New developer considering buying Lincoln Yards after previous efforts fall through: Chicago alderman

CHICAGO (WLS) -- There is a revamped plan for the future of Chicago's Lincoln Yards.

A recent effort to redevelop the property has fallen through.

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And now someone else wants to buy it.

The 55-acre Lincoln Yards sits along the north bank of the Chicago River, and spans from the Kennedy Expressway to Webster, Clybourn and North avenues.

It was supposed to be a $6 billion mixed-use development along the river on the North Side. Instead, 55 acres have sat idle for years. What happened to Lincoln Yards?

Overgrown weeds, graffiti and wasted concrete: The Lincoln Yards development broke ground in 2019. Yet, nothing has developed except a life sciences building, which is also empty.

"Sterling Bay could not get it moving forward on the project that they proposed and promised everybody would happen six or seven years ago," 32nd Ward Ald. Scott Waguespack said.

RELATED: City Council approves Lincoln Yards, The 78 developments at Mayor Rahm Emanuel's last meeting

The entire mega-development site, owned by Sterling Bay, sits in Waguespack's 32nd Ward. He is now in talks with a different Chicago developer. He says JDL Development is negotiating to possibly buy the entire site, after banks are pulling out of the deal with Sterling Bay.

"We're trying to pull the whole thing together, look at potentially new ideas for it while meeting many of the obligations that exist," Waguespack said.

Waguespack says the new ideas include scaling back the project by building more residential than office space. He hopes JDL is open to the possibility of a Chicago Fire soccer stadium. North Side neighborhood groups say their priorities have not changed; they want more green space.

"More open green space that's inviting to the entire community, not just maybe the people that might be in, you know, certain buildings," Sheffield Neighborhood Association President Brian Comer said.

The other priority for residents is building enough infrastructure to support such a big development. Sterling Bay was supposed to create new infrastructure and get reimbursed by the city under a tax increment financing deal made with then-Mayor Rahm Emanuel. Waguespack says, instead, the developer broke its promise, by asking the city for money upfront.

"Was it too big to be true? Probably, and what can we do to make it realistic now for a developer to get it done?" Waguespack said.

Both Sterling Bay and JDL would not comment.

Waguespack says if all goes well with JDL, he hopes a new plan for Lincoln Yards will be in place by the end of the summer.