Tall & Urban News

Sterling Bay is trying to team up with the Chicago Teachers' Pension fund to bail out Lincoln Yards, a stalled North-Side megadevelopment. With the real estate firm under mounting pressure to raise money to recapitalize the 53-acre mixed-use campus planned along the Chicago River between Lincoln Park and Bucktown, the pension fund's investment committee voted during a May 23 meeting to investigate an opportunity to become Sterling Bay's primary financial partner on the development, according to a video of the public meeting and investor documents obtained by Crain's.

The pitch to the US$12.1 billion fund is to buy into Lincoln Yards at between $100 and $150 per square foot — potentially a more than $300 million commitment — to replace the project's existing financial backers at steep discounts and help inject life into a stagnant project that could generate billions of dollars in new tax revenue for the city over the next couple decades.

For more on this story, go to Crain's Chicago Business.