The 78
LocationChicago, Illinois
Coordinates41°51′53″N 87°37′56″W / 41.86472°N 87.63222°W / 41.86472; -87.63222Coordinates: 41°51′53″N 87°37′56″W / 41.86472°N 87.63222°W / 41.86472; -87.63222
Websitehttp://78chicago.com
Companies
ArchitectSkidmore, Owings & Merrill
DeveloperRelated Midwest
Technical details
Cost$7 billion
Size62 acres (25 ha)
Aerial video of The 78 proposed site, with an Amtrak train going through it, and Ping Tom Park in the foreground
Aerial video of The 78 proposed site, with an Amtrak train going through it, and Ping Tom Park in the foreground

The 78 is a development in Chicago that will consist of several office and residential towers, high-rises, and will also include 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 Midwest acquired the land in 2016. It was previously owned by Tony Rezko, and referred to as "Rezkoville".[3][4]

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][5]

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.[6]

Three other large-scale development projects are also underway north of The 78. These are Lendlease's Southbank project and Riverline project, by Chicago-based CMK Companies; while another extremely large development, Lincoln Yards, is underway on the North Side of Chicago.[7] One Central is another mega-development that has been proposed southeast of The 78 near Soldier Field.

In 2021, it was proposed to put a Rivers Casino in The 78, as part of the Chicago Casino Proposals.[8]

References

  1. ^ a b Ori, Ryan (May 11, 2018). "No Small Plans for 62-Acre South Loop Site Along Chicago River". Chicago Tribune. Retrieved April 10, 2019.
  2. ^ a b 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. ^ Moser, Whet (15 May 2018). "RIP, Rezkoville. Hello, the 78". Chicago Magazine. Retrieved 7 December 2021.
  5. ^ Davis, Katherine (May 11, 2018). "Take a Look at Plans for The 78, Chicago's New Riverfront Neighborhood". ChicagoInno. Retrieved April 10, 2019.
  6. ^ Byrne, John (April 10, 2019). "City Council Approves Lincoln Yards, The 78 Deals after Developer Concessions". Chicago Tribune. Retrieved April 10, 2019.
  7. ^ Nitkin, Alex (11 May 2018). "Related Midwest's Plans for Sprawling South Loop Project Taking Shape". The Real Deal Chicago. Retrieved 30 July 2018.
  8. ^ Byrne, Robert Channick, Dan Petrella, John. "Chicago has five competing casino bids. Here's a look at what's proposed, and where". chicagotribune.com. Retrieved 2022-04-13.