Sterling Archives - VRJ Properties

Sterling Realty Organization Appoints Executive Board Chairman, Names New President

VRJwebmaster — Fri, 08 May 2026 19:32:49 +0000

Sterling Realty Organization (SRO), a fifth-generation real estate corporation with commercial assets in the Puget Sound and Salt Lake City markets, has announced a major leadership team transition.

President Tom Gilchrist will now become executive chairman of the board, and Matthew Skager will take over as SRO president, as longtime chairman David Schooler retires. A well-known leader in downtown Bellevue, Schooler had a long career at SRO. Before being named executive chairman in 2015, he served as the company president for 21 years.

Gilchrist has served in numerous positions at SRO, including controller, treasurer, vice president and other positions throughout his 40-year career at the company. As a key contributor at SRO during his 12-year tenure at the organization, Skager has worked closely with Gilchrist, progressing from roles including chief financial officer, chief operating officer and vice president.

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Sterling Bay’s Lincoln Park Housing Project Advances

VRJwebmaster — Tue, 25 Jun 2024 22:52:35 +0000

A two-tower multifamily development proposed by Sterling Bay that had advanced through the initial hurdle of zoning approvals is now facing a delay in the process amid opposition from a local alderman.

The deferral came less than a week after the mayoral-appointed City Plan Commission approved the development near Lincoln Yards despite objections from Ald. Scott Waguespack, whose 32nd Ward encompasses the site. Both Waguespack and Sterling Bay’s zoning attorney requested a vote in the City Council’s Zoning Committee be deferred until a later meeting.

Sterling Bay plans to build a 25-story building with 615 apartments at 1840 North Marcey Street on a former industrial site near the developer’s $6 billion Lincoln Yards megaproject, reported Crain’s. The larger building was previously proposed at 27 stories.

The Sterling Bay project’s journey through the approval process is seen as a test case for Johnson’s comittment to improve and streamline administrative processes to build housing and commercial developments in Chicago.

The post Sterling Bay’s Lincoln Park Housing Project Advances appeared first on Connect CRE.

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Sterling Bay Taps CBRE to Sell Properties Near Lincoln Yards

VRJwebmaster — Fri, 19 Apr 2024 22:52:53 +0000

Sterling Bay has listed a trio of properties near the stalled Lincoln Yards $6 billion megaproject site. The firm is selling the properties to pay off debt amid the firm’s search for a new financial partner for the 53-acre mixed-use development.

Sterling Bay has hired CBRE to market the three parcels at 1907 North Mendell Street, 1901 North Elston Street, and 1500 West Cortland Avenue, reported Crain’s. Sterling Bay has faced mounting financial pressure as it deals with the imminent need to pay off debt amid the search for a new financial partner.

Last year, the firm sold an industrial property near the Lincoln Yards site, a joint venture of Farpoint Development and Langdon Partners. The ambitious Lincoln Yards project was aimed to breathe fresh life into a former industrial site in Chicago’s North Side, with improved infrastructure and transportation, new businesses and residences, along with parks and open spaces.

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