The former headquarters of steelmaker A. Finkl & Sons Co. on the western edge of Lincoln Park is about to get a taste of the wrecking ball, a likely first step toward the 28-acre site being sold and redeveloped.

Most or all of the North Side industrial site will be reduced to rubble within the next six to 12 months, the property's ownership group confirmed to Crain's. Demolition could begin within the next two months.

“We're looking to take down either some or all of the buildings,” said Joseph Curci, Finkl's former president and a lead member of the group that owns the property. “We just want to tear it down … make it a little safer,” Mr. Curci added.

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Clearing the property, Finkl's home for 112 years, will prepare it for possible sale as well as to minimize the cost of taxes, security, insurance and maintenance, Mr. Curci said. “To have them up and pay more doesn't really make a lot of sense,” he said.

With Chicago River frontage and close proximity to multimillion-dollar homes and Clybourn Corridor big-box retail, the site is considered prime real estate by developers. But the ultimate value of the land likely will be determined by what, if any, changes can be made to its zoning.

IN A PMD

The property sits within a planned manufacturing district (PMD), which has many land-use restrictions, including forbidding residential buildings entirely. Finkl is adjacent to the former Gutmann Tannery and the A. Lakin & Sons tire recycling facility. Sold together, the three properties would form a nearly 40-acre parcel that — depending on the status of the zoning — likely would interest a large number of real estate developers.

Finkl was acquired in 2007 by Schmolz+Bickenbach AG, a German steel firm. It recently completed its move to the South Side.

The swath of land along Cortland Street, which wasn't included in the Schmolz's acquisition of the business several years ago, is now owned by a group that includes ex-Finkl employees, including Mr. Curci. Other members of the limited-liability corporation that owns the property are former company CEO Bruce Liimatainen and James B. Finkl, son of former CEO Charles W. Finkl, according to the Illinois Secretary of State's website.

NO DATE SET

There is no date set to begin the demolition, but it will likely begin in the next couple months, Mr. Curci said. The owners hired Chicago-based Heneghan Wrecking Co., which is doing prep work to prepare for the teardown, Mr. Curci said. He said they have not hired a broker to handle the sale of the property, nor do they have a buyer lined up.

Mr. Curci said there is one short-term tenant on the property that will be moving.

Last year North Branch Works (formerly the Local Economic and Employment Development Council) launched a two-year planning initiative focused on redevelopment of the industrial corridors between Clybourn and Elston avenues, which includes the Finkl site, with a $200,000 grant awarded by the U.S. Environmental Protection Agency.

In July, North Branch Works held a planning meeting for neighbors to discuss future planning of the almost 40-acre site. North Branch Works has said it wants to maintain the PMD status of the land so it can be used by companies that create jobs.

The spelling of Mr. Liimatainen’s last name has been corrected.