CHICAGO (CBS) — As they prepare to seek zoning approval for a massive mixed-use project along the North Branch of the Chicago River, the developer of the proposed $5 billion Lincoln Yards project has submitted a new plan that includes fewer, smaller skyscrapers, and more park space.
Sterling Bay is seeking City Council approval for the 70-acre project along the Chicago River, between Lincoln Park and Bucktown, an ambitious plan to transform a quiet swath of land into a lively hub for sports and parks and recreation–with offices, hotels, apartments, condos, a soccer stadium, music and entertainment venues, and an expansion of the 606 bike trail.READ MORE: Chicago Weather: Coolest Day Of The Week On Wednesday
The original plan had called for some buildings as tall as 70 stories, but now Sterling Bay is seeking a limit of only 50 stories for skyscrapers within Lincoln Yards, with a total of 100 fewer stories of building height.
Sterling Bay also is expanding its plan for park space, from a total of 13.4 acres of open public spaces in the original plan to more than 20 acres.
The new proposal also includes a new transit center, including one of three new water taxi stations on the Chicago River, an extension of the 606 bike trail, and a relocated Metra station.READ MORE: Waukegan School Board Votes To Rename Thomas Jefferson Middle School For John Lewis, After Suggestion Of Barack Obama Draws Objections
Developers estimate the project will spur $4.12 billion in annual economic output, and provide 23,000 on-site office, retail, hotel, and other jobs once complete.
The entire project would take about a decade to complete, according to the developers.
The Lincoln Yards site was included in Chicago’s pitch of possible locations for Amazon’s second headquarters before the online retail giant opted to split HQ2 into two sites in New York and suburban D.C.MORE NEWS: Many More Sex Offenders Are Living In One Englewood Building Than First Known, Raising Legal Red Flags -- But Ex-Offenders Say They Have Few Options
The revised plan for the site will be officially unveiled at a public meeting Thursday night.