Developer signs deal to build 62-acre neighborhood linking South Loop and Chinatown

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Photo credit: Okrent Associates

Photo credit: Okrent Associates

CHICAGO — A new development downtown is in the works to create a neighborhood linking the South Loop and China Town.

The deal was signed this week and will be lead by developer Related Midwest, who has part ownership of the 62-acre green space southwest of Clark Street and Roosevelt Road, the Chicago Tribune reports. The development is a multibillion-dollar joint venture and plans to reshape part of Chicago’s skyline, filling what’s known as the “hole in the center of Chicago.”

The site is currently more wildlife than city life because it has no sewers, accessible roads or other city services. But, the future area is set to be comparable to Grant Park in size and plans to include thousands of homes and millions of square-feet in office space and shopping.

The development is set to take 15 years and billions of dollars to complete.