Even
more info! Crain's is reporting that Ishbia is also planning to buy out the BNSF 20-acre site and is requestion a $1.8 billion federal loan for future development. At the same time, Congress is considering property tax relief and
exemption from local zoning rules for redevelopments of Amtrak properties. This might become Chicago's largest megadevelopment in history. I think this needs to be its own thread
Quote:
While a stadium situated on the southern portion of the site running along the river, with home plate facing the Loop, is still being considered, the initial plans are focused on the medical facility-anchored campus closer to Roosevelt Road. Ishbia is also in advanced talks to purchase a roughly 20-acre rail yard owned by railroad operator BNSF adjacent to Amtrak’s 14th Street yard, giving him greater control to reshape the industrial tract while preserving active tracks into Union Station. Metra has a maintenance facility at the BNSF yard and is planning its own move, according to sources familiar with the project.
....
The windfall of federal funding is being delivered as Congress considers a significant change to major redevelopment projects at Amtrak properties that could exempt Ishbia’s development from property taxes, local zoning rules and environmental reviews.
An amendment tacked on to the federal transportation reauthorization act, dubbed Build America 250, would streamline redevelopment of Amtrak properties, but could have a major impact on state and local finances and control over how they are built. The legislation would make any property Amtrak owns, or jointly owns through a public-private partnership, exempt from property taxes and sales taxes on construction materials if they are eligible for the RRIF program.
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https://www.chicagobusiness.com/real-est...14&share-code=RSXFGSVDONBBLMWZF7I6IV2CEU
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