Investor to Buy Southern Portion of Stalled Lincoln Yards Site in Chicago

General contractor Novak Construction is set to acquire the southern portion of the stalled Lincoln Yards megaproject. The deal would include an eight-story office building that has stood vacant on the site since its completion in 2023.

Novak is finalizing a deal to purchase more than 18 acres along the Chicago River between Lincoln Park and Bucktown from a venture of Chicago developer Sterling Bay and J.P. Morgan Asset Management, reported Crain’s, citing sources familiar with the transaction.

The property was slated to become the southern portion of the $6 billion, 14 million-square-foot Lincoln Yards megaproject. If the land and building sales are completed as expected, it would mark a new chapter for the southern portion of the site, though exact plans for the site are unclear. Sterling Bay has been seeking new financial partners to bankroll Lincoln Yards after J.P. Morgan and Lone Star Funds sought to sell their stakes in the project.

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