SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum//index.php)
-   General Development (https://skyscraperpage.com/forum//forumdisplay.php?f=86)
-   -   CHICAGO | The 78 Site (https://skyscraperpage.com/forum//showthread.php?t=233449)

marothisu Feb 12, 2020 1:39 PM

'Once-in-a-generation' South Loop project gets $500M boost from Pritzker

https://www.chicagobusiness.com/greg...boost-pritzker

Quote:

In a huge boost for Chicago’s tech industry and for development of the South Loop, Gov. J.B. Pritzker has decided to release $500 million in state capital funds for the budding Discovery Partners Institute in the 78 real estate project on the Near South Side.

The formal announcement, scheduled to come later today in a press conference featuring Pritzker and Mayor Lori Lightfoot, clears the way for construction of 500,000 square foot headquarters for DPI, including classroom and lab space for thousands of teachers and students expected to use the research facility.

Officials at Related Midwest, which is donating land for the DPI project, said the action provides a critical catalytic spark to attract other tenants to the firm’s 62-acre development along the South Branch of the Chicago River between Roosevelt Road and Chinatown.

The release of the state funds also clears the way for more than $260 million in other high-tech research spending at other campuses around the state, including $85 million for a pharmaceutical and cancer research facility at the University of Illinois at Chicago and $100 million for a big data hub and other buildings at the University of Illinois at Urbana-Champaign.


..

“When I got here, there was hardly any matching money,” Pritzker said in an interview. But now, $230 million in hard commitments have been made by various government units and private companies, and the state expenditure should clear the way for “at least” another $270 million.

“This puts Illinois at the epicenter of world commerce,” aid Pritzker, who was in the venture capital business before running for office. “It’s going to create an awful lot of jobs and upskilling”—a projected 1,100 within two years and 15,000 within five years.

Actually, a report prepared for DPI by Boston Consulting Group says the facility, which boosters say they hope will emulate Kendall Square in Boston, could generate even bigger figures, saying DPI should create 48,000 “new economy” jobs over the next decade, 27,000 support jobs and help 23,000 people get better jobs.

University of Illinois President Timothy Killeen said construction of DPI’s first building, along the 1400 block of South Wells, should begin this year, with the facility to include 500,000 square feet of laboratory and other space, classrooms, and an “immersion theater” be used for data visualization.

Related Midwest President Curt Bailey described the announcement as “a seminal moment” for his development, which also will benefit from a somewhat controversial tax-increment financing subsidy approved in Emanuel’s final days.

Bailey said he now expects to move ahead with phase one of his development, with six buildings including a million square feet of office space, a hotel and 400 apartments built by 2024, along with a riverwalk. Construction of a new el stop will come later.

Though Pritzker said private fundraising has stepped up, at least $224 million of the $500 million is coming from state schools in different forms, with UIC, for instance, donating $37 million in bond proceeds, $23 million in “indirect cost recovery,” $18 million in philanthropic gifts and $15 million in clinical revenue.

Two large corporate gifts—$50 million from Foxconn and $65 million from pharmaceutical company Deerfield Management—already had been announced.

SIGSEGV Feb 12, 2020 2:33 PM

Looks like foxconn valley keeps paying dividends for Illinois. Thanks cheeseheads!

gebs Feb 12, 2020 2:37 PM

From the Sun-Times' announcement, a conceptual rendering provided by Related:

https://cdn.vox-cdn.com/thumbor/y3jo...nstitute.0.jpg

marothisu Feb 12, 2020 2:54 PM

I'll be interested to see which companies Related can attract to open offices there. With the success of OPO not too far away, I'd hope there could be some big announcements for The 78. They stated that they should be able to go ahead with phase 1 which includes office space. Very curious if they have a soft commitment or two in place already.

west-town-brad Feb 12, 2020 3:06 PM

Quote:

Originally Posted by gebs (Post 8828872)
From the Sun-Times' announcement, a conceptual rendering provided by Related:

https://cdn.vox-cdn.com/thumbor/y3jo...nstitute.0.jpg

are those green leaves or taxpayer dollars littering the rendering? :yes:

ardecila Feb 12, 2020 3:19 PM

Also a second image showing the DPI building in context. Looks like this will be at the northeast corner of the new Wells St and the new 15th St, with an address on the 1400 block.

Looks like the above rendering is taken from the other side of the building, the so-called "Crescent Park" looking toward the southeast.

https://i.imgur.com/Y0Jxddo.jpg

Handro Feb 12, 2020 3:31 PM

This would be a MAJOR boon for Chicago if it ever comes to fruition. Beyond the amazing immediate impacts it would have on the economy and built environment, it could really do a lot to re-capture a lot of the cultural cache that Chicago has lost over the past 40 years.

Now change the damn name! Ha.

skysoar Feb 12, 2020 3:43 PM

Quote:

Originally Posted by west-town-brad (Post 8828897)
are those green leaves or taxpayer dollars littering the rendering? :yes:

On a serious note this is very exciting news for the 78 and Chicago, and the number of jobs created and this projects impact on Chicagos profile in the tech field will be greatly enhanced should this project come to full fruition.

skysoar Feb 12, 2020 3:51 PM

Quote:

Originally Posted by ardecila (Post 8828910)
Also a second image showing the DPI building in context. Looks like this will be at the northeast corner of the new Wells St and the new 15th St, with an address on the 1400 block.

Looks like the above rendering is taken from the other side of the building, the so-called "Crescent Park" looking toward the southeast.

https://i.imgur.com/Y0Jxddo.jpg

So where is the so- called sidescraper located in this view of the 78.

sentinel Feb 12, 2020 4:22 PM

Quote:

Originally Posted by skysoar (Post 8828944)
So where is the so- called sidescraper located in this view of the 78.

It was where the two smaller buildings in the foreground are located, along the river.....because the entire design has been overhauled so that the 'sidescraper' is no longer part of the overall design. In fact, the entire original layout appears to have been drastically re-designed...seemingly for the better.

sentinel Feb 12, 2020 5:56 PM

Apparently, the newly released render for the DPI institute supersedes a previous conceptual design that I had not seen before, nor has it been previously posted here either:

https://dpi.uillinois.edu/UserFiles/...PI-overall.jpg

https://dpi.uillinois.edu/UserFiles/...tairs-view.jpg

https://dpi.uillinois.edu/UserFiles/...rance-view.jpg

Frankly, it's a bit of a mess; the newly released design appears more refined/architectural while still being unique.

https://dpi.uillinois.edu/location/Future%20DPI%20Site

BuildThemTaller Feb 12, 2020 7:23 PM

Quote:

Originally Posted by gebs (Post 8828872)
From the Sun-Times' announcement, a conceptual rendering provided by Related:

https://cdn.vox-cdn.com/thumbor/y3jo...nstitute.0.jpg

Looks like a conceptual rendering of the Perelman Center for Performing Arts going up next to One World Trade Center in NY.

https://imgs.6sqft.com/wp-content/up...nter-REX-1.jpg

...cue Chicago vs NY debates...

chicagodeckerdude Feb 12, 2020 7:50 PM

Ok so if you look at the updated rendering photos on the Curbed Chicago article from today, then pause the video on the homepage of the 78chicago.com website they don't look the same to me. I don't see that unique DPI building on the website. Anyone?

ardecila Feb 12, 2020 8:04 PM

Everything on the 78 website should be considered a placeholder... I'm sure the images in today's article are the latest and greatest, but the design still may change as the design process moves forward.

gebs Feb 12, 2020 8:20 PM

BlockClub Chicago has some nice renderings:

https://blockclubchicago.org/wp-cont...ed-Midwest.jpg

https://blockclubchicago.org/wp-cont...ed-Midwest.jpg

https://blockclubchicago.org/wp-cont...ed-Midwest.jpg

emathias Feb 12, 2020 9:30 PM

One of the articles said that the 15th Street subway station would "come later," but it's been approved and the DPI appears to be at the south end of the site, furthest from Roosevelt so is the article just misinformed? It doesn't make sense not to build the subway station at the same time as buildings on the south end of the project because otherwise it becomes difficult for workers to get there efficiently. Sure, there might be bus access, Divvy access, and it could be walked to, but workers are going to be happier if they're able to exit a station right next to their building instead of having to walk 15 minutes or wait for a bus. And isn't that part of what the TIF is explicitly for?

moorhosj1 Feb 12, 2020 10:33 PM

Quote:

Originally Posted by emathias (Post 8829371)
One of the articles said that the 15th Street subway station would "come later," but it's been approved and the DPI appears to be at the south end of the site, furthest from Roosevelt so is the article just misinformed? It doesn't make sense not to build the subway station at the same time as buildings on the south end of the project because otherwise it becomes difficult for workers to get there efficiently. Sure, there might be bus access, Divvy access, and it could be walked to, but workers are going to be happier if they're able to exit a station right next to their building instead of having to walk 15 minutes or wait for a bus. And isn't that part of what the TIF is explicitly for?

The TIF will be funding the new Red Line stop and the realigning of the Metra tracks, but first it is needed to build the roads and sidewalks to support area activity in the first place. That is part of Phase 1, along with 2.5 million square feet of buildings (including this one). Phase 2 includes the CTA station and 10 million square feet of buildings.

lakeshoredrive Feb 12, 2020 11:05 PM

Wouldn't it make sense to have another subway station near roosevelt road to have access to the northern part of the 78 since the 15th st station will have access to the southern part of the 78. i'm assuming this may not be possible because of the subway tunnel going from chinatown cermak to roosevelt station?

KWillChicago Feb 12, 2020 11:23 PM

Man, city inside a city. Hopes this all goes.

emathias Feb 12, 2020 11:25 PM

Quote:

Originally Posted by lakeshoredrive (Post 8829471)
Wouldn't it make sense to have another subway station near roosevelt road to have access to the northern part of the 78 since the 15th st station will have access to the southern part of the 78. i'm assuming this may not be possible because of the subway tunnel going from chinatown cermak to roosevelt station?

There is literally a Red Line subway station at Roosevelt, and an elevated Green and Orange Line station. You might want to wander south of Congress occasionally.


All times are GMT. The time now is 9:37 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.