A new Whole Foods and Lifetime Fitness will anchor the $850 million project’s retail space
The developer of One Chicago Square, a skyline-changing project slated for the block-sized parking lot across from River North’s Holy Name Cathedral, is targeting a January groundbreaking after securing a prominent joint venture partner, according to a recent report by Crain’s.
Chicago-based JDL Development will team with busy local developer Sterling Bay on the $850 million, two-tower plan at 740 N. State Street. The project will feature 869 rental units and condos, offices, and retail including a Whole Foods Market and a sprawling, 100,000-square-foot Lifetime Fitness, Crain’s reported.
Designed in collaboration between Goettsch Partners and Hartshorne Plunkard Architecture, the towers will reach 654 and 1,011 feet, making the 76-story structure Chicago’s sixth tallest building when it opens in 2022. Zoning for One Chicago Square were approved by the city’s Plan Commission in January and financing for the development is “nearly finalized,” said the Crain’s report.
One Chicago Square represents a departure for Sterling Bay which is closely associated with commercial developments such as the West Loop headquarters for Google and McDonald’s, the proposed Lincoln Yards megaproject, and its recent buying spree of trophy office buildings like 600 W. Chicago Avenue, Prudential Plaza, and the former John Hancock Center. JDL, meanwhile, brings a strong background in multifamily residential development to the project.
In addition to breathing new life to an otherwise sleepy and underutilized downtown block, One Chicago Square will contribute roughly $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.
The project will also pay $11.37 million into Chicago’s affordable housing fund and finance 22 affordable units at the neighboring Lawson House YMCA building at 30 W. Chicago Avenue.
- Sterling Bay joins Holy Name tower team [Crain’s]
- Chicago Plan Commission approves city’s sixth-tallest building [Curbed Chicago]