“Our vision for The 78 is to create Chicago’s next great neighborhood,” said Curt Bailey, president of Related Midwest. “With a dynamic Phase 1 plan that includes DPI as its centerpiece, we’re showing how a 21st-century neighborhood, created from the ground-up and connected to so many exceptional areas, will bring new opportunities to all of Chicago. DPI’s organizational model will drive long-term innovation across critical growth industries and draw corporate tenants, entrepreneurs and venture capitalists – from across Chicago and around the globe – to The 78, where they will find top talent, groundbreaking research and new technologies that support future expansion.”
DPI, which is part of the Illinois Innovation Network (IIN) and funded through a combination of private and public funds, plans to begin construction in the next 12 months. Construction is already underway at The 78 on the Wells-Wentworth Connector, the main thoroughfare for the project that will be a modern, pedestrian-friendly streetscape with protected bike lanes linking the Loop to Chinatown. Other Phase 1 infrastructure improvements include: construction of LaSalle and 15th streets through the site; renovation of Clark Street; relocation and enclosure of Metra tracks; and reconstruction of the Chicago River seawall.
Phase 1 will be the start of roughly 2.8 million square feet of commercial space to the northern half of the site.
This includes the DPI; 1.5 million square feet of office space in both loft-style and high-rise buildings; 700,000 square feet of highly-amenitized residential, which includes a 20% affordable commitment; and 100,000 square feet of fitness, retail, hospitality and restaurant space, all interwoven around what will eventually be 12 acres of publicly accessible green and open space.
In Phase 1 alone, five acres will be dedicated to the Crescent Park – a green space that will be 7 acres at its completion and follows the Chicago River’s original flow through the site. Crescent Park will offer recreational opportunities and year-round programming for all ages.
The 78 will also feature 3 acres of new riverfront inspired by the downtown Chicago Riverwalk, but with a setback that offers three times the space, allowing for a greater variety of uses in all seasons.
Related is targeting completion of Phase 1 in 2024. Future phases will add another 10 million square feet of commercial and residential space and a new CTA Red Line station at the corner of Clark and 15th streets.
DPI’s state-of-the-art immersion facility at The 78 will attract 2,000 national and international student scholars annually, who will work with top minds in academia and business leaders across industries on cutting-edge research and development, inspiring new technologies and businesses. The site for the new DPI is located between outdoor amenities in Crescent Park and the vibrant Wells Street, mere steps from the Chicago River. According to STL Architects, the Chicago-based, minority-owned architecture firm behind an initial conceptual rendering, the site’s unique location is the source of inspiration for the building’s distinct design.
The design celebrates the connection between Crescent Park and Wells Street with a large corner opening, which visually and physically extends the activity generated within the park into the building. In the conceptual design, a multi-floor atrium space acts as a public square for students to collaborate in an informal manner while cultivating a campus environment in the heart of Chicago. The social gathering space also gives students access to amenities and unique rooftop spaces (both indoor and outdoor) above Wells Street, providing spectacular views of the river, the Saint Charles Air Line bridge and Chicago sunsets.
DPI’s initial focus will be on applying the Illinois economy’s existing strengths in data analytics and computing to drive innovation in food and agriculture; environment and water; health and wellness; transportation and logistics; and finance and insurance. As one of The 78’s anchor tenants, DPI will help shape the neighborhood’s identity as Chicago’s innovation community and be part of a $7 billion mixed-use development that is expected to generate over $40 billion in economic activity over the next 30 years.
“With Governor Pritzker’s leadership and commitment, and the support and encouragement of Chicago Mayor Lori Lightfoot, DPI is now poised to become the major hub of innovation, technology development, and job creation that we all envision for Chicago, the State of Illinois and the world. This investment by the state adds real fuel to the economic engines of DPI and IIN,” University of Illinois System President Tim Killeen said. “We are grateful for Governor Pritzker’s vision, and his belief in what we are determined to create – an ever-more vibrant innovation ecosystem serving all the people of our state. And DPI’s permanent home in The 78 will provide a one-of-a-kind space to live, work and create, providing a real magnet for the kind of talent the city and the state need.”
In addition to providing a home for DPI, global corporations, local businesses and residents, Phase 1 of The 78 will create approximately 9,500 trade, construction and professional services jobs and be home to 9,000 permanent jobs. At the completion of the multi-phase project, The 78 will have generated more than 15,000 trade construction and professional services jobs and be home to 24,000 permanent jobs. Related Midwest will also contribute $25 million into the Neighborhood Opportunity Fund.
Related Midwest has committed to exceeding the City of Chicago’s traditional participation requirements for women- and minority-owned businesses by awarding a minimum of 40% of contract work to minority, women, disadvantaged, LGBTQ, people with disabilities, and/or veteran business enterprises. Related is also a founding partner of HIRE360, an industry-first partnership of developers, general contractors, subcontractors and labor that is focused on educational opportunities as well as workforce development programs, emerging business support and vendor/manufacturing outreach. For more information on The 78, and to learn about our community commitment, visit www.78chicago.com.