Related Midwest Unveils Plan for First Phase of Massive Development in Downtown Chicago
As part of phase 1, the University of Illinois System’s Discovery Partners Institute has signed a letter of intent to build a new innovation center at The 78, on land donated by Related Midwest.
CHICAGO—Related Midwest has unveiled plans for “The 78,” a mixed-use project that will bring 2.8 million square feet in the first phase of construction that will add new office, residential, hospitality and retail space to the downtown riverfront here.
The overall nearly 13-million-square-foot multi-phased project estimated at approximately $7 billion will be built on 62 acres that have been vacant for almost 100 years. As part of phase one, the University of Illinois System’s Discovery Partners Institute has signed a letter of intent to build a new innovation center at The 78, on land donated by Related Midwest.
“With this announcement today of Discovery Partners Institute and the Illinois Innovation Network, we are launching a new era for Chicago as an extraordinary focal point for an unparalleled tech workforce and research and development that will attract talent to our state from around the world, strengthening Illinois’ long-term economic vitality for generations to come,” said Illinois Gov. JB Pritzker.
Chicago Mayor Lori E. Lightfoot added, “DPI’s decision to anchor in Chicago is a vote of confidence in the talent of our people and strength of our diverse, local economy, and we look forward to collaborating with them on our shared goals of developing inclusive, long-term economic growth through an array of investments that will create jobs, start companies, and help shape the future of our city for generations to come.”
DPI, which is part of the Illinois Innovation Network (IIN) and funded through a combination of private and public funds, plans to begin construction in the next 12 months. Construction is already underway at The 78 on the Wells-Wentworth Connector, the main thoroughfare for the project that will be a modern, pedestrian-friendly streetscape with protected bike lanes linking the Loop to Chinatown. Other phase 1 infrastructure improvements include: construction of LaSalle and 15th streets through the site; renovation of Clark Street; relocation and enclosure of Metra tracks; and reconstruction of the Chicago River seawall.
Phase one will include the DPI; 1.5 million square feet of office space in both loft-style and high-rise buildings; 700,000 square feet of highly-amenitized residential, which includes a 20% affordable commitment; and 100,000 square feet of fitness, retail, hospitality and restaurant space, all interwoven around what will eventually be 12 acres of publicly accessible green and open space.
In phase one alone, five acres will be dedicated to the Crescent Park—a green space that will be seven acres at its completion and follows the Chicago River’s original flow through the site. Crescent Park will offer recreational opportunities and year-round programming for all ages. The 78 will also feature 3 acres of new riverfront inspired by the downtown Chicago Riverwalk, but with a setback that offers three times the space, allowing for a greater variety of uses in all seasons.
Related is targeting completion of phase one in 2024. Future phases will add another 10 million square feet of commercial and residential space and a new CTA Red Line station at the corner of Clark and 15th streets.