Chicago developer Related Midwest is seeking the city's permission to build 10,000 homes on a long-vacant 62-acre riverside site in the South Loop, more than twice as many proposed by the property's prior owner.
Related Midwest earlier this month presented its plans for a 13 million-square-foot development on the overgrown parcel, which stretches south from Roosevelt Road to Chinatown along the east bank of the Chicago River. Called the 78—a name suggesting a project so large it will become the city's 78th official community area—the development would include office, residential and educational uses. It could cost $5 billion and take decades to complete.
Related Midwest was short on specifics at the May 10 unveiling of its plans, declining to say how many residential units it planned on the property. But a zoning application the developer filed with the City Council yesterday requests city approval for 10,000 units. Before the real estate crash, the site's prior developer, a joint venture including Antoin "Tony" Rezko, planned 4,600 homes and 670,000 square feet of retail space.
(Hat tip: AR!)
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