The Chicago Tribune reports that the Chicagoland Chamber of Commerce is on board with plans to develop a new transit center and future development that could create $120 billion worth of jobs and commerce. The One Central project would be built over train tracks near Soldier Field. “We’re involved because we need to be bold and innovative and use our money wisely,” said CEO Jack Lavin. “By doing the economic impact study, we’re showing that the potential returns are really spectacular. This project can be transformative for the city, region and state.”
His group’s support comes about a month after the One Central plan was unveiled by Landmark Development. The firm, led by Wisconsin-based Bob Dunn, in March showed conceptual renderings of a row of dramatic skyscrapers along Lake Shore Drive.
One Central would create a massive transit center that would bring together CTA, Metra and Amtrak trains, as well as bus station and a bus or tram route on an existing access road along train tracks between the McCormick Place convention center and the Loop.
One Central will need all the help it can get as it tries to coordinate plans with transit agency leaders, handle the concerns expressed by neighbors and alderman and deal with a new mayor. Landmark will need all of them on board before it can break ground.
It’s unclear how the developer plans to finance the complex project, and whether it might include state or federal funds. Landmark has previously said it does not intend to seek tax-increment financing from the city.Read More