Related Midwest today received full City Council approval for The 78, a transformative, 62-acre development that will become Chicago’s next great neighborhood with state-of-the-art residences, unique retail, world-class restaurants, innovative office space, the nation’s newest research institute, a half-mile of continuous riverfront, and extensive green space for the public to enjoy year-round entertainment and arts programming. In addition, The 78 will generate an unprecedented number of jobs and business opportunities for local residents.
The 78 will be the largest private development in Chicago’s history. After remaining undeveloped for the last 90 years, the site will provide opportunities for more than 15,000 trade, construction and professional services jobs to work at The 78 and 24,000 new, permanent jobs and economic opportunities that will directly benefit residents of the city’s South and West sides.
Related Midwest has committed to building a resource center and incubator near The 78 that will allow small businesses and local residents seeking employment a place to find support services to help them gain equal footing. Related Midwest will also mandate that the businesses they contract with meet inclusion standards and invest in the community supply chain, providing jobs and opportunities outside of construction for local residents. To ensure accountability, Related Midwest has created a Community Inclusion Council of trusted business and community partners to guide its efforts to create sustainable careers and business opportunities in all sectors from construction to professional services—and to promote the investment, hiring and empowerment to develop a diverse ecosystem that is committed to an inclusive workforce. The Community Inclusion Council will also help Related Midwest implement programs, monitor progress to hold Related Midwest accountable, and establish best practices that will serve as a model for the industry.
The development and preservation of affordable housing has been a cornerstone of Related Midwest for more than 30 years. As one of the largest developers of affordable housing in Chicago, Related Midwest will create up to 2,000 affordable housing units at The 78.
Construction on the Wells-Wentworth Connector, a multi-phase project that will create a new road between the Loop and Chinatown, is underway. The project will also realign Wentworth Ave. between Archer and Cermak to bring this portion of Wentworth in line with the portion of Wentworth south of Cermak Rd. The realignment of Wentworth Ave. will greatly improve safety for both motorists and pedestrians, while forming better links between New Chinatown Square and the traditional Chinatown south of Cermak Road.
For more updates and more information, visit www.78chicago.com.