The 78

Last updated

The 78
The 78 NE.jpg
The 78 in 2022
Location Chicago, Illinois
Coordinates 41°51′53″N87°37′56″W / 41.86472°N 87.63222°W / 41.86472; -87.63222
Website http://78chicago.com
Companies
Architect Skidmore, Owings & Merrill
Developer Related Midwest
Technical details
Cost$7 billion
Size62 acres (25 ha)
The 78
Map of The 78 highlighted in red

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. [3] [4]

Contents

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]

Several other mega and large-scale projects are also underway in Chicago. These include Lincoln Yards, 400 Lake Shore Drive, Tribune East Tower, One Chicago, Southbank, Riverline, Bronzeville Lakefront, an $8.5 billion revamp of O'Hare International Airport, a city casino, an extension of the Red Line subway/elevated train, and the Barack Obama Presidential Center among other large scale projects. [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, but the city selected a site in the River West district near the intersection of Chicago Avenue and Halsted Street for a casino and entertainment complex. [8]

History

Much of the land was created through landfills in the 1920s as part of a $9 million realignment of the South Branch Chicago River. [1] [9] The area then became a railyard for trains traveling to or from either the Grand Central station or LaSalle Street station. [10] The railyard was eventually demolished in the 1970s, forming a 62-acre vacant lot. The former railyard remained in limbo for decades. In 2001, Tony Rezko bought the entire land for mixed-use development. His plan did not come to fruition and eventually sold the land in 2005. [11]

Aerial video of The 78 proposed site, with an Amtrak train going through it, and Ping Tom Park in the foreground

Proposed New White Sox Stadium

In 2024, it was reported that the Chicago White Sox and its owner Jerry Reinsdorf were in discussions with Related Midwest to potentially build a new stadium on the site to replace Rate Field following the end of the team's lease in 2029. [12] In addition to the stadium, the plan calls for retail, offices, and housing. [13] [14] [15] [16]

Between August and September 2024, the White Sox and developer Related Midwest built a temporary field on the site. [17] [18] [19] [20]

Proposed New Chicago Fire Stadium

The developer has presented the idea that the Chicago Fire FC, which currently plays at Soldier Field, join the White Sox by constructing a new stadium there along with the White Sox. Fire owner Joe Mansueto has said the team would privately finance a new stadium, making their path much clearer if they choose to develop in the South Loop, while the Chicago Bears and Chicago White Sox are seeking public funding. [21] [22]

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References

  1. 1 2 3 Ori, Ryan (May 11, 2018). "No Small Plans for 62-Acre South Loop Site Along Chicago River". Chicago Tribune. Retrieved April 10, 2019.
  2. 1 2 Kozlarz, Jay (October 19, 2017). "New U of I Innovation Center and 'The 78' Mega-Development Officially Unveiled". Curbed. Retrieved July 30, 2018.
  3. ↑ Kozlarz, Jay (May 12, 2016). "Related Midwest Finalizes Deal for Massive 62-Acre Riverfront Site". Curbed. Retrieved July 30, 2018.
  4. ↑ Moser, Whet (May 15, 2018). "RIP, Rezkoville. Hello, the 78". Chicago Magazine. Retrieved December 7, 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 (May 11, 2018). "Related Midwest's Plans for Sprawling South Loop Project Taking Shape". The Real Deal Chicago. Retrieved July 30, 2018.
  8. ↑ Channick, Robert; Petrella, Dan; Byrne, John (November 8, 2021). "Chicago has five competing casino bids. Here's a look at what's proposed, and where". Chicago Tribune. Retrieved April 13, 2022.
  9. ↑ "Street Number Guide Map of Chicago (1916)". Harvard Library. Rand McNally & Co. Retrieved July 5, 2022.
  10. ↑ "Map of Englewood, Chicago (1963)". United States Geological Survey. Retrieved July 5, 2022.
  11. ↑ Eordogh, Fruzsina. "Will Rezko's Lot in the South Loop Ever Be Developed?". Chicago Magazine. Retrieved July 5, 2022.
  12. ↑ Roeder, David; Spielman, Fran; Novak, Tim (January 17, 2024). "White Sox in 'serious' talks to build new stadium in South Loop's 'The 78'". Chicago Sun-Times. Retrieved January 17, 2024.
  13. ↑ "Here's what a new White Sox ballpark in the South Loop could look like" . Retrieved February 7, 2024.
  14. ↑ "Real estate developer releases renderings of possible new White Sox stadium in Chicago's South Loop" . Retrieved February 7, 2024.
  15. ↑ "Gov. Pritzker concerned about cost of new White Sox South Loop stadium" . Retrieved February 7, 2024.
  16. ↑ "First time renderings revealed of White Sox proposal for a new ballpark in the 78" . Retrieved February 7, 2024.
  17. ↑ https://www.costar.com/article/447342894/a-pitch-in-the-dirt-white-sox-ballpark-teased-on-site-along-chicago-river
  18. ↑ "South Loop sandlot? White Sox, Related Midwest build temporary baseball diamond at stadium site". Chicago Sun-Times. August 30, 2024.
  19. ↑ "Chicago baseball report: 'Sodfather' helps with makeshift White Sox diamond on The 78 — and Cubs raise ticket prices". September 13, 2024.
  20. ↑ Allan, Leigh (September 1, 2024). "Field of Dreams, meet Field of Schemes". South Side Sox.
  21. ↑ "Chicago Fire owner is considering building privately-funded, soccer-specific stadium in the city". The Athletic. November 10, 2024.
  22. ↑ "DEVELOPER PROPOSES WHITE SOX AND FIRE STADIUMS AT THE 78". soxon35th. September 1, 2024.
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