Tall & Urban News

In Chicago, the developer for a proposed US$20 billion mixed-use complex on the South Side says he is ready to finalize deals with the city and state.

Landmark Development’s One Central proposal calls for building up to 2.1 million square meters (22.3 million square feet) of apartments, retail, and a transit center on 13 hectares (31 acres) which would span over regional rail tracks. Chicago City Hall would need to sign off on zoning for the project, and the State of Illinois would need to clear the purchase of the existing transit center.

Most entities which would need to weigh in on the proposal have declined to comment ahead of the formal zoning application, but the authority over the regional rail system, Metra, supports the project’s transit hub, according to an article in Crain’s Chicago Business.

The $US3.8 million transit hub would be built on a platform spanning 975 meters (3,200 feet) over the tracks , and would include retail and parking. Under the proposed plan, the state would eventually buy the transit hub over time for US$6.5 billion.  A study commissioned by the developer proposes that the new transit hub would bring 160,000 net new riders into Chicago’s public transportation system per day.

For more on this story, go to Crain’s Chicago Business.