Sterling Bay Lists Entitled Kingsbury Site Near Lincoln Yards

A high-profile parcel of land near Chicago’s ambitious Lincoln Yards redevelopment has officially hit the market. Sterling Bay is marketing the 1.5-acre site at 2033 N Kingsbury Street, which comes with full entitlements for a 15-story, 282-unit residential tower.

The site sits just east of the 53-acre Lincoln Yards zone, in a corridor long viewed as a critical link between the city’s industrial past and its future as a mixed-use, transit-connected neighborhood. Sterling Bay acquired the property in 2017 for $6.7 million. Its decision to sell now—after years spent securing approvals—marks a noticeable shift from its usual build-and-hold approach.

While the Kingsbury site offers rare development-ready land in a constrained part of the city, it also reflects larger forces at play: higher interest rates, limited liquidity, and a cautious lending environment. These conditions have prompted even experienced developers to reconsider timelines and exit some positions earlier than planned.

What’s at Stake

The North Branch area has emerged as a testing ground for adaptive reuse, office-to-residential strategies, and creative infrastructure investments. As such, the sale of an entitled site in this location is more than a one-off—it could influence how other owners and stakeholders approach development in the area.

And though this particular parcel is now being pitched primarily for residential use, its location in a former manufacturing corridor underscores the broader transformation of Industrial Real Estate throughout the city. Legacy infrastructure, including former railyards and warehouses, has become increasingly attractive to both residential and commercial developers in search of scale and location.

Talk to our agents in Chicago about how this shift may impact future investment activity in the North Branch and adjacent corridors.

Other Active Redevelopment Sites Nearby

• 1357 N Elston Avenue: Trammell Crow’s life sciences project continues forward.

• 400 N Aberdeen Street: A major office development by Related Midwest still seeks a lead tenant.

• 2100 N Southport Avenue: Several legacy industrial buildings being evaluated for mixed-use potential.

The listing at 2033 N Kingsbury may ultimately reveal just how much patience developers have for long-term megaprojects like Lincoln Yards and whether buyers are ready to step in with fresh capital and a new vision for Chicago’s evolving riverfront.