The two Chicago-based companies confirmed they are teaming up on the project that includes a 76-story tower that would be the sixth-tallest building in the city when completed in 2022, according to Crain’s. The project would also include a 45-story tower, with both buildings rising from a nine-story base.
The city approved the $850 million project at 740 North State Street earlier this year, and JDL President Jim Letchinger said construction financing is nearly finalized for it.
The project is expected to include 795 apartments, 75 condo apartments along with around 200,000 square feet of commercial space.
It will rise over what is now a parking lot, and will be across from Holy Name Cathedral. The Archdiocese of Chicago sold the parking lot to JDL in 2017 for a reported $110 million.
Teaming up with JDL on the project will solidify Sterling Bay’s presence in the residential and multifamily market after a year that saw it pick up more than $1.5 billion in trophy Downtown office complexes.
It went big in the Downtown office market even as it continued its torrid rate of development in Fulton Market. In one block alone Sterling Bay plans 1.7 million square feet of new office space. And it recently launched a $500 million funding round, with plans to use the money for more acquisitions.
JDL, meanwhile, has put several properties up for sale while finishing its successful No. 9 Walton luxury condo tower in the Gold Coast, which has dominated the list of most expensive residential sales for the last year. [Crain’s] — John O’Brien