In 2019, Moody Bible Institute initiated a plan to sell 10 acres of real estate near its main campus in Near North Side. Having been to JDL to make way for the new North Union megadevelopment, the offloading of these properties resulted in roughly $200 million in net proceeds. These proceeds are now being channeled into campus improvements, new infrastructure, long-term reserves, and educational endowments.
Structural work has reached full height for the 27-story 868 N Wells Street in Near North Side, replacing a former low-rise brick building that was demolished last year. The developer of this mixed-use tower is JDL, who has planned for 411 units and 12,000 square feet of retail.
Since our last update, the two-story retail development at 113 E Oak Street in Near North Side has completed construction. Spanning 5,050 square feet, the new building was developed by 113 E Oak Street LLC with an equal distribution of space between its two floors. The first and second floors offer approximately 2,600 and 2,500 square feet, respectively.
Construction for a new mixed-use development at 1043 N Rush Street in Near North Side is now above grade. The two-story project, led by L3 Capital, has enlisted GREC Architects for its design. The exterior will have tan brick cladding, dark metal accents, and arched street-level bays.
Structural work advances in the Near North Side for two adjacent towers at 868 N Wells Street and 920 N Wells Street. The projects are part of the sprawling North Union megadevelopment, a $1.3 billion master plan that will eventually occupy 2.9 million square feet of space. Both towers are being developed by JDL, designed by Hartshorne Plunkard Architecture, and constructed by Power Construction.
