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TR Devlin Oct 20, 2021 2:21 PM

Quote:

Originally Posted by CaptainJilliams (Post 9428648)
Developer Reveals Updated First Phase Plans For One Central Project

http://chicagoyimby.com/2021/10/deve...l-project.html
[/IMG]

IMO, this article is extremely misleading.

As I understand the financing, it involves three parties: Landmark Development, a third party lender, and the city of Chicago.

Landmark borrows $3.8 billion form the lender and uses the money to pay for a "multi-story transit hub which will connect CTA, Metra, and Amtrak trains together and blah, blah blah", and "a new 400,000-square-foot Experiential District meant to serve as an extension of McCormick Place, and feature a digital media center and more blah, blah, blah". This is the "Civic Build" phase of the project.

Then, at some point in the future, "Both of these parts would eventually be taken over by the city as part of the financial deal formed between the two." The details of this "financial deal" are not disclosed but I assume this is when the city is obligated to pay Landmark $6.5 billion. Landmark, in turn, uses the $6.5 billion to repay the $3.8 billion loan plus $2.7 billion of interest.

So at the end of the day, the City has paid the entire cost of the Civic Build phase and Landmark hasn't put up a penny of its own money, even tho Landmark is the primary beneficiary.

I don't know all the details of this but I think it's fair to say that Landmark is raping the City. And YIMBY likes it because it's got some cool renderings.

jpIllInoIs Oct 20, 2021 3:29 PM

This is such Monorail thumping bullshit, I cant believe anyone has given it a second thought. The only potential this could possibly have is as a Casino. And I am an advocate of reusing the Lakeside Center for a city casino. And any amount of City investment is an absolute NoGo for me. Since the LS center could be converted for much cheaper and would not require one dime of city money- in fact the LS center could be generating revenue within 6 months of its selection as the city casino.

Furthermore the inclusion of a high volume transit center is more baffling since Metra has no interest in diverting trains there, Amtrak has no interest in same. The CTA could produce a local citizen benefit with an extension but once again their resources for new builds is much better spent on a new Halsted or Ashland subway not supporting the bottom line of a single developer on what amounts to a casino project. :hell::hell::hell:

ORD2010 Oct 20, 2021 6:53 PM

remove comment

ardecila Oct 20, 2021 11:44 PM

I think the state is on the hook to repay Landmark, not the City of Chicago.

Also it's far from clear what, exactly, would be included. The transit center is a single structure, so that's simple enough. But the L extension would snake out of the site and across the south Loop. Then there's a tram or busway of some kind that goes up to Navy Pier? Is that included in the pricetag? I guess most of it exists already as the McCormick Busway, but how do you get from Aon Center's basement to Navy Pier?

MayorOfChicago Oct 21, 2021 2:34 PM

Always frustrated me they couldn't have made the Gray Line a thing, which would run through this, and then when it gets up to Millennium Station to have it cut under Washington for a block and tie into the unused "superstation" at Block 37 that connects the red and blue lines. Allow access to the red and blue and gray line and then when they reconstruct State/Lake make a connection directly down to the Lake station below, tie in all the lines of the CTA to one paid transfer area. A lot of work but a huge payoff.

Briguy Oct 21, 2021 10:58 PM

Quote:

Originally Posted by MayorOfChicago (Post 9430001)
Always frustrated me they couldn't have made the Gray Line a thing, which would run through this, and then when it gets up to Millennium Station to have it cut under Washington for a block and tie into the unused "superstation" at Block 37 that connects the red and blue lines. Allow access to the red and blue and gray line and then when they reconstruct State/Lake make a connection directly down to the Lake station below, tie in all the lines of the CTA to one paid transfer area. A lot of work but a huge payoff.

Better yet go under Washington all the way to halsted and then north up to the red line at clyborne

Randomguy34 Oct 21, 2021 11:22 PM

Quote:

Originally Posted by ardecila (Post 9429577)
I think the state is on the hook to repay Landmark, not the City of Chicago.

For the L extension, the Sun-Times is saying the CTA is on the hook. Not sure if this means the CTA is obligated to pursue the extension if the transit center gets built, or that the state won't cover the costs if the CTA decides to pursue the extension. If it's the former, then that's going to actively screw over other rehabilitation and expansion plans vying for funding.

Article: https://chicago.suntimes.com/2021/10...trak-editorial

ardecila Oct 22, 2021 12:33 AM

Quote:

Originally Posted by Randomguy34 (Post 9430710)
For the L extension, the Sun-Times is saying the CTA is on the hook. Not sure if this means the CTA is obligated to pursue the extension if the transit center gets built, or that the state won't cover the costs if the CTA decides to pursue the extension. If it's the former, then that's going to actively screw over other rehabilitation and expansion plans vying for funding.

Article: https://chicago.suntimes.com/2021/10...trak-editorial

Hmm... I'm not sure that's accurate.

Here is the state bill that authorized the public-private partnership:
https://www.ilga.gov/legislation/ilc...SeqEnd=7800000

Quote:

All payments required under [this Act] shall be direct, limited obligations of the State of Illinois payable solely from and secured by an irrevocable, first priority pledge of and lien on moneys on deposit in the Civic and Transit Infrastructure Fund. The State of Illinois hereby pledges the applicable sales tax revenues consistent with the State Finance Act and this Act for the time period provided in the public-private agreement between the private entity and the Authority, on behalf of the State. Moneys in the Civic and Transit Infrastructure Fund shall be utilized by the public agency on behalf of the State to pay the private entity for the development, financing, construction, operation and management of the civic and transit infrastructure project consistent with this Act and the public-private agreement.
Nowhere does it refer to the CTA specifically or using CTA funds or grants, except to note that the project may be integrated into CTA's network. The "public agency" referred to in the text is the state's Office of Management & Budget, putting this squarely under the control of the governor. It only affects the CTA in the sense that most of CTA's capital budget comes from the state, and funds going to reimburse Landmark Development are funds that aren't available for other CTA needs.

Randomguy34 Oct 27, 2021 8:30 PM

One Central released their first promo video, they brought several business groups and community orgs to help pitch their plan


Link: https://www.onecentralchicago.com/

VKChaz Oct 27, 2021 9:37 PM

Quote:

Originally Posted by Randomguy34 (Post 9435752)
One Central released their first promo video, they brought several business groups and community orgs to help pitch their plan


Link: https://www.onecentralchicago.com/

Should see more about how this thing appears from the sides and is accessed. With a platform sitting over the tracks, I picture what is effectively an extension of McCormick Place, topped with towers. So most is elevated up off the street. Is that accurate? A few of the obvious design questions for me: Without streets cutting through, is it only accessed via cu-de-sac entrances which then require visitors to go up a level? IIANM, much of the area to the west is pretty well developed so there doesn't appear to be much room to work with from that side. Is the plan to have a street run alongside (use the busway)? Does the plaform wall abut the existing area or is it lined with structures? Would certainly prefer to have to the west side appear closer to a normal streetscape. On the east side, just the notion of extending the McCormick Place wall is unappealing, if that is the plan (edit: the video portrays street level activity and a great deal alongside LSD west of the stadium. But is that a real plan? The tracks have to be somewhere in there unless the idea is to bury them). Where is parking tucked in?
I can see how this kind of location works for residential where people may like to feel removed and private. I don't know about the skymall though

CaptainJilliams Oct 27, 2021 9:53 PM

Nothing really new from the video, just the same renderings and talking points that have been repeated to death already. The reuse of the stock video was ironic and lazy, to say the least. Certainly doesn't give me any confidence that this project will ever see reality, not that I would want it to anyway.

Kngkyle Oct 27, 2021 10:10 PM

If this project didn't require a $6.5 billion handout by the state I'd be all in favor of it too.

ardecila Oct 27, 2021 10:18 PM

Quote:

Originally Posted by VKChaz (Post 9435830)
Should see more about how this thing appears from the sides and is accessed. With a platform sitting over the tracks, I picture what is effectively an extension of McCormick Place, topped with towers. So most is elevated up off the street. A few of the obvious design questions for me: Without streets cutting through, is it only accessed via cu-de-sac entrances which then require visitors to go up a level? IIANM, much of the area to the west is pretty well developed so there doesn't appear to be much room to work with from that side. Is the plan to have a street run alongside (use the busway)? Does the plaform wall abut the existing area or is it lined with structures? Would certainly prefer to have to the west side appear closer to a normal streetscape. On the east side, just the notion of extending the McCormick Place wall is unappealing, if that is the plan. Where is parking tucked in?
I can see how this kind of location works for residential where people may like to feel removed and private. I don't know about the skymall though

It looks like vehicle access is from Lake Shore Drive only. There is a 2-way "Inner Drive" that runs between the McFetridge and 18th St exits, although it is under structure rather than being open to the sky like other parts of the Inner Drive.

Since delivery trucks can't go on LSD, there's also a service road that is an extension of Mines Drive that runs under McCormick Place. Assuming this would be used for moving trucks and retail deliveries.

https://chicagoyimby.com/wp-content/...evelopment.jpg


Pedestrian access is a little murkier but it looks like the main access point is a wide path from the south gate of Soldier Field over LSD, through the entertainment area, then gradually sloping back down to grade through Mark Twain Park at Indiana. Presumably the park would be regraded, kinda like the park in Lakeshore East at Alta/Cirrus. There would also be some kind of access near the current pedestrian bridge at 18th, but this would probably be more of a secondary entrance.

https://chicagoyimby.com/wp-content/...evelopment.jpg

VKChaz Oct 27, 2021 11:03 PM

Quote:

Originally Posted by ardecila (Post 9435879)
It looks like vehicle access is from Lake Shore Drive only. There is a 2-way "Inner Drive" that runs between the McFetridge and 18th St exits, although it is under structure rather than being open to the sky like other parts of the Inner Drive.

Since delivery trucks can't go on LSD, there's also a service road that is an extension of Mines Drive that runs under McCormick Place. Assuming this would be used for moving trucks and retail deliveries.

https://chicagoyimby.com/wp-content/...evelopment.jpg


Pedestrian access is a little murkier but it looks like the main access point is a wide path from the south gate of Soldier Field over LSD, through the entertainment area, then gradually sloping back down to grade through Mark Twain Park at Indiana. Presumably the park would be regraded, kinda like the park in Lakeshore East at Alta/Cirrus. There would also be some kind of access near the current pedestrian bridge at 18th, but this would probably be more of a secondary entrance.

https://chicagoyimby.com/wp-content/...evelopment.jpg

I haven't followed this project. That helps. The view from LSD looks interesting, but I will take with a grain of salt anything prepared for marketing as that is never how the final product appears. But I would question the ease and convenience of access if the audience is casual entertainment visitors (other than football pedestrians) and not only resident or office tenants who know exactly how to get in and out.

Halsted & Villagio Oct 28, 2021 3:50 AM

Quote:

Originally Posted by Randomguy34 (Post 9435752)
One Central released their first promo video, they brought several business groups and community orgs to help pitch their plan


Link: https://www.onecentralchicago.com/

The fact that Jim Reynolds appears to be involved may be a good sign. He is one of the wealthiest African American men in America — one of the most wealthy, period — irrespective of race. Having guys like Jim involved could mean that the project has legs — or it could just mean that there is a shit ton of money to be made which will bring out big sharks like Jim.

Its easy and a little too simplistic to say, “he is obviously involved for the shit ton of money,” because this is, generally, a very private guy — not the one ‘out front’ on projects — and this is a guy that gets “get rich quick” proposals pretty much weekly… if not daily… and typically turns them all down. The fact that he has stepped out into the public eye so openly behind this project causes me to think there must be something of real substance going on here.

Could be something; could be nothing —- definitely something that bears watching….

twister244 Oct 28, 2021 9:08 AM

Quote:

Originally Posted by Halsted & Villagio (Post 9436107)
The fact that Jim Reynolds appears to be involved may be a good sign. He is one of the wealthiest African American men in America — one of the most wealthy, period — irrespective of race. Having guys like Jim involved could mean that the project has legs — or it could just mean that there is a shit ton of money to be made which will bring out big sharks like Jim.

Its easy and a little too simplistic to say, “he is obviously involved for the shit ton of money,” because this is, generally, a very private guy — not the one ‘out front’ on projects — and this is a guy that gets “get rich quick” proposals pretty much weekly… if not daily… and typically turns them all down. The fact that he has stepped out into the public eye so openly behind this project causes me to think there must be something of real substance going on here.

Could be something; could be nothing —- definitely something that bears watching….

That or they just approached him and said - "Hey, we will give you this money if you say good shit about this project.".

Busy Bee Oct 28, 2021 1:48 PM

Me thinks Halsted & Villagio IS Jim Reynolds...

BVictor1 Oct 28, 2021 6:30 PM

https://www.chicagobusiness.com/greg...ed-springfield

GREG HINZ ON POLITICS

Secret grab for $6.5B to fund One Central project gets zapped in Springfield

The sneak play to speed cash to the proposed mega-development near Soldier Field might have passed unnoticed in broader legislation today if the lawmaker representing the neighborhood hadn't caught wind of it. But he did.

Crains-Chicago-Business-reporter-Greg-Hinz.jpg
GREG HINZ
On Politics

A secret bid to speed $6.5 billion in state funding for the proposed One Central complex across from Soldier Field appears to have been blocked at the last second—but only after the local state representative started screaming his head off.

The clause was part of a proposed amendment to an unrelated Senate bill. It would take the power to approve the $6.5 billion in state funding away from the governor and instead give it to an obscure agency, the Illinois Finance Authority, which has a close relationship with real estate developers.

Introduced without announcement by Senate Majority Leader Kim Lightford, D-Maywood, early this morning, the measure quite possibly would have sailed through unnoticed.

Instead, it was very much noticed by Rep. Kam Buckner D-Chicago, who represents the south lakefront site on which developer Bob Dunn’s huge transit/retail/shopping/residential complex would go.

Steely Dan Oct 28, 2021 6:42 PM

^ way to go Rep. Buckner!

thanks for paying attention to the details.

galleyfox Oct 28, 2021 7:16 PM

Quote:

Originally Posted by Steely Dan (Post 9436690)
^ way to go Rep. Buckner!

thanks for paying attention to the details.

Who are the people in Springfield so desperate for this to happen?

I could understand Lincoln Yards and the 78. Sterling Bay and Related Midwest are large powerful developers on land that should have been developed decades ago.

I could even understand the logic and desire for the South Suburban Airport by area politicians.

But why all this subterfuge on behalf of a Wisconsin developer with air rights from Gerald Fogelson with unknown financing?


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