The 78

The 78 is a development in Chicago that will consist of several towers, high-rises, and a riverwalk.[1] The name "The 78" refers to the existing 77 community areas in Chicago and the mega-development is to increase that number by one.[2] Related Midwest will develop the site, and Skidmore, Owings & Merrill designed the project's master plan.[2] Related acquired the land in 2016. It was previously owned by Tony Rezko.[3]

The 78
Proposed location of The 78, lower left, with downtown Chicago behind it
LocationChicago, Illinois
Websitehttp://78chicago.com
Companies
ArchitectSkidmore, Owings & Merrill
DeveloperRelated Midwest
Technical details
Cost$7 billion
Size62 acres

The 78 development will be located on a 62-acre parcel of land just south of Downtown Chicago and north of Chinatown. The area is bordered by Roosevelt Road to the north, Clark Street to the east, 16th Street to the south, and the South Branch of the Chicago River to the west.[1][4]

The 78 will also include a $1.2 billion research center called the Discovery Partners Institute, which will be operated by the University of Illinois.

In April 2019, the Chicago City Council approved The 78 development, including a tax increment financing agreement.[5]

Two other large-scale development projects are also underway north of The 78. These are Lendlease's Southbank project and Riverline, by Chicago-based CMK Companies.[6]

References
  1. Ori, Ryan (May 11, 2018). "No Small Plans for 62-Acre South Loop Site Along Chicago River". Chicago Tribune. Retrieved April 10, 2019.
  2. Kozlarz, Jay (19 October 2017). "New U of I Innovation Center and 'The 78' Mega-Development Officially Unveiled". Curbed. Retrieved 30 July 2018.
  3. Kozlarz, Jay (12 May 2016). "Related Midwest Finalizes Deal for Massive 62-Acre Riverfront Site". Curbed. Retrieved 30 July 2018.
  4. Davis, Katherine (May 11, 2018). "Take a Look at Plans for The 78, Chicago's New Riverfront Neighborhood". ChicagoInno. Retrieved April 10, 2019.
  5. Byrne, John (April 10, 2019). "City Council Approves Lincoln Yards, The 78 Deals after Developer Concessions". Chicago Tribune. Retrieved April 10, 2019.
  6. Nitkin, Alex (11 May 2018). "Related Midwest's Plans for Sprawling South Loop Project Taking Shape". The Real Deal Chicago. Retrieved 30 July 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.