http://www.chicagobusiness.com/reale...name-cathedral
JDL has received a "very strong response from investors and lenders," said JDL President Jim Letchinger, who aims to break ground by late fall. He said he expects to finance the project with a roughly $450 million construction loan, along with mezzanine financing or preferred equity.
"This is an iconic project in the city of Chicago," Letchinger said. "It will make its mark, and there are a lot of investors that like that."
At 1,011 feet, the 76-story tower would be the sixth-tallest building in Chicago. The second tower would rise 49 stories, or 654 feet.
In exchange for zoning allowing it to build such a large project, JDL has agreed to pay $13.2 million into the city's Neighborhood Opportunity Bonus fund, which is used to pay for economic development initiatives in city neighborhoods, according to the Chicago Department of Planning & Development.
To comply with the city's affordable housing ordinance, JDL also is including 22 affordable units in the project and paying $11.4 million into a city housing trust fund.
To ease traffic, JDL also agreed to pay for a variety of changes on Chicago Avenue, including the installation of new stop lights, new traffic controls, parking restrictions and new bus stops, Letchinger said. He estimated the changes will cost more than $1 million.
Letchinger aims to receive final approval for One Chicago Square at the next City Council meeting on Feb. 2