Onni Group Reveals $1.1 Billion Riverfront Development Plans Near Bally's Casino in Chicago
Onni Group Reveals $1.1 Billion Riverfront Development Plans Near Bally's Casino in Chicago
The Chicago Tribune’s Freedom Center is slated to make way for Bally’s casino complex, and developers are already seizing the opportunity. The Canada-based Onni Group has unveiled a $1.1 billion project, Halsted Landing, comprising nearly 2,500 apartments, retail spaces, green areas, and more. However, the project's future hinges on approval from the Chicago Plan Commission and city council, with a potential start date in 2029 and completion in 2037. As the casino expands, adjacent properties are transforming into prime real estate, with landlords capitalizing on this growth. The Chicago Tribune has printed its final edition at the Freedom Center and is set to relocate its printing operations to Schaumburg next month.
Key Takeaways
- Onni Group plans a $1.1 billion riverfront development, Halsted Landing, near Bally's Chicago casino.
- The project includes nearly 2,500 apartments, retail, green space, an amphitheater, and a water taxi stop.
- Halsted Landing's first phase features two residential towers with 688 units and 190 affordable units.
- The project promises a $17.8 million contribution to Chicago's Neighborhood Opportunity Fund.
- Land near the planned casino is becoming prime real estate, with landlords seeking to capitalize on the development.
Analysis
The Onni Group's Halsted Landing project, valued at $1.1 billion, is a response to the upcoming Bally's casino complex near the Chicago Tribune's Freedom Center. The development will introduce 2,500 new apartments, retail spaces, and recreational areas, contributing $17.8 million to Chicago's Neighborhood Opportunity Fund. As land near the casino becomes prime real estate, property values are likely to rise, benefiting landlords and investors. However, the project's future remains uncertain, awaiting approval from the city council and Chicago Plan Commission. In the short term, this could slow down the progress of redevelopment, but long-term consequences include potential job creation, increased local revenue, and urban regeneration. Consequently, Canada's Onni Group, Chicago-based landlords, and local businesses stand to gain from these developments, while the city council and Chicago Plan Commission hold significant influence over the project's outcome.
Did You Know?
- Onni Group: A major real estate development company based in Canada, with a portfolio spanning residential, commercial, and industrial projects. Onni Group is known for its large-scale developments, including high-rise towers and mixed-use communities across North America. In this article, Onni Group has unveiled plans for a $1.1 billion riverfront development, Halsted Landing, near the future Bally's Chicago casino complex.
- Neighborhood Opportunity Fund (NOF): A Chicago-based initiative that aims to support businesses and community projects in under-resourced neighborhoods. The NOF collects funds from developers building in high-value areas of the city, like the downtown area or near major transportation hubs, and redistributes these funds to support neighborhood development projects. Onni Group's Halsted Landing project has pledged a $17.8 million contribution to the NOF.
- Affordable housing: Housing units that are designated for individuals and families with lower incomes, often defined as those earning below 60% to 80% of the area median income (AMI). Affordable housing is a critical aspect of urban development, as it ensures that cities remain accessible and inclusive for a diverse range of residents. In the context of the Halsted Landing development, the project's first phase includes 190 affordable units out of a total of 688 units in two residential towers.