Thursday, December 26, 2019

Massive One Central Development Gets Last Minute Extension for Potential Federal Loan

We've received a variety of emails from readers about an article in Crain's Chicago Business about the massive, high-profile One Central project - which has proposed to build a huge development over the train tracks west of LSD and Soldier Field:
With an assist from former White House chief of staff Reince Priebus, a proposal for a $20 billion mixed-use complex and transit center west of Soldier Field has regained some momentum after dropping out of the headlines for many months.
Developer Bob Dunn’s proposed One Central project scored one crucial victory last week when a provision giving it extra time to apply for a federal loan was tucked into a must-pass bill funding operations of the federal government. The window on applying had been scheduled to close on Dec. 31, but now has been extended until Sept. 30.

The blurb above pretty much sums up the main news in the story, which was important because the December 31st deadline was a huge factor in securing federal funds to help offset the astronomical $20 billion cost being floated on the project.

The story goes on to say they still have a long way to go to convince a variety of stakeholders in Chicago that this project is worth it.  Two of those people haven't been super warm to the idea judging by the end of the article:
Both Dowell and Lightfoot, who had castigated the company’s Springfield activity, have had some contact with Landmark since its general plans first were disclosed in May. But both still are waiting for more.
“Every once in awhile, they’ll come by and try to show me information,” Dowell said, but “they haven’t come to a community meeting for months.”
Lightfoot aides note that developers of other megaprojects, such as Lincoln Yards, took years to finalize their plans and included high-level contact with CTA and Metra from the beginning. They also say Landmark has yet to make a convincing case that a huge multi-modal transit center is needed near Soldier Field.

We give this one less than a 10% chance of actually coming to fruition.  It has a long way to go and seemingly has another big challenge looming - a recession?

(Hat tip:  PA, RS!) 

No comments: