Chicago-based property developer Sterling Bay has plans to raise $500 million for its third property investment fund, which would give it the necessary financial flexibility as it gears up to clinch approval for the $6 billion Lincoln Yards, its largest real estate project to date, Crain's Chicago Business reported.

The Oct. 17 report, citing a Sterling Bay spokeswoman, added that the fund would focus on new and current projects, on the back of the company having utilized all the financing from its first two funds, which raised between $90 million and $200 million in 2013 and 2016, respectively.

The publication noted that a new fund would give the developer more leeway in allocating financing toward its projects and also provide it significant revenue from fund management fees. The developer is working with different investors on the development and may purchase more sites in the vicinity to make the campus even bigger.

Dallas-headquartered Lone Star Funds will help finance a 29-acre commercial-residential portion of Lincoln Yards and a property fund managed by JP Morgan Asset Management is financing an approximately 24-acre space anchored by the stadium and other entertainment locations.

The 53-acre Lincoln Yards mixed-use campus is situated between the Lincoln Park and Bucktown neighborhoods in Chicago, and Sterling Bay's plans for it comprise up to 70-floor buildings and a 20,000-seat Soccer League stadium. The current project scope includes 12 million square feet of space within the buildings, 5,000 housing units and a minimum of 6,200 parking spaces.