Landmark Development is seeking to jumpstart its One Central mega-development by asking the state to help finance the transportation hub portion of the project.
Wisconsin-based Landmark has proposed a massive, mixed-use development to be built on a platform above train tracks in the South Loop, just west of Soldier Field. The centerpiece of the project is a transportation hub linking CTA, Amtrak and Metra lines.
Under a plan floated by Landmark President Bob Dunn, the developers would front the $3.8 billion cost of the transit center, according to the Chicago Tribune. It would be paid back with new tax revenue and lease income generated by the site, which would be turned over to the state after 20 years.
The plan would need the backing of Gov. J.B. Pritzker and the Illinois General Assembly. Dunn already has spoken with the governor’s office, and the Legislature will hold a hearing on the proposal next week.
Landmark hopes to begin work next year on the transit center, which could take three years to build. The firm, led by Dunn and Chicago developer Gerald Fogelson, in March unveiled plans for One Central, which would include millions of square feet in office, residential and retail uses.
The project has yet to go through the city approval process. Even though few specifics of the plan have been released so far, Ald. Pat Dowell (3rd) said she wants to see “numerous changes” to it before she gives it her blessing. [Chicago Tribune] — Joe Ward