We’ve been telling you for years that one of the hottest pieces of property in the city — one just begging to be developed — is the parking lot across the street from Holy Name Cathedral. And with churches across Chicago unloading real estate left and right, it was only a matter of time before Holy Name Parish followed the lead of Old Saint Pat’s in the West Loop and Assumption Parish in River North and turned its parking lot into something more revenue positive.
Befitting both its location and its seller, the plan being put together by JDL’s Jim Letchinger for the Holy Name site is significantly bigger than the deals we’ve seen previously, according to Crain’s Chicago Business.
There’s plenty of room in the lot for two skyscrapers, or perhaps one iconic trophy tower. Letchinger paid $110 million for the property, so expect him to go very tall in order to make his money back.
The site also commands a premium because it is just three short-blocks from Michigan Avenue, and it’s right on the Red Line subway. Further, it’s the intersection of Chicago Avenue and State Street. Like Michigan and Wacker; and State and Madison, it’s one of the touchstone locations in the city.
Expect neighbors to be extra-critical of the design of this building because of its prominent location. While there are a few high-rises nearby that could complain about losing their views, a good portion of the nearby land is institutional, with the Moody Bible Institute’s and Loyola University’s sizable footprints.