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JDL Targets Residential for Moody Bible Parcel
JDL Development is under contract to acquire eight acres from the Moody Bible Institute roughly between Wells, Chestnut and Oak streets and the CTA’s Brown Line, the Chicago Sun-Times reported. The evangelical Christian school put the acreage on the Near North Side up for sale in July 2019.
Chief executive James Letchinger said his vision for the site calls primarily for rental housing. “We have the opportunity to build a community,” he told the Sun-Times.
Letchinger said he’s in early discussions with the city on what needs to be in his eventual proposal for a planned development, which he’s calling North Union.
He said he’s several weeks away from showing plans to community groups and, assuming the sale closes and rezoning is approved, at least a year from starting any construction.
Nearby, JDL is building the two-tower One Chicago, with the first tower due for late 2021.
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- ◦Development
- ◦Sale/Acquisition
