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!
Major redevelopment is breaking ground in Chicago’s South Loop neighborhood. Dubbed as a “mega-development”, The 78 will overhaul a massive 62-acre area between the South Loop and Chinatown, into a new mixed-use neighborhood along the vacant riverfront.
Developed by Related Midwest teamed up with architectural master planner Skidmore, Owings & Merrill have recently outlined brand new details about the newest neighborhood. Since it will take over two decades and upwards of $5 billion to complete, The 78 is defiantly one of the largest developments in Chicago’s history.
Inside this currently vacant land, several barriers make it difficult to access from the surrounding area. One of the first orders of business will come with the long-discussed Wells-Wentworth Connector, which will create multiple new roadways. The new road will connect the dead end S Wells Street to Chinatowns Wentworth Avenue; providing a much more conveniently accessible area. 15th Street will also become extended to Clark Street to Wells as well. Opening roadways from North to South from East to West will open the area incredibly.
In addition to the incredible advancement in roadway systems, The 78 development will also bring a new CTA red line station to the area. One of the largest challenges facing the new neighborhood is the Metra tracks currently situated on the areas boarder. The development team’s plan is to relocate the tracks further West. They also plan to enclose the train rail line, which adds the benefits of improved air quality and reduced noise throughout the new neighborhood.
The 78 will feature extensive outdoor space alongside the river to bring residents and guests alike to the beautiful waterfront area. Open space will carve through and between the buildings to elevate the area. A new river walk will also be built along the waterfront to add water activities and running/walking lanes.
Of course, the new mega-development will include stunning high-rise residential buildings. Though the exact number, design and where they will be situated is still being determined.
The 78 will house commercial, residential, and retail space, and is a hopeful candidate in the bid for Amazon’s HQ2 headquarters. Related Midwest’s president, Curt Bailey, has commented saying, “The request for proposal calls for 8 million square feet. Our site has 13 million square feet so you do the math”. With such high stakes, this neighborhood could possibly be the newest home to Amazon!
Be sure to keep your eyes on this incredible new site! Interested in luxury apartments near South Loop? Contact us today! We’d be happy to keep you in the Loop!