For the first time since 1980, a new neighborhood is coming to Chicago. The 78, the colloquial name for Chicago’s 78th official neighborhood, plans for an expansion near the junction of Roosevelt and the Chicago River, which will transform 62 acres of former rail yard property into a mixed-use residential zone. This $7 billion expansion headed by developer Related Midwest, extends down to W 16th Street from Clark & Roosevelt and the northern end of Ping Tom Memorial Park.
The 78 will also welcome an additional station to the CTA redline at Clark and 15th, which will be vital for growing the new Chicago community. Until this new stop is completed, the area will be supplemented by the Roosevelt & State CTA stop as well as the existing Metra stops nearby. They also envision a new water taxi stop to operate to/from the Loop, the Lake, and the North Branch – imagine commuting to work on a boat! Check out this video for a breakdown on all public transportation for the upcoming neighborhood!
The vision for 78 will include creating a dynamic, state-of-the-art neighborhood near downtown Chicago while maintaining access to green spaces. The developers aim for a balance in both public community spaces and beautiful modern architecture that will attract a wide range of residents, businesses, and visitors to the area.
In a statement, Governor J.B. Pritzker spoke highly of the potential of the project. Pritzker was quoted as saying, “The State of Illinois is building a world-class innovation hub in the heart of Chicago on the site of an old railroad yard that has sat vacant for decades.”
Considering the project will provide thousands of jobs for the area (including 15,000 construction jobs to create the 78), and will attract thousands of new residents to the downtown area, Pritzker’s words may very well ring true. Listed below are some additional statistics that illuminate the neighborhood’s potential.
- 13 Million SqFt of Office, Retail, Entertainment, Fitness, and Mixed Use Space
- 12 Acres Of Open Space
- 1 New CTA Red Line Stop (Clark & 15th)
- 1 New Water Taxi Stop (to/from the Loop, the Lake and North Branch)
24,000 People who will come to work at The 78 every day
Thousands Of New Homes — including 20% Affordable Housing
15 Minute Walk from the heart of the Loop
12 Minute Walk from Lake Michigan
With these in mind, here are a few of the new structures that will highlight the prestigious future neighborhood at the 78!
The flagship highlight of the 78’s “Innovation District”, this $250m+ building developed by the University of Illinois will prepare students to step into high-demand tech jobs and to facilitate corporate investment in Illinois, primarily through training and education and through applied research and development.
Originally proposed as a replacement to the failed Chicago Spire project in Streeterville, The Gateway Towers are two striking and complementary skyscrapers that rise will create an iconic profile in the Chicago skyline. The 127-floor buildings will act as the gateway to the 78, welcoming tens of thousands of employees, residents, and tourists every day.
Located in Chicago’s 25th ward, the new Redline installation originally received hostile feedback from the local alderman and residents. The new station will fall in between the Roosevelt and Cermak-Chinatown stops and will cost roughly $300m.
The shopping and recreation hub of the 78, High Street will embody the best in modern lifestyle outlets. High Street will blend boutique and Chicago brands alike, as Soulcycle, Equinox, and &pizza are among the notable companies that have plans for locations in the neighborhood.
The 78 is the latest in a long lineage of ambitious Chicago architectural projects–and reflects that in its mission. It aims to replicate the community and soul of beloved Chicago neighborhoods while bringing a modern aesthetic to the downtown area. A melting pot that nurtures community and cultivates curiosity but above all else is healthy, happy, and local.
The city’s newest neighborhood will continue to revitalize a downtown that has rebounded since the pandemic. Furthermore, the mixed-use development will attract companies within industries that pave the way for the future. Residents of the 78 can expect to reap the rewards of city living while enjoying the cutting edge of sustainable technologies. Young professionals and families of all kinds will surely be eager to settle into this new neighborhood. Looking to explore residency options near the 78? Pearson Realty Group has an abundance of qualified agents to fulfill all your real estate needs!