If you live in Chicago, get ready for an impressive multi-venue entertainment district to enjoy. Live Nation and real estate developer Sterling Bay have announced their plans to build a recreation and event district to the Lincoln Yards property in Chicago. Lincoln Yards was originally filled with industrial factories but is now aiming at connecting the Lincoln Park and Bucktown areas along the North Branch Chicago River.
Additionally, The North Side site may be the location of Amazon’s new headquarters. Other plans to the district include a brand new sports complex. Tom Ricketts, Chicago Cubs owner, recently announced a proposal to bring a United Soccer League expansion team to a new 20,000 seat stadium along the river.
Live Nation released plans to build several venues in the district and become the exclusive entertainment partner for Lincoln yards. With the new venues, Live Nation will be able to plan a mix of artists, comedians, and other entertainers for the public to enjoy all year around. Potentially, the venues could range from a 100 seat amphitheater to a 8,000 seat venue. Dean Marks, principal and general counsel at Sterling Bay says that smaller venues could cost about $50 million combined, with a huge stadium costing around $200 million.
Andy Gloor, managing principal at Sterling Bay is welcoming the growth and challenge of transforming the area into something great for the people of Chicago.
“We are thrilled to be executing on such a unique project. Chicago already has a reputation as an entertainment hub and we are excited for the community to have easy access to a variety of new events with some of the biggest names in music”
Mayor Rahm Emanuel is equally excited in developing a vibrant, new district. “Across Chicago we are witnessing an unparalleled amount of growth and development that contribute to the vibrancy and vitality of our great city,” said Mayor Emanuel. “There is an unprecedented amount of enthusiasm for promising projects springing up on the banks of the Chicago River, and I am looking forward to the next steps in the community-driven process that will help write the future of North Branch area development for years to come.”
It will be exciting for Chicago to have a new, energizing community with music, food, and parks. Besides the entertainment venues, both sides of the river are expected to include office spaces, residential homes, hotels, and retail. It will be an expensive project but plenty of organizations are ready to begin construction in the next 18 months. Before then, Sterling Bay must first conduct community approval meetings, along with city approval.