'The 78' Remains Vacant After Chicago’S $7b Megaproject
7 Billion South Loop Development Sits Empty A staggering $7 billion megaproject aimed at transforming 62 acres of prime South Loop real estate has stalled. The 78 development remains largely vacant despite years of planning and municipal approvals. Strategically located between Roosevelt Road, Clark Street, 16th Street, and the Chicago River, the project was designed to become Chicago's 78th community area. The land previously served as a rail yard until 1977. Master-planned by Skidmore, Owings & Merrill, The 78 envisioned up to 10,000 residential units. A mandated 20% affordable housing commitment was part of this plan, alongside extensive commercial and academic facilities. Over 2,800 participants were involved in community engagement efforts preceding the project's approval. These took place through public meetings, stakeholder sessions, and block club gatherings. The Chicago Plan Commission and City Council granted zoning approval in 2018. A Redevelopment Agreement foll...