JDL plans massive residential project for River North site

Developer seeks approval for up to 4K units and 30K sf of retail

Chicago /
Sep.September 10, 2020 10:00 AM
JDL CEO Jim Letchinger and map of the Moody Bible Institute property (Credit: Moody Bible, HFF, JDL)

JDL CEO Jim Letchinger and map of the Moody Bible Institute property (Credit: Moody Bible, HFF, JDL)

JDL Development is seeking approvals for a major residential project at the Moody Bible Institute site in River North.

The project could include as many as 3,950 residential units and 30,000 square feet of retail on the eight-acre site, according to the Chicago Tribune. The Christian college put 10 acres of land on the market in July 2019 without an asking price. It appears JDL — which still needs city approval to purchase the property — would only acquire eight acres.

The specifics are still in flux, and JDL CEO Jim Letchinger said there will likely be fewer units than what was laid out in the plans.

Still, if the sale is approved, it would be one of the largest residential development projects in Chicago in decades, according to the Tribune. Letchinger said he hoped to start work by the end of the year.

The parcels could eventually house more than 5.3 million square feet of built space if the buyer sought a zoning change, marketing materials said.

Moody’s Bible Institute plans to keep its main campus between Chestnut Street and Chicago Avenue, and will use proceeds from the sale to fund infrastructure and technology upgrades at the campus.

Letchinger declined to comment on the height of his proposed buildings, telling the Tribune that his focus at this stage was on meeting with community groups.

“This area needs development, and the city really needs development more than ever right now,” he said. “I’m not expecting it to be controversial. There’s not a lot of immediate neighbors.” [Tribune] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Life Time Work James O’Reilly and 14 West Superior Street (LinkedIn, Realtor)
Life Time bets clients will come for the gym, stay for the coworking space
Life Time bets clients will come for the gym, stay for the coworking space
From left: 61 West Erie Street, The Plymouth at 417 South Dearborn Street, LG Group's Brian Goldberg (LG Development Group, City of Chicago)
South Loop landmark leased as short-term rental sells just under asking price for $16.8M
South Loop landmark leased as short-term rental sells just under asking price for $16.8M
Bally’s Casino tribune proposal with Lori Lightfoot (Ballys, Getty)
Bally’s proposal for Chicago casino seen winning mayor’s approval
Bally’s proposal for Chicago casino seen winning mayor’s approval
Jeff Shapack and 509 North Union Avenue, Chicago (Google Maps, iStock)
Developer Shapack buys Chicago Salvation Army site for $25M
Developer Shapack buys Chicago Salvation Army site for $25M
Americorp's Matt Laricy with 142 West Erie Street (LinkedIn, West Erie)
Slow-selling River North condo building renamed for French wine region
Slow-selling River North condo building renamed for French wine region
From left: Daniel Hildebrand, Jeffrey Laytin and Special Master Karim Mahmoud in front of 42 and 44-46 East Superior Street (Google Maps, Hadef Partners, Property Development, LinkedIn/Jeffrey Laytin)
Dubai investigator probes failed Chicago project sponsor’s $250M loan claims
Dubai investigator probes failed Chicago project sponsor’s $250M loan claims
River North tower’s looming vacancies show that in Chicago office market, youth is not always enough
River North tower’s looming vacancies show that in Chicago office market, youth is not always enough
River North tower’s looming vacancies show that in Chicago office market, youth is not always enough
Bartesian’s Ryan Close (Bartesian, Google Maps)
Cocktail machine maker expands headquarters to Chicago’s Fulton Market
Cocktail machine maker expands headquarters to Chicago’s Fulton Market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...