With construction nearly finished on JDL Development’s first building in the $1.3 billion North Union project that’s transforming Chicago’s Moody Bible Institute campus, the firm has shifted focus on getting its next phase off the ground.
Jim Letchinger’s JDL secured full building permits for a 411-unit apartment building at 868 North Wells Street, Urbanize Chicago reported. Now, with a full building permit, the developers can begin construction on the above-ground structure, after initiating the project with work on its underground parking structure.
Rising on a rectangular lot on Wells Street between West Chestnut and West Locust streets, the new mixed-use development will be the second building in the North Union masterplan. JDL’s plans involve about 2.9 million square feet of new construction containing 2,700 residential units as well as retail and outdoor space.
Designed by Hartshorne Plunkard Architecture, the project at 868 North Wells will reach 27 stories. About 12,000 square feet of retail space will open onto the North Wells corridor. In addition, the underground parking will have 129 parking spaces across two levels. The building is set to be completed in mid-2024.
Meanwhile, JDL is on track to finish construction this year on North Union’s first building at 920 North Wells, a 21-story, 238-unit project. Though JDL is far from the only firm scrambling to add housing to Chicago’s River North and Streeterville areas.
Mavrek Development landed a $102 million construction loan for a 242-unit mixed-use project at the northeast corner of East Grand Avenue and North St. Clair Street in Streeterville.
And in September, The Habitat Company, in a venture with Diversified Real Estate Capital, received full building permits for a 343-unit mixed-use project just northwest of the Chicago River.
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