Tall & Urban News

Illinois Governor JB Pritzker has dismissed the revised proposal for the US$20 billion One Central megadevelopment, citing a newly released feasibility study that found the risks outweigh the benefits. Originally pitched in 2019 by Landmark Development, the project would span 34 acres over Metra tracks near Soldier Field to improve South Side transit access.

Facing opposition over a proposed US$6.5 billion state subsidy for a transit hub, the plans were revised last year, cutting the ask to US$2.75 billion and trimming the build-out from 22.9 to 18 million square feet (2.1 to 1.7 million square meters), while also removing a Red Line extension. Despite these changes, the KPMG-led study — commissioned by the state — raised concerns over long-term state costs, including annual payments peaking at US$341 million and unspecified future maintenance burdens.

While the report acknowledged One Central’s potential economic benefits — projecting billions in new tax revenue and over 58,000 jobs — Pritzker’s office said the financial risks to taxpayers remain too great. The project has yet to enter Chicago’s zoning process, and its momentum slowed further during the pandemic. Still, the report left the door open for future talks, calling Dunn’s proposal a potential “starting point.”

Landmark Development said it will review the analysis with partners and stakeholders before commenting further, while emphasizing the project’s long-term promise as a transit-oriented economic engine.

Learn more at Crains Chicago.