Condo Towers Are Filling In The Holy Name Cathedral Parking Lot At State & Chicago
By Stephen Gossett in News on Apr 6, 2017 7:11PM
Given its hefty size, prime River North location, and proximity to the Red Line and Magnificent Mile, the parking lot at the southwest corner of State and Chicago wasn't likely to remain a parking lot forever.
Sure enough, the lot, situated across the street from Holy Name Cathedral, has been sold for a windfall price and will be developed into multiple residential towers, according to the Tribune and Crain's.
The plot, which was owned by the Archdiocese of Chicago and stretched the size of a city block, was sold to the JDL development firm for a whopping $115 million price tag, according to the Trib. JDL plans to build two to four condo towers at the 96,000-square-foot lot, potentially housing more than 700 apartments and condominiums, according to the reports. Given the size of the space, it's uniquely well situated to accommodate such high rises. Jim Letchinger, of JDL, told the Tribune, "I'm not aware of any other site that's a full city block in the Gold Coast or River North."
We can expect some manner of shops or, given the office space in the area, perhaps some restaurants, too. Some 100,000 square feet of retail space will be part of the development, Letchinger told Crain's. The space's zoning will ultimately have to changed for residential use. According to the Trib, the Archdiocese and JDL have already hammered out plans the have the development include more parking for Holy Name Cathedral parishioners, plus land set aside for green space.
