Major development news came out of the South Loop earlier this week with a preliminary announcement being made to develop the last major unused spaced along the south branch of the Chicago River.
According to a report from the Chicago Tribune, Related Midwest has now completed the purchase of a 62-acre piece of property that sits just southwest of Clark Street and Roosevelt Road, putting into motion a massive, multi-billion joint venture with Luxumborg-based General Mediterranean Holding (GMC) that will no doubt re-shape the city’s skyline.
As noted by The Tribune, the new project will eventually bring thousands of new homes and millions of square feet of office and retail space to the area, which will no doubt compete heavily with the previously announced Riverline project that will also be developed just a few short blocks away.
Specific details about the new 62-acre project have not been fully disclosed by Curbed Chicago is reporting that along with office, retail, and residential development, new Red and/or Orange Line CTA stops could be be planned, and perhaps even a new area high school.
To get a better idea of just how game-changing a project like this could be for the South Loop, it’s already being estimated that the entire 62-acre development could take as long as 15 years to complete.
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