Investor Acquired 23 Acres Along Chicago River
Developer John Novak has purchased several key land parcels near the Lincoln Yards area.
Updated on Oct. 7, 2026 in Commercial
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John Novak has completed a buying spree of six land parcels near Lincoln Yards, spending nearly $58 million over the past nine months. This acquisition gives Novak control over 23 acres of property along the Chicago River.
Why it matters
The land sales follow significant financial losses for developer Sterling Bay, which absorbed a 43 percent markdown on five frontage sites. This shift in property control marks a notable change in the ownership landscape for the North Branch corridor.
Novak spent $34 million on an 18-acre tract at 1401 West Willow Street and $8 million on 1623 North Elston Avenue. He has secured more than $30 million in debt through Hinsdale Bank & Trust Company to support these purchases.
The players
John Novak
The private investor currently accumulating significant industrial and riverfront land tracts in Chicago.
Sterling Bay
A prominent Chicago-based real estate developer known for massive urban projects like Lincoln Yards.
Hinsdale Bank & Trust Company
A community bank providing the debt financing that supports Novak's recent series of land acquisitions.
JDL Development
A local developer currently planning the large-scale $3 billion Foundry Park project in the area.
Bank OZK
A financial institution that recently took control of a property at 1229 West Concord Place.
The details
Novak executes these acquisitions by paying all-cash at closing before securing bank mortgages two to three months later to pull out equity. These transactions involve properties formerly managed by Sterling Bay, which notably surrendered a building at 1229 West Concord Place to Bank OZK as part of its divestment. Nearby, JDL Development continues to move forward with plans for a $3 billion project known as Foundry Park.
Timeline
2018-2019: Sterling Bay assembled six sites along Elston Avenue.
2020: Novak purchased the site at 1548-1558 North Elston.
Late 2025: Sterling Bay sold 1642 North Besly Court.
Past nine months: Novak executed his riverfront land-buying spree.
The Home Front
The accumulation of property by a single investor marks a shift in the development trajectory of the Chicago River North Branch corridor. This move follows a period of consolidation and subsequent financial retrenchment by larger developers in the same industrial-to-mixed-use district.
Residents living near the Lincoln Yards area should monitor upcoming community meetings for any potential zoning or master plan filings from the developer. Tracking these proposals is the best way to understand how new site usage might affect local traffic, property values, and neighborhood amenities.
The takeaway
Large-scale land consolidation by private investors is fundamentally reshaping the future of the North Branch riverfront. Homeowners and renters in the area should keep an eye on city planning department filings to see how the 23 acres of newly controlled land will eventually be utilized.
Further reading
You can find more analysis of local business and development activity in Chicago Commercial.
Source note: This article includes information reported by The Real Deal New York.
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