The Real Deal Chicago

With Sterling Bay out, JDL finds new partner on One Chicago Square

JDL lined up a China-based investor, and a construction loan for the planned River North luxury skyscraper
March 13, 2019 04:09PM

From left: JDL’s Jim Letchinger and Pin Ni, president of Wanxiang America with a rendering of One Chicago Square

JDL Development brought in a China-based investor and lined up a loan from Bank OZK as it prepares to launch the One Chicago Square luxury apartment-condo skyscraper in River North without help from Sterling Bay.

JDL in October said it brought on Sterling Bay as a major equity partner in the project. But the two Chicago firms parted ways as Sterling Bay sought to concentrate on its Lincoln Yards megadevelopment and the slew of other projects it has in the works, according to Crain’s.

JDL President Jim Letchinger told Crain’s his firm is now partnering on the project with Wanxiang America Real Estate Group, a unit of a Chinese auto parts company. It also secured a loan from Bank OZK, he said. Additionally, it secured mezzanine financing and preferred equity from New York-based Square Mile Capital Management.

The $850 million project calls for a 77-story tower and a 50-story tower sprouting from a common 10-story podium at 23 West Chicago Avenue, which the Archdiocese of Chicago sold to JDL in 2017 for a reported $110 million. It 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 gym. [Crain’s]John O’Brien