One of the biggest downtown developmental sites is getting a new residential makeover: a River North parcel owned by the Archdiocese of Chicago.
The venture is being led by the president of JDL Development, Jim Letchinger. The company acquired the property by being the winning bidder. The exact location is the southwest corner of State Street and Chicago Avenue, which is currently a parking lot for Holy Name Cathedral. The 90,000-square-foot site is just three blocks west of North Michigan Avenue.
Jim just revealed his company’s plan to turn the large parking lot in River North into a $740 million mixed-use complex anchored by two very tall and thin skyscrapers. The building’s ambitious height is set to be up to 1,011 feet. As for the kind of records this sets, let’s just say the taller of the pair would become the city’s sixth tallest building, should it be approved and constructed as proposed.
In total, the project would include 795 apartments and 75 luxury condominiums. Letchinger couldn’t disclose the names of his prospective grocery store and gym, but he did mention that the gym would be “the most spectacular health and lifestyle club since the East Bank [Club] was built.”
The two-floor gym would have a 45,000-square-foot rooftop with two pools, he said. The building would also be dog-friendly.
Letchinger is no stranger to building monumental condos, he has emerged as one of the city’s most aggressive residential developers over the past several years, putting out nearly 1,700 apartments since the recession.
In addition, he’s got two luxury condo projects underway about four blocks north of the Holy Name lot. One of them is one of the most expensive in the city, a 71-unit tower at 9 W. Walton St. that’s nearly sold out.