Chicago Developer Eyes River North Archdiocese Property for Condo Project
The River North building boom continues with news that a prolific Chicago developer may gobble up a parcel of land owned by the Archdiocese of Chicago.
According to Crain’s, Jim Letchinger of JDL Development was the winning bidder of the State Street property that currently functions as the parking lot for Holy Name Cathedral. He’s set to pay more than $110 million for the 90,000 square-foot site but must still negotiate a purchase with the Archdiocese.
The developer plans to build a mix of condos and apartments with ground-floor retail. That plan would require a zoning change, which also means community meetings where neighbors can voice any objections.
Letchinger also is working on two luxury condos just four blocks from the Holy Name site, include one of the most expensive condo developments in the city. Those are just two of many River North luxury condos in the works. Will the demand for these million-dollar condos live up to the supply?