Chicago Cheat Sheet: One Central megaproject awaits state funding…& more

Also, Crow Holdings cleared to build big spec industrial project in Elgin

Chicago /
May.May 10, 2019 05:00 PM
Bob Dunn and a rendering of the transit hub

Bob Dunn and a rendering of the transit hub

Landmark still waiting on Springfield for One Central deal

State lawmakers voiced support for Landmark Development’s One Central megaproject in the South Loop, but aren’t committing to a deal to help pay for it. Landmark President Bob Dunn is asking the Legislature to approve a partnership in which his firm would build a $3.8 billion transit hub and then be paid back by the state with tax and lease revenue from the development. Dunn wants lawmakers to approve the deal this session, but legislators in Springfield said there are still questions to resolve. [Chicago Sun-Times]

Big spec industrial complex coming to Elgin

Crow Holdings Industrial plans to build a nearly 600,000-square-foot spec industrial complex in Elgin. City officials approved plans for the three-building Crow Commerce Center on 43 acres near Interstate 90 and Randall Road. One building will have 377,000 square feet while the other two will be more than 100,000 square feet each. [The Courier News]

Take 2: Northlight Theatre pitches move to Evanston again

Northlight Theatre plans to move to Evanston from its current home in the North Shore Center for the Performing Arts in Skokie. The theater said it signed a deal to buy a building at 1012-1016 Church Street and then construct a new facility with a roughly 300-seat venue. Northlight is looking to raise $20 million for the building, which would also include offices and a smaller theater. Northlight had planned to take space in Farpoint Development’s proposed high-rise in the 1700 block of Sherman Avenue, but community opposition scuttled that project. [Chicago Tribune]

Two developers back out of Schaumburg subdivision plan

Two home builders have backed out of bids to buy land from a northwest suburban school district for a new subdivision in Schaumburg. Palatine-Schaumburg High School District 211 in 2017 accepted M/I Homes’ $20.5 million bid for the land, but the developer recently backed out of the deal. The second-highest bidder, Pulte Homes, also said it no longer can commit to its $20.1 million offer. District officials now will decide whether to accept the $17.7 million bid from Nitti Development of Glendale Heights. [Daily Herald]

Crown family’s massive development near Sugar Grove not dead yet

A venture of Chicago’s billionaire Crown family could be reviving plans for a controversial massive development near Sugar Grove. Crown Community Development pulled the proposal for 760 acres at Interstate 88 and Illinois 47 earlier this year after community opposition. But officials said the developer has been in talks with other area towns about annexing the land in order to help the project go forward. Crown’s initial plans called for warehouses and other commercial buildings on the majority of the site, along with some apartments, retail and houses. The first phase would include 4 million square feet of mostly industrial space. [Daily Herald]

 

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