Related launches first phase of The 78 megaproject
An extension of Wells Street through the 62-acre site in the South Loop is a key aspect of the $7B project
Related Midwest officially launched the first phase of The 78 mega-development in the South Loop this week, as crews began work on a long-awaited road project.
Work started on an extension of Wells Street through the 62-acre project site, the final phase in the so-called Wells-Wentworth Connector to create a direct route from Downtown to Chinatown, according to Curbed.
The road project is one of several major infrastructure projects planned for The 78, including a new CTA Red Line station, moving of Metra tracks and more. Related is fronting the costs of the work, but will be reimbursed through a $1.1 billion tax-increment financing plan approved by the city in April.
Overall, the neighborhood-sized development could include 13 million square feet of new office, hotel and residential space, and as many as 10,000 residential units.
The Downtown-Chinatown link has been discussed for more than a century, but didn’t officially begin until 2016 with road work in Chinatown. Related expects to complete its portion of the link by the end of next year.
[Curbed] — John O’Brien