A joint venture of JDL Development and Harlem Irving Cos. is salivating over a smallish development site at Wells and Scott in Old Town, which happens to be across the street from JDL's 1225 Old Town apartment project. Per the plan, the surface lot would accommodate 71 rental units in a five-story building. Speaking with Crain's, JDL President James Letchinger makes it clear he isn't concerned with overbuilding the area: "Not everyone wants to live in a 400-unit building." And it's probably true that Old Town is one neighborhood with unmet rental demand, owing to a scarcity of prime development sites and greater interest in downtown (although Fifield has a whopper planned for Clark and Division).
Like 1225 Old Town this project will gun for the highest rents possible— something in the realm of $3 a square foot. And with 62 of the units as studios and one-beds, young professionals are clearly the target demographic. The venture still needs to lock down the land and win approvals, but closing is scheduled for December and they hope to have construction off and running by April. Barnstorming JDL is already knee deep in Lakeview's Halsted and Bradley development and is making fresh moves on the old Maryville Academy site.
·Developers Plan 71 Apartments in Old Town [Crain's]