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

Mar.March 13, 2019 04:09 PM

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

Related Articles

Hilton Home2 Suites at 110 W. Huron Street and Akara founder and CEO Rajen Shastri (Credit: Hilton, Akara)

Akara Partners lands $57M refi on newly-built River North hotel

Frank Lloyd Wright and (from top) 301 S. Kenilworth Ave., Elmhurst; 239 Franklin Street, Glencoe; and 350 Fairbank Road, Riverside (Credit: Getty Images, iStock)

In Chicago’s residential market, the price is not Wright

Alderman Harry Osterman (48th) and a coach house in Dunning (Credit: Zillow)

Chicago may allow more granny flats amid affordability crisis

Marc Jacobs store at 11 E. Walton St., Marc Jacobs (Credit: Getty Images and Google Maps)

Another one bites the dust: Marc Jacobs closes Gold Coast location

Fulton St. Companies founder Alex Najem (Credit: iStock)

Fulton St. Companies’ Alex Najem, the “largest smallest developer” in Chicago’s hottest ‘hood

Developer Sam Goldman and an original rendering of the apartment building at 7000 N. Glenwood Ave. 

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half

Ald. Walter Burnett Jr. (27th) and Steven Fifield, with a rendering of the project

‘Cap the Kennedy’ plan may be revived thanks to real estate money

New York-based firm Dodge Data & Analytics predicts Chicago’s new construction will fall by 10 percent in 2020 (Credit: iStock)

Chicago’s real estate industry could soon face some scary numbers