Chicago’s newest development “The 78” officially breaks ground

Chicago’s newest upcoming neighborhood hit a major milestone this week as “The 78” officially broke ground on Tuesday, March 3.

Located from Roosevelt Road south to 16th Street, and Clark Street west to the Chicago River, “The 78” encompasses nearly 62 acres of land and stretches across roughly a half mile of waterfront along the South Branch of the Chicago River.

According to the project’s website, the land is owned and being developed primarily by real estate firm Related Midwest, a long-time power player in the industry who recently was responsible for the successful Hudson Yards resurrection project in New York. 

The area itself has had a turbulent history. Originally created as part of the river realignment in the 1920’s, the space was used as a railyard for many decades until being torn down in the 1970’s, the website explains. Since then, there have been a number of development proposals over the years, all of which have failed to take flight for varying reasons.

The project takes its name from the number of neighborhoods in the city, with 77 official communities existing currently, and the new development scheduled to become the 78th.

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With prime real estate at the intersection of some of the city's biggest draws, The 78 is set to be a buzzing new community with Related Midwest describing the development as “An open urban campus, a home for enterprise, education, entrepreneurship and a cultural hub that connects some of the richest parts of the city.”

Across the 62 acres, a variety of different features are expected to be included. Currently planned is 10 million square feet of real estate for new offices, commercial shops and residential living, with thousands of new homes expected, and at least 20% of those required to go towards affordable housing.

New parks and open spaces are also planned, particularly along the riverfront for waterside enjoyment. The city also has proposals to extend the riverwalk down the south branch, as well as add a new water taxi stop in the area to help connect the new neighborhood with the heart of downtown Chicago.

Chicago Fire’s new neighborhood upgrade 

Anchoring “The 78” will be a brand new, 22,000-seat, soccer-specific stadium for the Chicago Fire, the city's MLS team, who currently play at Soldier Field. The Fire’s owner, Joe Mansueto, who made his fortune founding financial research conglomerate Morningstar, had been looking to create a personal home for his team and committed to privately funding the stadium with $750M of his own capital. The stadium will sit on a patch of land just along the river, creating a hub for sports and entertainment. 

The new stadium, which represents the first phase of the overall development, is hoping to be ready in time for the 2028 MLS season, while other phases of construction could potentially last into the 2030’s. According to Related Midwest, the project in total is expected to create 12,000+ construction jobs over its lifespan.

Mansueto, Mayor Brendan Johnson, Related Midwest executives and community leaders were all present for the official groundbreaking, showcasing the variety of stakeholders throwing their weight behind the project.

As the development continues to pick up steam and with a number of other refreshed neighborhoods becoming vibrant communities across Chicago in recent years, one thing is for sure: officials are looking at “The 78”  to become one of the next major catalysts for community and culture in the Windy City.