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General contractor Novak Construction is set to acquire a significant portion of the long-stalled Lincoln Yards development in Chicago. The company is finalizing the purchase of more than 18 acres of land located along the Chicago River, between the Lincoln Park and Bucktown neighborhoods. The acquisition also includes an eight-story office building that has remained vacant since its completion in 2023.
The property currently falls within the southern segment of the ambitious $6 billion, 14 million-square-foot Lincoln Yards megaproject. The land is being sold by a joint venture between Chicago-based developer Sterling Bay and J.P. Morgan Asset Management. According to sources familiar with the transaction, this move could signal a potential shift and revitalization of the development after years of limited progress.
While Novak Construction has not yet announced specific plans for the site, the sale may usher in a new chapter for the southern portion of Lincoln Yards. Over the past year, Sterling Bay has been actively seeking new financial partners to help push the project forward, as original backers, including J.P. Morgan and Lone Star Funds, have moved to divest their interests.
Details surrounding long-term redevelopment plans remain unclear, but the transaction represents a noteworthy development in one of Chicago’s most high-profile real estate ventures.
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