With all this talk of the Sox potentially moving to a new South Loop stadium, now is a good time to review Chicago’s ongoing “megadevelopments.” These decades-long, multi-billion dollar projects will transform parts of the city. City Cast Chicago spoke with Kyle Schulz, head of business development at World Business Chicago, to learn more. Here’s a preview of that conversation:
Two megadevelopments in Chicago are Lincoln Yards on the North Side and The 78 near South Loop. What’s the vision for these two developments?
"What makes a megadevelopment, at its core, is becoming mixed-use real estate. Mixed-use means a mixture of different types of real estate classifications. It'll include some retail, some office space, entertainment districts, and green space. The intent behind a megadevelopment is that you create a brand-new neighborhood in Chicago, and have that live, work, play environment, all in one conveniently large setting."
So when we talk about Lincoln Yards, how big and how much money are we talking about?
"Lincoln Yards is one of the oldest projects. It started in 2016, and it’s over 50 acres in development size right along the Chicago River. The total investment into this project right now is slated to be $6 billion."
How do we make sure these projects are a benefit to the city?
"Some of the immediate benefits are the simple things that Chicagoans have the most joy and frustrations with. That joy is our love of green space and being outside. And that frustration is that infrastructure.
"These projects are 10, 20, 25 years in the making. We’re going to be in a wholly different world by the time they are finished and completely delivered."
