JDL Shifts Buildout Strategy for One Chicago Condos

Jim Letchinger’s JDL Development is shifting its plan for the most expensive condos at the top of its One Chicago skyscraper: The firm is working to build out full-floor residences after initially advertising them as raw space.

On Tuesday, the 69th-floor penthouse at the River North tower went under contract with an undisclosed buyer at a nearly $8 million asking price, according to listing information. The next day, the developer put the 70th floor up for sale at nearly $8.3 million.

The units are unfinished but will be built out by JDL, Letchinger’s development firm that constructed the two-tower complex at 14 West Superior Street. Letchinger told The Real Deal the firm first planned to sell the floors as raw space, assuming ultra-wealthy buyers would want to bring in their own contractors for custom designs. But as the units sat on the market, it became clear that downtown buyers were looking for move-in ready homes.

“They don’t want to deal with the contractor, they don’t want to deal with building it,” he said. “They’re all dry-walled now, and delivery is much shorter. That’s the other thing, people don’t want to wait.”

The pending sale of the 69th-floor unit after more than a year on the market suggests that strategy is working. At its $8 million asking price, it would be the most expensive sale at the Gold Coast tower since early 2025, when the 72nd-floor residence sold for $8.9 million, according to property records.

The 76-story building was completed in 2022 and features 77 residences starting on the 44th floor, sitting atop a 735-unit apartment portion and a retail base that includes a Whole Foods and Life Time fitness center. Its construction debt was refinanced with a new loan of $415 million in 2024, with developer equity getting kicked in to cover the positions of its other investors, including Wanxiang America Real Estate.

The lower tier of finished condos at the building has seen more success than the highest units. Around 60 units have been sold since sales began in 2022, according to property records, with an average sale price of about $3 million. Most sales ranged between $1 million and $4 million. After the 72nd-floor unit, the two highest sales brought in $6.1 million and $5.6 million in 2022.

JDL sold that 72nd-floor unit as raw space but ended up building it out for the buyer, Letchinger said. The level of interest from prospective buyers who toured it inspired JDL to finish the rest of the units.

“Now that we have something to really walk through and show, we’re seeing tremendous interest,” Letchinger said. “I would be shocked if we don’t sell them all in the next six months.”

The 69th- and 70th-floor buildouts are expected to be completed this summer, the listing information says.

While only the 70th-floor residence is currently listed in the MLS, the 71st-floor unit is also available and being finished, Letchinger said, as well as the two-story penthouse on the 74th and 75th floors. Buyers will have multiple finish packages to choose from that will impact the total cost of the units.

The 67th-floor unit is still being sold as raw space because its large terrace might attract a buyer with a different vision or budget, Letchinger said. Meanwhile, the 68th floor, which is also being finished by JDL, is being leased to tenants who already live in the building, he said.

The finished 73rd-floor residence went under contract with a buyer in early 2023 with a nearly $14 million listing price, but the listing was removed more than a year later and no sale was recorded in county records.

Nancy Tassone of Jameson Sotheby’s International Realty represents the developer on the listings. She didn’t return a request for comment.