycling options.
The megaproject includes commercial real estate properties bound to offer thousands of jobs to locals, along with a much better transportation network which will surely be appreciated by the inhabitants of neighboring districts as well. The company’s plans for efficient transportation routes include the local Metra railroad and CTA buses, as well as water taxis and shuttles transporting locals to major stations.
With downtime in mind, Sterling Bay’s strategy also includes developing an arts, entertainment and sports center, incorporating performance venues, various types of courts and pitches and even a massive stadium. In addition to these, an abundance of green areas are also part of the Lincoln Yards development plan, and they will feature lush parks, playgrounds and picnic areas as well as dog parks.