The developer of One Chicago Square will start groundbreaking in January after securing a prominent joint venture partner per Curbed Chicago.
The Skyline changing project is planned for the block-sized parking lot across from River North's Holy Name Cathedral.
Chicago's JDL Development will team up with Sterling Bay on the $850 million, two tower plan which will be located at 740 N. State Street. The project will include 869 rental units and condos, offices and retail. Whole Foods Market and a 100,000 square foot Life Time Athletic Club will anchor the space.
The designers for the project are Goettsch Partners and Hartshorne Plunkard Architecture. The towers will reach 654 and 1,011 feet and will make the 76 story structure Chicago's sixth tallest building when it is expected to open in 2022. Zoning for One Chicago Square was approved by the city's Plan Commission in January and financing for the development is almost finalized. Learn about all the mixed-use projects coming up for bid with a free trial from Databid.
This will represent a departure for Sterling Bay which is usually associated with commercial developments such as the West Loop headquarters for Google and McDonalds, the proposed Lincoln Yards megaproject, and its buying spree of trophy office buildings like 600 W. Chicago Avenue, Prudential Plaza, and the former John Hancock Center. JDL, in the meantime, will bring a strong background in multi-family residential development to the project.
One Chicago Square will contribute close to $13.2 million to the city's Neighborhood Opportunity Bonus system as well as partially fund infrastructure upgrades on Chicago Avenue and improvements to Streeterville's Seneca Park.
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They will also pay $11.37 million into Chicago's affordable housing fund and finance 22 affordable units at the neighboring Lawson House YMCA building.
According to The Real Deal, the structure will rise over what is now a parking lot. The Archdiocese of Chicago sold the parking lot to JDL in 2017 for a reported $110 million.