Chicago has no shortage of ambitious plans looking to turn fallow land into mixed-use neighborhoods. Now a new contender has entered the fray, looking to cap the rail lines west of Soldier Field with hotels, multifamily properties, office and retail.
According to a Crain’s report, two developers have teamed up in a multibillion-dollar bid to make use of the air rights over the Metra Electric rail tracks, running south from McFetridge Drive, terminating at McCormick Place. Plans should officially be unveiled next month for the approximately 34-acre site.
A new group, Landmark Development, is led by Bob Dunn, who is president of Milwaukee-based Hammes. Gerald Fogelson, the developer behind Central Station—the 72-acre development to the north that includes properties such as One Museum Park—owns the air rights over the tracks. Fogelson remains involved in the project, but Dunn, who was behind the development of Detroit’s Ford Field and the redevelopment of Green Bay’s Lambeau Field, is reportedly taking the lead.
Chicago Alderman Pat Dowell, 3rd, has reviewed the group’s proposal and came away impressed. She also indicated that the developers won’t ask for TIF financing to subsidize the project.
