The developer of the One Central megaproject has proposed realigning its nine eventual high-rises planned near Soldier Field while adding green space and improving connections to the Central Station neighborhood on the west.
The design revisions were revealed Monday night at a community meeting hosted by city planning officials and Ald. Pat Dowell (3rd). Landmark Development, proponent of the $20 billion plan to build over the commuter rail tracks alongside Lake Shore Drive, said the changes add benefits for the surrounding community.
However, the new plan still raises old questions about the massive project’s scale and financial feasibility. It also would take decades to be realized. One Central is predicated on a first stage that includes mid-rise residential buildings, a transit hub and a retail and entertainment complex.
Some towers planned for later stages could be from 60 to 89 stories, based on Landmark’s new proposal.
Dowell declined to pass judgment on the plan, saying she wanted to evaluate comments from constituents. One Central is within her ward and her backing is crucial for a zoning change the developer needs.
“There are many concerns people have raised relating to density, open space, transportation and other issues. I want to see them all addressed,” she said.
During the community meeting, Dowell assured residents that the project is early in its city review stages and can be substantially changed. “This project is not a done deal,” she said, adding, “There are no back door shenanigans going on.”
About 500 people registered to view the virtual meeting via Zoom.
Plans call for the 31 acres to get 9,050 residential units, a hotel and some office space. Although Chicago is looking to accommodate a gambling license, with one possibility being Lakeside Center at McCormick Place, Dowell said a casino has not been discussed for One Central.
The project would run over the tracks from about 14th Street south to McCormick Place.
Landmark President Bob Dunn calls the transit connection part of a “civic build” that his investors will back with $5 billion over 20 years, taking the risks. The state has agreed to eventual ownership of the public and transit space, paying $6.5 billion over 20 years from Build Illinois capital development funds.
A public-private deal authorizing the financing is part of a state law enacted in 2019.
Dunn told the meeting that the project is uniquely placed to offer transit benefits, improved access to the Museum Campus and economic investments that will extend to the South Side.
His new version moves the taller buildings to the eastern edge of the site, putting them further from existing towers on the Near South Side. It also calls for preserving private green space known as Mark Twain Park at 15th Place. The prior plan called for building on the park land.
He noted that he’s not asking for any city subsidies, such as from tax-increment financing, which is based on property taxes. The state agreed to back Dunn’s “civic build” element in expectation of future sales tax revenue.
A consultant’s report prepared for the Chicagoland Chamber of Commerce in 2019 said One Central could support 70,000 permanent jobs and generate $120 billion in state and local tax revenue over 40 years of operation.
The transit hub would connect Amtrak, Metra and the CTA. Dunn has proposed what he calls CHI-Line, a route for trams or buses that would provide direct service from McCormick Place and One Central to Navy Pier. It would use a dedicated busway that runs from McCormick Place to Randolph Street.
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