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The Archdiocese of Chicago has a buyer in place for the parking lots across from Holy Name Cathedral and it is a developer that has been very busy in the luxury multifamily market the past couple of years. JDL Development emerged as the winning bidder for the 90K SF lot at the southwest corner of State Street and Chicago Avenue, according to Crain's Chicago Business. And JDL intends to add to a packed River North apartment pipeline.
JDL offered $110M and is working out the details with the Archdiocese of Chicago. With developable land in River North a rarity these days, listing agent Eastdil Secured expected to see bids of up to $100M when the site was put on the market last spring. The main attraction of the lots is the ability to add density by building a tower.
JDL has been busy in this cycle. It delivered 1000 South Clark last year, received $16M in tax incentives to redevelop Maryville Academy's Uptown campus into luxury apartments and is building one of the most expensive condo projects in Chicago at 9 West Walton. The Holy Name parking lots are in one of the best-located parts of River North. The site is a couple of blocks east of Michigan Avenue shopping and the Rush Street nightlife district, the CTA Red Line subway runs underneath the site, and the Chicago Avenue Brown and Purple Line station is a few blocks west.
JDL is expected to develop a mix of luxury condos and apartments on the site and the location could help the firm command top rents and purchase prices.
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