Thursday, January 30th, 2020
The South Loop is one of the most rapidly growing Chicago neighborhoods. In fact, it’s growth includes the development of a new 62 acre neighborhood on a currently vacant site.
The 78, by Related Midwest, is one of the largest South Loop projects currently in development with a social, community, environmental, and economic components all Chicagoans can appreciate. Its name comes from the idea that of Chicago’s 77 existing neighborhoods, this will be the 78th. The 62 acre site is surrounded by Clark Street, Roosevelt Road, 16th Street, and the Chicago River and cornerstone of the development is the use of the riverfront, which will extend the existing Riverwalk by over a half mile to Chinatown.
Although it is still early in development, plans show that this mixed use mega development will include residential high rises, cafes, restaurants, retail, and an abundance of community amenities and 12 acres of green space. Community amenities will include the Riverwalk extension, bike paths, an expansion of Clark Street to make it more walkable, the dedication of a community resource center to foster the growth of local minority and women owned businesses, a 5 acre riverfront lined with dining and entertainment, and 7 acre Crescent Park.
The 78 development will also improve transportation in the area. The project includes the addition of a new CTA red line stop on site, water taxi service, additional bikeways with Divvy rental bike stations, and a Metra stop relocation to reduce noise and improve air quality.
The 78 will potentially be home to one of the country’s newest research institutions, Discovery Partners Institute, an interdisciplinary innovation center that will span over 1 million square feet and service over 10,000 students every five years.
Looking for luxury apartments for rent near the South Loop? Contact us today! We’d be happy to keep you in the Loop!