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.