Chicago TIF district + the related effect = The 78: A live-work-play megadevelopment?
One of the largest developments in Chicago history, The 78, aims to bring the 62-acre plot of land along the riverfront to life – creating Chicago’s 78th neighborhood.
- One of the largest developments in Chicago history, The 78, aims to bring the 62-acre plot of land along the riverfront to life – creating Chicago’s 78th neighborhood. This megadevelopment started as a bid for a potential HQ2 site in the Seattle company’s infamous search. Without HQ2, Related still plans to bring The 78 to reality and the Emanuel administration intends to help out by proposing a TIF district nearby. The proposed Roosevelt/Clark Street TIF district would aid in infrastructure improvements needed for the blighted land and would cost taxpayers $700 Million.
- Although Related Midwest has lofty goals to create an entirely new neighborhood over the next couple decades, they are no stranger to this kind of undertaking. The Hudson Yards in New York brought economic vitality and growth to a struggling neighborhood in 2016, contributing $19 Billion annually to NYC’s GDP. Related Midwest asserts that the megadevelopment will bring $7 billion of economic activity and 24,000 permanent jobs to Chicago. The 78 will truly be a Live, Work, Play development that will masterfully incorporate nearly 500,00 square feet of parks, new Metra & CTA stations, restaurants and retailers, and over 10,000 dwelling units. In addition to new office supply, Related Midwest signed a deal with the State of IL and University of Illinois for a new, $1.0 billion dollar research facility, which plans to link the two UofI campuses. As development of the City continues to migrate Southwest, it will be exciting to track the impact and growth this development will bring for years to come.
Source: Related Companies, Chicago Cityscape, JLL Research