Posted Feb 21, 2019, 6:04 PM
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1st Ward
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Join Date: Sep 2006
Location: The Big Onion
Posts: 2,571
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I think this thread might be the right spot for this article. Apologies if its already been posted!
Massive Near South Side neighborhood plan about to be unveiled
Multibillion-dollar plans will call for covering the Metra Electric rail tracks west of Soldier Field and building a huge mix of residential, office and retail space.
Source: https://www.chicagobusiness.com/greg...ut-be-unveiled
Quote:
Even as city officials weigh other proposed mega-development deals in and near downtown, a Wisconsin developer who played a key role in building Ford Field in Detroit and rebuilding Lambeau Field in Green Bay is pitching another: A multibillion-dollar plan to deck over Metra Electric rail tracks west of Soldier Field to build a mix of residential, office and retail space.
Several sources close to the matter say a partnership headed by Wisconsin executive Bob Dunn has briefed City Hall and other officials on plans, set to be officially unveiled next month, to build over 34 acres of Metra Electric tracks and storage facilities just west of South Lake Shore Drive, from McFetridge Drive south to roughly 20th Street.
Air rights to build over the tracks were acquired more than 20 years ago by developer Gerald Fogelson, who built the huge Central Station residential complex just to the north, south and east of Roosevelt Road and Michigan Avenue. Fogelson had hoped to develop the adjacent air-rights property himself as a sort of Central Station 2.0, and as late as 2015 was looking for a partner, describing then a $3 billion long-term plan with 3,000 apartments and 500 hotel rooms.
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The local alderman, Pat Dowell, 3rd, said she plans to present the proposal at a public meeting on March 13, adding that, while she wants to hear what local residents have to say before proceeding, the plans are “very impressive” and Dunn is “among the best developers I’ve worked with.”
Dowell also confirmed that, unlike other pending megaprojects including the Lincoln Yards plan along the North Branch of the Chicago River and the 78 at Roosevelt and Clark Street, Landmark is not seeking a city tax-increment financing subsidy.
That means, with the decking itself very expensive, the project is likely to be quite large, though the total size and the breakdown among retail, residential and commercial space is not yet known, and likely not final.
One business source familiar with the latest proposal says it offers the possibility of better connecting McCormick Place, at the south end of the Landmark property to downtown Chicago.
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Developers also are talking about some sort rail link from this property to downtown, a link that could extend to McCormick Place or farther south. It’s not clear whether that involves reconstructing Metra’s dilapidated 18th Street station and getting the commuter rail agency to add more frequent service, or constructing a new line in available Metra right-of-way. Some sort of bus connection also may be in the works, turning the 18th Street station into a transit center for the mid-South Side lakefront.
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Fogelson and Dunn also may strike a deal with a deep-pocketed third firm to finance the Chicago project, which could take well over a decade to complete.
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