James Letchinger

Letchinger emerged as a key player in the Lincoln Yards unwind, teaming with Kayne Anderson to acquire Sterling Bay and Lone Star Funds’ former site — a consequential parcel that carries both scale and political baggage.

He wants to build over 3,000 housing units and bring some other uses to the sprawling vacant waterfront site along the Chicago River’s North Branch just west of wealthy Lincoln Park.

JDL’s pipeline underscores the tension defining Letchinger’s current chapter. Large-scale residential development now faces rising construction costs and stricter capital markets. Letchinger remains undeterred, but his recent deals suggest a recalibrated engine — still powerful, but running with less margin for error than during real estate’s low-rate boom years.

Over three decades, JDL has delivered more than 3,500 residential units, including No. 9 Walton, one of the most expensive condo projects in Chicago history. Letchinger’s approach has always been hands-on, with deep involvement in site selection, architecture and construction — a level of control that can produce a higher quality product but also concentrates risk when markets turn.

He launched his career converting a 1940s Benjamin Marshall building at 210 East Walton Street, establishing an early focus on boutique luxury that later scaled into skyline-altering work.

The bets have grown in recent years. In Fulton Market, JDL partnered with Centaur Capital to buy a discounted apartment portfolio for about $90 million, and partnered with Centaur again on an Old Town apartments purchase from the late Sam Zell’s estate.