John Novak Purchased Chicago Riverfront Land
Developer John Novak has acquired significant property near Lincoln Yards for nearly $58 million.
Updated on Oct. 7, 2026 in Commercial
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Developer John Novak has acquired over 23 acres of land along the Chicago River through a series of six deals totaling nearly $58 million. The most recent transaction involved the $8 million purchase of 1623 North Elston Avenue.
Why it matters
These acquisitions mark a major consolidation of riverfront property near the Lincoln Yards redevelopment area. The movement of land from firms like Sterling Bay to Novak reflects shifting ownership patterns in this high-value corridor.
John Novak has spent nearly $58 million on six deals, including $34 million for an 18-acre tract at 1401 West Willow Street. He has supported these acquisitions with over $30 million in debt from Hinsdale Bank & Trust Company.
The players
John Novak
He is a developer who has aggressively acquired property along the Chicago River.
Sterling Bay
This is a real estate development firm that has recently sold off several frontage sites near Lincoln Yards at a financial loss.
Hinsdale Bank & Trust Company
This financial institution has provided over $30 million in debt to support Novak’s land acquisitions.
JDL Development
This firm is the developer behind the planned $3 billion project known as Foundry Park.
Bank OZK
This bank took control of a property at 1229 West Concord Place after it was surrendered by Sterling Bay.
The details
Novak executes these acquisitions using all-cash payments at closing before securing bank mortgages to recover equity. This strategy has allowed him to amass significant acreage as other developers, such as Sterling Bay, have faced financial pressure in the area.
Timeline
Between 2018 and 2019, Sterling Bay assembled six sites along Elston Avenue.
In 2020, Novak purchased the site at 1548-1558 North Elston.
In late 2025, Sterling Bay sold 1642 North Besly Court for $15.5 million.
Novak conducted his riverfront land-buying spree over the past nine months.
Roadmap
The consolidation of these riverfront parcels follows the large-scale investment trajectory established by the planned $3 billion Foundry Park project. This trend signals a major shift in the Chicago River North Branch corridor as smaller developers accumulate sites formerly held by institutional firms.
These land deals suggest a significant change in the future development potential of the riverfront near Lincoln Yards. Local stakeholders should expect future updates on potential zoning and construction plans that could alter property usage and infrastructure in the area.
The takeaway
The movement of land assets from established firms to private investors often precedes major changes in local land-use patterns. Residents and business owners in the area should monitor upcoming zoning filings for signs of future construction activity.
Further reading
Learn more about the latest Commercial trends shaping the Chicago skyline.
Source note: This article includes information reported by The Real Deal New York.
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