Ambitious $5B Development Project to Transform Chicago's South Loop
A 62-acre plot of land that has long stood vacant in Chicago’s South Loop is now the future site of a $5 billion development project, according to the Chicago Tribune. Developer Related Midwest purchased the land with plans to eventually connect the South Loop to Chinatown.
The sprawling parcel of land is bordered by the Chicago River, 16th Street and Ping Tom Memorial Park, Roosevelt Road, Metra tracks, and Clark Street. The multiphase project is expected to result in the construction of more than 10 million square feet of development on this land. When completed, this once empty plot will be home to residential buildings, offices, hotels, and retail space.
This ambitious plan is still in the early phases. Architecture firm Skidmore, Owings & Merrill is working with Related Midwest on a number of potential development plans. Construction is not expected to start until 2019.
While the site is already located near CTA and Metra stops, the new development could lead to new Red Line and Metra stations. The land’s proximity to the river also means plans for a half-mile riverwalk, complete with restaurants and stores, are in the works.
The site’s developers hope this project will transform the land in what would become Chicago’s 78th neighborhood.