JDL Development to Break Ground on $850M Mixed-Use Tower in Chicago
CHICAGO — JDL Development Corp. has received construction financing for One Chicago Square, an $850 million mixed-use tower in Chicago. The 76-story, 1.5 million-square-foot development will be located in the city’s River North submarket.
The project’s senior construction lender is Bank OZK. Other sources of financing for this project include an investment from equity partner Wanxiang America Real Estate Group, as well as $260 million in preferred equity and mezzanine financing from Square Mile Capital Management LLC.
One Chicago Square will include 735 apartment units and 77 condominium units. The project’s 193,000 square feet of retail space is largely pre-leased to Whole Foods Market and Life Time Athletic. Plans also call for office space, event space and 1,000 parking spaces.
The property will occupy a full city block on the site of a former parking lot that JDL purchased from the Archdiocese of Chicago.
Construction is expected to take three years, with completion slated for year-end 2022. Project architects include Goettsch Partners and Hartshorne Plunkard Architecture.
JDL is a Chicago-based residential developer founded by Jim Letchinger. Wanxiang America Real Estate Group is a unit of a Chinese auto-parts company. New York-based Square Mile Capital is an integrated institutional real estate and investment management firm.
— Kristin Hiller