Chicago’s appetite for bold development is best captured by megaprojects like The 78 and Lincoln Yards, two of the most ambitious proposals in the city’s modern history. Yet scale alone does not guarantee momentum. Both projects have faced strong market headwinds. Below is an overview of where each project stands.
The 78 is Chicago’s most prominent megadevelopment, planned as a 62-acre, $7 billion neighborhood on the largest undeveloped parcel in the city’s south downtown. Envisioned as the first new Chicago neighborhood in a generation, it is designed as a mixed-use riverfront district.
The project is being developed by Related Midwest, which acquired the long-vacant former rail yard site in 2016 after decades of unrealized proposals. Plans call for housing, retail, cultural venues, seven acres of green space, a five-acre sports park, major transit connectivity, and an open urban campus focused on innovation, education, and entrepreneurship.
Despite the large-scale plans, progress has been uneven. While the project received city approvals and zoning in 2019, most vertical development has yet to materialize. Infrastructure and site preparation work are underway, but no major residential or office towers are complete.
The strongest boost to momentum is the recent announcement of a privately financed, 22,000-seat stadium for Chicago Fire FC, expected to break ground in early 2026 and open in 2028. Even with this catalyst, The 78 remains a long-term, phased development likely to build out through the 2030s.
On Chicago’s North Side, Lincoln Yards was proposed as a $6 billion mixed-use development spanning roughly 53 acres between Lincoln Park and Bucktown. Led by Sterling Bay, the project envisioned up to 14.5 million square feet of high-rise towers, offices, retail, entertainment venues, infrastructure upgrades, and a potential extension of The 606 trail.
Despite receiving City Council approval in 2019, progress proved slow. Pandemic-era market shifts stalled momentum. By 2023, only one building—the Ally life sciences facility—had been completed, and it remained unleased into 2025. Mounting financial pressure led Sterling Bay to surrender the northern portion of the site to its lender in early 2025.
That land is now being redeveloped as Foundry Park, a scaled-down, housing-led neighborhood planned for roughly 2,800 homes, new riverwalks, expanded park space, affordable housing, and an extension of The 606.
The southern portion of Lincoln Yards, meanwhile, is being sold by Sterling Bay and J.P. Morgan Asset Management to Novak Construction, which has not yet released detailed redevelopment plans.