You know we live in interesting times when news of a 76-story skyscraper moving forward is the second biggest news of the week. That’s where we are now with One Chicago Square (740 North State Street).
Crain’s Chicago Business reports that the developers of the project in the parking lot across the street from Holy Name Cathedral have gotten the money in order to begin construction. It comes from Bank OZK in Little Rock; and Wanxiang America, the Elgin-based American arm of a Chinese conglomerate.
Holy Name sold the parking lot to JDL Development, and in the deal gets to use part of the parking garage. It’s similar to the agreement hammered out when White Oak Realty and CA Ventures built 625 West Adams in the Old Saint Patrick’s parking lot in the West Loop, and when The John Buck Company built 3Eleven in the parking lot of Assumption Catholic Church in River North.
One Chicago Square is envisioned as a 76-story-tall tower, and a 49-story-tall tower perched atop a retail and parking podium. It was designed by Goettsch Partners and Hartshorne Plunkard Architecture. If you’re the sort of person who keeps track of building heights (and we know you are), the most recent paperwork filed with the City of Chicago has the smaller of the two towers at 654 feet tall, and the taller at 1,011 feet, two inches tall.
If you wonder how much something like this costs, Crain’s says JDL is splashing out over $850 million. That kind of money would have bought you a half-dozen Boeing 737 MAX-8 jumbo jets last week. This week, you have a little more negotiating power.