Chicago to Get a New Neighborhood

Developer Related Midwest has reportedly closed on 62 acres of undeveloped land in Chicago’s South Loop. The project is being called a new Chicago neighborhood that will “serve as a much-needed connection between the Loop and Chinatown,” according to the office of Mayor Rahm Emanuel. Once underway, the project will be one of the largest in Chicago’s history.

Related Midwest struck an agreement a year ago with General Mediterranean Holdings to acquire the land. Though General Mediterranean will remain part-owner of the property at Roosevelt and Clark Streets, Related Midwest is the lead developer.

Related Midwest is working with the city of Chicago on a timeline. Curt Bailey, Related Midwest’s president, estimated that the project could take 15 years to complete, and cost billions of dollars.