X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Public hearings will be held later this month on the city’s proposed Central Area Plan, which could add as much as 40 million sf of office space Downtown along with up to 7 million sf of retail space and 40,000 multifamily units by 2020. Another key element of the proposal is a multi-level West Loop transportation center below Clinton Street providing bus, subway and commuter rail service.

“In order for Chicago to retain its status as a capital of business and commerce, the City must provide the transportation capacity to meet the demand for future growth,” says transportation commissioner Miguel d’Escoto.

The Downtown work force is predicted to grow 41% to 940,000, putting more pressure on the city’s mass transit system to keep expressways and streets clogged by gridlock.

However, the transportation center would further bolster the West Loop, which already is home of the Ogilvie Transportation Center and Union Station, the two main Metra commuter rail terminals.

While the marketplace will no doubt dictate the numbers, the plan is based on projections that forecast the Downtown’s population hitting 150,000, larger than the current population of any Illinois city other than Rockford. However, the Central Area Plan also aims to push some high-density development to outlying neighborhoods, particularly those along Chicago Transit Authority rail lines.

Also, the proposal includes extending riverwalks and creating a system of parks along the Chicago River.

“This is no little plan,” proclaims planning and development commissioner Alicia Berg. “This is a plan for urban greatness.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.