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City Council Signs Off on $106 M City Sale

City Council Signs Off on $106 M City Sale

City Council Signs Off on $106 M City Sale

This week City Council gave the approval of a $106 million city sale to Chicago developers Sterling Bay.  Local alderman Brian Hopkins of the 2nd Ward endorsed the deal of two city lots, 18 acres at the former Fleet Management site at 1685 N. Throop Street and an additional five-acre parcel at 69th Street and Wentworth Avenue was sold to developer Sterling Bay.  Parkland acreage was sweetened from 10 to 12 acres to seal the deal.  The Housing Committee approved the sale of the two city lots, Sterling Bay has committed to six-acres of recreational area and six acres to be discussed later on top of the approximate 50 acres that will be used in some form along the riverfront trails. 

In addition rumor has it the recently purchased lots maybe looked at for the new Amazon headquarters.  Hopkins agrees all around with the new development.  “This is a good deal and it’s a win for the entire City of Chicago,” Hopkins said.