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JDL cleared for $850M One Chicago Square mixed-use project
The massive complex will rise on a former Holy Name Cathedral parking lot in River North
JDL Development will launch construction on its massive One Chicago Square mixed-use complex in River North.
The development at the corner of State Street and Chicago Avenue secured a permit for foundation work and a four-level underground parking garage this week, according to Curbed. The permit application pegged the cost of the foundation work at $46 million.
The entire project is expected to cost more than $850 million, and JDL is financing the endeavor in partnership with Wanxiang America Real Estate — a branch of a Chinese auto parts empire — Bank OZK and Square Mile Capital. Square Mile is investing $260 million in the deal, Bank OZK provided $475 million in financing and Wanxiang contributed an undisclosed financial stake.
One Chicago Square will feature a 77-story tower and a 50-story tower sprouting from a common 10-story podium on property that the Archdiocese of Chicago sold to JDL in 2017 for a reported $110 million. The development will feature 795 luxury apartments, 75 condos and 50,000 square feet of office space. Retail space will include a Whole Foods and a 100,000-square-foot-plus Lifetime Fitness gym.
The project will fill the square block bordered by State, Superior, Dearborn, and Chicago streets.
The project is the next big development for JDL, which is hoping to replicate the success of its No. 9 Walton luxury condo tower a few blocks away in the Gold Coast. [Curbed] — John O’Brien