Thursday, February 13, 2020

The 78 To Kick-off Construction of First Phase Within a Year

Sounds like The 78 is getting another step closer to actually breaking ground on buildings (via Chicago Tribune):
The 78 megadevelopment along the Chicago River in the South Loop will start construction in the next year with a nearly 3 million-square-foot first phase that will include apartments, student housing, retail space and a long-discussed University of Illinois-led innovation center.
Related Midwest, the developer behind the $7 billion riverfront project, on Wednesday confirmed details of the first phase of the 62-acre project that will eventually stretch from the South Loop to Chinatown and bring as many as 10,000 homes to the new neighborhood.
The U. of I.-led Discovery Partners Institute has signed a letter of intent to begin building its research facility within the next 12 months on land donated by Related Midwest. Other buildings will be under construction within the next year.

The article really focuses on the Discovery Partners Institute being the initial catalyst.  Not shocking as it's a tenant to build around.  That said, at some point you have to take the "if you build it they will come" mentality and it sounds like we're almost to that point.

The other interesting (and unsurprising) point to us was where they will be starting:
The more than $2 billion first phase also will include 1.5 million square feet of loft-style and high-rise office space; 700,000 square feet of apartments and student housing; and 100,000 square feet of fitness, retail, hotel, restaurant, retail and cultural space. Related said it plans to complete the first phase, mostly at the north end of the site, by 2024.
It's a big site so guess it makes sense to start further north where there is more action and closer proximity to downtown.  That are they dealing with the extra traffic?  Roosevelt can be such a pain - this only seems to be exacerbating the problem.

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