Related Midwest and JDL plan four Chicago skyscrapers, Dropbox signs largest lease in San Francisco’s history, and more… National market report
Chicago: Related and JDL plan four skyscrapers outside Chicago’s Loop
Related Midwest and JDL Development each submitted zoning plans to the city for major towers outside Chicago’s downtown Loop neighborhood, according to the Chicago Tribune. The projects further cement developer confidence in neighborhoods outside the city’s central business district.
Related Midwest is planning what would be the two tallest towers in the Fulton Market district: a 58-story residential and hotel tower and a 51-story residential tower on adjacent blocks just west of Interstate 90. Related is applying for 270 residential units, 165 hotel units and 150 parking spaces. Its other building will have 300 residential units, 220 parking spaces and ground-floor retail.
The projects are significant for Fulton Market, which mostly has low-rise former manufacturing buildings. Google moved its Midwest headquarters to the increasingly popular neighborhood in 2015 and has since been followed by Dyson and McDonald’s.
Meanwhile, Chicago-based JDL Development is planning a 76-story and a 45-story tower connected by a nine-story retail base. The project, One Chicago Square, is being developed on a former Archdiocese of Chicago parking lot north of the Loop. In total, the development will have 45,000 square feet of office space and 659 parking spaces. At 1,011 feet, the 76-story tower would be the sixth-tallest in the Windy City if approved. Altogether, JDL’s project could contain as many as 914 luxury units, according to the Tribune.
The Exchange in San Francisco
San Francisco: Dropbox inks largest lease in city’s history
The cloud storage giant Dropbox inked the largest lease in San Francisco’s history in October, signing a deal for the entirety of a 736,000-square-foot office complex in Mission Bay, according to the San Francisco Chronicle.
The complex, dubbed the Exchange, is being developed by Kilroy Realty Co上海夜网