78 Development Receives New Tenant

By: Ashmar Mandou

Lawndale News Chicago's Bilingual Newspaper - Business

Mayor Lori E. Lightfoot joined Governor JB Pritzker, the University of Illinois System and Near South Side community members to announce the University of Illinois’ Discovery Partners Institute (DPI) will anchor the first phase of the $7 billion mixed-use project known as The 78.  Headquartered in Chicago, DPI will create a state-of-the art research and development campus and serve as a new model for building economic vitality and industry talent to enhance the technology workforce in Chicago and across the state.

“Chicago is thrilled to be taking this important next step with DPI, Governor Pritzker and Related Midwest in developing a state-of-the-art innovation hub that will drive cutting-edge technology advancements and propel growth and opportunity throughout our city and entire region,” said Mayor Lori E. Lightfoot.

The state funding will allow DPI to create a 500,000-square-foot, state-of-the art research and development campus within The 78, Related Midwest’s 62-acre mixed-use project along the South Branch of the Chicago River. “With this announcement of Discovery Partners Institute and the Illinois Innovation Network, we are launching a new era for Chicago as an extraordinary focal point for an unparalleled tech workforce and research and development that will attract talent to our state from around the world, strengthening Illinois’ long-term economic vitality for generations to come,” said Governor Pritzker. 

The campus will be located on the 1400 block of South Wells Street, which is being extended from Roosevelt Road through The 78 to 17th Street and Wentworth Avenue by the Chicago Department of Transportation (CDOT). DPI will relocate from its 20,000-square-foot space at 200 S. Wacker Drive when construction is completed in 2024.

DPI will expand on Chicago’s current technology economy by driving new opportunities for research and innovation and developing workforce solutions to address the current skills gap and prepare more residents for technology jobs of the future.  “Our vision for The 78 is to create Chicago’s next great neighborhood,” said Curt Bailey, president of Related Midwest. “With a dynamic Phase 1 plan that includes DPI as its centerpiece, we’re showing how a 21st-century work-live-play community, created from the ground-up and connected to so many vibrant areas, will bring new opportunities to all of Chicago. DPI’s organizational model will drive long-term innovation across critical growth industries and draw corporate tenants, entrepreneurs and venture capitalists — from across Chicago and around the globe — to The 78, where they will find top talent, groundbreaking research and new technologies that support future expansion.” The 78 is planned to include 13 million square feet of office, residential, retail, dining, hospitality, cultural and open space. 

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

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