Developers Behind ‘The 78’ Push For $700 Million TIF Subsidies
A mega-development deal cleared another hurdle this week as the city’s Community Development Commission approved plans to reimburse developers more than a half-billion dollars in public subsidies for infrastructure costs.
The 13-million square foot project — a development plan so big it would essentially become Chicago’s 78th neighborhood — would be built along the Chicago River between the South Loop and Chinatown.
The project could include as many as 10,000 apartment and condominiums, a new CTA station, a realignment of Metra tracks, according to officials. It could also bring 24,000 jobs to the city.
Morning Shift checks in with Crain’s Chicago Business reporter Danny Ecker on the latest with the 78, and why some aldermanic hopefuls want to put the brakes on the project until after the election.
GUEST: Danny Ecker, reporter at Crain’s Chicago Business
LEARN MORE: The 78 clears key TIF hurdle (Crain’s Chicago Business 2/5/19)