Bob Dunn Revives One Central Megaproject

Developer Bob Dunn’s long-dormant One Central megaproject is back in play, hitching a ride on the Chicago Bears stadium saga.

Legislation moving through Springfield would create a powerful new economic development incentive tailored for large Chicago projects, potentially unlocking up to $1.6 billion in bond financing for infrastructure tied to developments like Dunn’s South Loop proposal. Crain’s reported that the bills, introduced by state Sen. Bill Cunningham, would allow Chicago to establish a special tax district designed to help jump-start megaprojects.

Cunningham told the outlet that Dunn’s Landmark Development is seeking to finance roughly $600 million of One Central’s initial phase through the new mechanism.

The proposal comes as the Bears push to leave Soldier Field for Arlington Heights, with Chicago lawmakers exploring ways to secure concessions or economic wins if the team departs. One Central — pitched as a massive mixed-use district just west of Soldier Field — is emerging as a potential piece of that political chessboard.

Dunn first unveiled the $20 billion megaproject in 2019, envisioning a 34-acre development built atop Metra rail tracks between the Loop and the Museum Campus. The original plan hinged on a $6.5 billion state subsidy to fund a massive transit hub connecting the South Side to downtown.

State leaders balked at the plan, and even after Dunn scaled back the request to just under $2.8 billion, Gov. JB Pritzker rejected the proposal following a state-commissioned feasibility study.

Now the developer is trying again with a slimmer plan and a different funding structure.

The legislation would expand Illinois’ Sales Tax and Revenue, or STAR, bond program by creating a new tier dubbed “New Opportunities for Vacation & Adventure,” or NOVA, urban districts, the outlet reported. While traditional STAR districts cap projects at $75 million or 50 percent of project costs, the NOVA version could generate up to $1.6 billion in bonds backed by incremental tax revenue.

The funding would come from growth in state and local sales taxes, Chicago’s hotel tax and a new surcharge on entertainment and amusement tickets within the district, according to the publication.

Springfield insiders told the outlet that the framework was crafted largely with One Central in mind, though it could also be used for other major developments.

The revamped project itself has evolved since its original unveiling. Dunn abandoned plans to build a deck over Metra tracks and scrapped the massive transit hub that had drawn skepticism from state officials. Instead, the new concept would shift the rail lines west within the site, allowing buildings to rise directly on land rather than above active tracks.

Infrastructure improvements tied to the project could include opening the busway connecting Randolph Street to McCormick Place to the public and adding stops near the Museum Campus, according to the publication. The proposed site spans Chicago’s 3rd and 4th wards, where local officials say they are waiting for a formal plan.

Still, support is beginning to surface. Alderman Lamont Robinson said the South Side “needs a jolt of economic development,” adding the revised plan appears to address some earlier community concerns.

— Eric Weilbacher