In 2011, developer Jim Letchinger broke ground on a 250-unit apartment in Old Town, perfect timing to capture the upswing in the rental market. When he sold for $157 million in 2013, he made a handsome profit. That sales marked the beginning of a big growth period in his career, as Crain's revealed in a new profile showing how Letchinger recovered from the recession to build an impressive real estate portfolio.
The president of JDL Development, Letchinger, who grew up in the Gold Coast, is the proud builder of over 1000 Chicago apartments. The profile, in addition to telling Letchinger's story, positions him as a bit of symbol of the market's growth over the last few years.
His biggest current project is a 469-unit South Loop tower, and the most expensive will be in the Gold Coast, with 66 units that are looking to fetch $1250 per square foot. Named No. 9 Walton, it will be the future home of the developer himself (after he moves our from the 38th floor of the Waldorf Astoria across the street). Buyers have reportedly taken 24 of the units thus far, which range from $1.85 million for a two-bedroom to a cool $24 million for the penthouse.
· Nearly flattened by the recession, this developer now is one of Chicago's busiest builders [Crain's]
· All No. 9 Walton coverage [Curbed Chicago]
· All Letchinger coverage [Curbed Chicago]