While news of Related Midwest’s hopes to develop 62 acres of prime riverfront vacant land south of the Chicago Loop was reported in May of 2015, ink has dried on its new joint venture with landowner General Mediterranean Holding (GMH). Stretching from the South Loop to Chinatown, the property endured several failed development attempts by felonious ex-power broker Tony Rezko who had previously planned 4,600 residential units and roughly 670,000 square feet of retail space at the site. Luxembourg-based GMH acquired the land in 2007 for $131 million.
After sitting vacant for decades, the former rail yard bounded by Roosevelt, Clark, 16th street, and a half-mile of river frontage represents the single largest opportunity for downtown master planning since Magellan conceived Lakeshore East in the 1990s. The sprawling site is north of Tom Ping Memorial Park and just south of the 3,500-unit CMK/Lend Lease Riverline project that broke ground on its first phase earlier this year.
While Related has yet to release a detailed development plan for the land, the Chicago Tribune reports that the multibillion dollar undertaking would include of mix of residential, retail, and office space and could take as long as 15 years to complete. The development would bring new river access opportunities to the booming South Loop and would see Wells Street extended from the dead end beneath the Roosevelt overpass south to Chinatown. Plans could also include new Red and/or Orange Line CTA stops, a Metra station, and even a new high school.
Related Midwest has been busy these days with One Bennett Park under construction in Streeterville and 1035 W Van Buren preparing it rise along the Eisenhower in the West Loop. The firm is a partner in the redevelopment of the Lathrop Homes and has announced new temporary landscaping at the former Chicago Spire site, where a new development awaits.
- Developer signs deal to build 62-acre neighborhood linking South Loop and Chinatown [Chicago Tribune]
- Related Midwest reaches deal to develop huge South Loop site [Crain's]
- Related Midwest to Take Over Huge 62-Acre South Loop Site [Curbed Chicago]
- Previous South Loop coverage [Curbed Chicago]