February 14, 2020
JDL Development has a preliminary agreement to buy the land just north of Moody Bible Institute’s main campus at 820 N. LaSalle Dr. on the Near North Side, the Chicago Tribune reported. The deal could bring around 2,500 new apartments and condominiums to the 10-acre site.
It wasn’t clear what JDL will pay for the land, although offers were expected to exceed $200 million, the Tribune reported. The evangelical Christian school put the land up for sale last July, hiring JLL’s Danny Kaufman, Tom Kirschbraun and Scott Miller to market it.
The Tribune reported that a contract hasn’t been completed, and the deal could still fall apart. However, if JDL can obtain zoning approvals from the city, it could build half a dozen or more residential high-rises on the site.
JDL is building another project, One Chicago Square, on a former parking lot it acquired from the Archdiocese of Chicago.
Pictured: Moody Bible Institute’s main campus.
For comments, questions or concerns, please contact Paul Bubny