Related Midwest said February 12 that construction of The 78 mega-development along the Chicago River will start in early 2021, with a nearly 3 million-sq-ft first phase that will include apartments, student housing, retail space and a University of Illinois-led innovation center. The total cost of the project is expected to reach $7 billion with the first phase taking up $2 billion of that.
The new riverfront neighborhood—master planned by Skidmore, Owings & Merrill (SOM)—seeks to turn a long-vacant 62-acre site in the city's South Loop into a mixed-use community and extend Chicago’s central business district southward into an area previously zoned and known for industrial parks and long-shuttered businesses such as the Union Stockyards. The 78 would stretch from the South Loop to Chinatown along the river. SOM's lead designer on the project is partner Phil Enquist. STL Architects is also on the design team.
The $2-billion first phase involves 1.5 million sq ft of loft-style and high-rise office space; 700,000 sq ft of apartments and student housing; 100,000 sq ft of fitness, retail, hotel, restaurant, retail and cultural space; and the University of Illinois System’s Discovery Partners Institute (DPI) for a total of 2.8 million sq ft. Related said it plans to complete the first phase, mostly at the north end of the site, by 2024. The developer says there are plans for approximately 10 million sq ft of building projects for future phases.
“芝加哥令人兴奋的是，与DPI，州长[J.B.] Pritzker和相关的中西部在开发最先进的创新中心，令人兴奋的下一步是在开发最先进的创新中心，这将推动尖端技术进步和推进我们城市的增长和机会和整个地区，“芝加哥市长Lori Lori Lori Plighfoot在一个公告活动中。
在该网站的新闻发布会上，伊利诺伊州政府普拉茨克（D）表示，他将释放5亿美元的国家资金，最初由当时的政府批准。伊利诺伊大学在伊利诺伊大学筹集了私营部门，布鲁斯拉克（R）在2018年。该计划要求私人资金匹配该州的贡献。有关的是，拥有整个62英亩的网站，捐赠了DPI的土地，这是伊利诺伊州创新网络的一部分，并通过私人和公共资金的结合资助。
The project's first phase also will include infrastructure improvements such as the Wells-Wentworth Connector road, adding LaSalle and 15th street extensions through the site and the relocation and enclosure of suburban rail Metra tracks and reconstruction of the riverfront's seawall. The Chicago Dept. of Transporation has already begun construction on the Wells-Wentworth Connector.
The institute will focus on areas such as data analytics and computing, and it will have about 2,000 students on-site annually, according to Related.
“Our vision for The 78 is to create Chicago’s next great neighborhood,” said Curt Bailey, president of Related Midwest. “With a dynamic phase one plan that includes DPI as its centerpiece, we’re showing how a 21st-century neighborhood, created from the ground-up and connected to so many exceptional areas, will bring new opportunities to all of Chicago."
