ONE CENTRAL is Chicago’s most important and valuable urban development site for the next generation and one of the most unique land parcels in America.
Chicago has its share of problems. Crime is at the top of the list, and pension funds are a quiet second because it is the most significant debt to realize. The elephant in the room and politics behind the scenes is looking for new revenue to retire the debt, including a city casino.
Meet Bob Dunn and One Central
There is a city project that is a cure for Chicago’s ills. ONE CENTRAL is a project introduced by developer Bob Dunn. He is not the average developer. He likes big projects, mostly football stadiums and hotels. He knows how to generate income. Bob is a big thinker, an idea man with solutions. Crain’s Chicago Business writes (May 31, 2019) that around 2009, Dunn, who then headed the sports division of Hammes, a Milwaukee developer, started logging a lot of miles to Allentown (population 120,000), which was in a state of decline. Over the next several years, Hammes collected more than $15 million in fees managing a massive redevelopment of the city’s downtown, including the PPL Center, a 10,000-seat hockey arena.”
Bob likes football stadiums and has been a builder for the Green Bay Packers, New York Giants, Minnesota Vikings, and Detroit Lions. He is just what we need right now in Chicago, as the Chicago Bears are contemplating leaving. If so, what happens with Soldiers Field? Dunn comes with new thinking, telling Crain’s, “ Stadiums are no longer 60,000-seat venues that operate ten days a year,” and “All of these projects are now focused on major economic development.”
The City Plan…
The City plan was developed in 1909 by Daniel Burnham and Edward Bennett and provided Chicago with a blueprint for a series of projects, including the widening of streets, parks, railroads, harbor facilities, and civic buildings. The plan held the lakefront in high regard and said it should be for all of Chicago to enjoy.
Bob Dunn is not a city native but has a vision for One Central that will redevelop the Southside of Chicago and be a financial gain for all of Chicago for years to come. One Central is a public-private partnership and advocates equity and $151 billion in new tax revenues. Dunn has found a plot of underutilized land. The 35-acre site is the original location of the historic Illinois Central Station passenger rail terminal – the largest train station in the world for decades- that played a crucial role in Chicago’s history.
New Tax Revenue
Here’s the economic good news about Dunn’s plan. First, it would generate $152 billion in new tax revenues. $60 billion would go to the City of Chicago, $78 Billion to the State of Illinois, and $14 Billion to Cook County.
The plan would benefit the Southside and Westside with career jobs and contracts he calls “Equity Works.” Third, the project offers a partnership with and by community leaders. The plans provide 19,000 new construction trade jobs, 68,000 permanent jobs across all industries, and 78,000 job opportunities. The real good news is that the project would invest $3.8 billion with Southside and Westside investments.
Solutions to Urban Problems
South Loop residents are anxious about the plan thinking the traffic that the project would bring to the area would be more than a notion. Chicago’s lakefront is its prized position. One of the aspects of One Central is to reimagine game day where transportation would be direct and the game day would have rerouting. The project would connect to the Obama Presidential Center, The Museum of Science and Industry, Bronzeville Lakefront, McCormick Place, and Soldier Field.
The plan is 20 years in the making but will turn the city around and land us on solid ground for the future. The plan is sound and offers solutions to urban problems dividing the city. One Central is an updated Burnam plan that can solve the city’s problems with equity development.
Welcome to Chicago, Mr. Dunn.
