Plans were unveiled this week for a new river front neighborhood in Chicago's South Loop, a project that would be the largest of its kind in the city's history.
Local real estate development firm Related Midwest is calling the plan The 78, as it would be the city's 78th official neighborhood. The developers are proposing to build the new neighborhood on the 62-acre, undeveloped area on the city's near South Side that's bordered by Roosevelt Road, Clark Street, 16th Street and the Chicago River. Construction on the Wells-Wentworth Connector will begin this summer, with other infrastructure work beginning in 2019.
The vacant area has been floated as a possible spot for Amazon’s HQ2 in the event the Seattle-based tech giant chooses the Second City. But whether or not HQ2 comes to Chicago, The 78 developers estimate that the new neighborhood will bring 10,000 jobs with it.
Related Midwest's plan for The 78 will be a mixed-used development that will include housing, retail, restaurants, cultural institutions and office space. There will be a 7-acre crescent park that follows the river’s original curve, part of 11 acres of total public green space, which will act as filters for urban storm water runoff. Additionally, the developers plan to install new bike lanes, walking paths and waterfront access.
A new Red Line CTA station would be added to the neighborhood to make it more accessible, and the nearby Metra line would be moved farther west of The 78, away from Clark Street to be enclosed in an effort to reduce noise.
The 78 has also been proposed as the home for the Discovery Partners Institute, a research and innovation center for about 2,000 students that would aim to be a major tech research hub in the region.
"We’ve spent years studying what makes those neighborhoods great and are using those attributes to influence the design of The 78," said Related Midwest President Curt Bailey in a statement. "From vast public recreational spaces to increased transit options to the DPI, The 78 will reflect the best of Chicago. The 78 will become a vibrant riverfront destination for residents, neighbors, future tenants, students and all Chicagoans to gather and experience the best that our city has to offer.”
Take a look below at renderings of what The 78 will look like.
