One Central developer touts benefits of proposed transit hub

The team behind the $20 billion One Central project to cap the train tracks west of Soldier Field with multiple mixed-use skyscrapers is hoping to win support for the massive project by touting the wide-reaching benefits of its $3.8 billion transit hub.

The mass transit aspect of the plan aims to bring together multiple rail lines and a new busway connecting the Museum Campus to the sunken right of way between Millennium Park and McCormick Place. The hub has the potential to "dramatically increase mobility and transit access across the Chicagoland region" according to a transportation feasibility study from engineering consulting firm WSP. Here are three takeaways lifted from the recently released findings:

• One Central, which would be the only four-system transit hub in the region connecting Metra, CTA, Amtrak, and a new CHI-Line local circulator system, will become the largest station in Chicago by daily boardings, with roughly 100,000 boardings each day at the new hub.
• The transit hub would also provide 100,000 South Side residents access to a job within a 35-minute commute–less than half the travel time today–as a result of the new links created between Metra, CTA, bus services, and the new CHI-Line central-area circulator system.
• The impact of the transit hub ripples across the area, creating over 180,000 new boardings throughout the region, in addition to the 100,000 boardings at One Central, helping to achieve regional planning goals for increased transit ridership.

"One Central will play a major role in the future of public transit and growth for the city of Chicago and the surrounding region," said Bob Dunn, CEO of  Landmark Development, in a statement. "It will not only allow more visitors to access the world-class collection of civic and cultural assets along Chicago’s lakefront, but its impact will also extend far beyond the immediate area, opening the South Side to new mobility options and job opportunities."

Landmark also revealed the notable detail that it secured financing for the massive South Loop complex and lined up partners (pending city approvals). Equity partners include Loop Captial, Ullico, and Johnson Controls and funding would also come from Cabrera Capital and a division of Citibank, Crain's reported.

One Central made its public debut in early 2019, and the proposal still needs zoning and other approvals from state and local officials. Although it's still unclear as to when the team intends to finalize its plans, the latest transit study and financing announcements are signs that Landmark and its partners are moving the proverbial ball forward.