NEW PROPOSAL FROM LANDMARK DEVELOPMENT COMPANY COULD CREATE NEW TRANSIT HUB
5/15/2019, noon | Updated on 5/15/2019, noon
New Proposal From Landmark Development Company Could Create New Transit Hub
BY KATHERINE NEWMAN
The Landmark Development Company recently released a development proposal for ONE Central which, if approved, would create an integrated and central transit hub near the lakefront, a completely new transit system specific to lakefront destinations, thousands of new parking stalls, new green space, and space for commercial development on a part of Lake Shore Drive that is currently considered un-developable.
According to its website, Landmark Development Company is a full-service real estate firm that specializes in destination developments. As the lead developer of ONE Central, Landmark is utilizing a team of professionals that have designed, built, financed and operated similar successful projects across the world.
This project consists of two elements, one being the civic infrastructure investment and the second being commercial development.
The Landmark Development Company is calling part one of the ONE Central proposal the Civic Build which is described as an infrastructure investment that is centered around connecting transit on the lakefront.
“The Civic Build is a major infrastructure investment that includes building a major transit hub that will connect the Metra train with the CTA Orange Line train and potentially the Amtrak train. We are also creating a commuter line that we call the CHI-Line and that would run from our transit hub to the museums, the stadium, the lakefront, McCormick Place, the park, Navy Pier, and to Michigan Avenue,” said Robert Dunn, president of Landmark Development Company.
The Civic Build also includes 6,000 parking stalls, new green space, public gathering and event venues, and retail, dining, and entertainment amenities which will all come out to being an estimated $3.8 billion investment by way of the Landmark Development Company.
Once the Civic Build is complete the area becomes developable and that will make way for part two of the project which is major commercial development.
“Once that Civic Build is complete, it makes the site, which is currently not a developable site because of all the rail yard operations that exist there, it makes the site developable. That means that it will be able to support a considerable amount of dense urban development that would include office residential, hotel, health and wellness, education, hospitality, and of course, retail dining, entertainment,” said Dunn.
Landmark has estimated that there could be over 18 million square feet of vertical development around the Civic Build.
One of the most interesting points of this proposed massive development is that it will be privately funded and after completion, the State of Illinois will be able to buy the Civic Build from the Landmark Development Company.
“The tool that we’ve proposed with the State is basically an economic development tool that gives the state the ability to enter into a contract with us to privately finance and build the Civic Build with private capital up front and then over a period of time, the State will make us a series of equity payments and we are estimating after about 20 years, the State will be able to take full ownership of the Civic Build asset,” said Dunn.