DEVELOPERS REVEAL PROPOSAL FOR TOWERS AT HOLY NAME PARKING LOT
The lot where parishioners park their cars across the street from Holy Name Cathedral could soon be the site of River North’s latest luxury high- rise towers — including one rivaling the John Hancock Center in height— with units going for as much as $ 6 million.
Developers on Tuesday unveiled One Chicago Square, their proposed $ 740 million real estate project that would take up most of the block bounded by Dearborn, Superior, State and Chicago.
Sitting atop a nine- story mix of parking, commercial space and offices, a “tall and slender” 75- story tower facing Holy Name would soar 962 feet to its roof, JDL Development president and founder Jim Letchinger said at a community meeting for 2nd Ward residents.
Architects are still tweaking the top of the building, Letchinger said, and a possible spire could bring the project to 1,011 feet. The Hancock is 1,128 feet tall — not counting its antennas — while Trump Tower is 1,171 feet andWillisTower about 1,450 feet.
The second proposed tower, 45 stories, would sit along the Chicago Avenue side of the development. Together, they would house 795 apartments, along with 75 condos at a price range of $ 1.5 million up to $ 6 million.
JDL’s plan calls for 900 parking spaces, including 225 set aside for Holy Name visitors, Letchinger said. When JDL
filed plans with the city earlier this month, a spokeswoman for the Archdiocese of Chicago said it would actually increase parish parking.
The archdiocese agreed to sell the lot to JDL in April 2016. Neither side has disclosed the sale price.
The proposal would require a zoning change before being brought for a vote in the City Council. Ald. Brian Hopkins ( 2nd) said he hasn’t yet decided if he supports the project and asked constituents to comment via a survey at alderman hopkins.com/ one chicago square.
Letchinger said they hope to break ground in September 2018 and complete the project by 2021. JDL claims it would generate $ 8 million for the city as a tax increment financing district.
“When the Archdiocese of Chicago made the decision to sell the property across State Street from Holy Name Cathedral, we sought a developer who shared our vision of improving the neighborhood we have been proud to call home for nearly 175 years,” the archdiocese said in a statement. “We look forward to the many benefits [ the proposal] will bring to the River North and Holy Name communities.”