DOWNTOWN — Newly released renderings show what The 78, a megadevelopment in the South Loop, could look like.

The renderings and plans for Phase One of the project were released Wednesday morning by Related Midwest, the firm behind the development. The 78 is set to be a 62-acre redevelopment of parts of the South Loop.

The new plans reveal the University of Illinois Systems’ Discovery Partners Institute will build an “innovation center” for research in The 78 on land donated by Related Midwest, according to a news release.

The Discovery Partners Institute will begin construction on the center within 12 months, according to Related Midwest, which dubbed the project a “centerpiece” of the development. Once built, 2,000 students will be able to partner with professionals and experts use the facility for “cutting-edge research and development.”

And construction has already begun on another part of Phase One: the development’s Wells-Wentworth Connector, which will be a “modern, pedestrian-friendly streetscape with protected bike lanes linking the Loop to Chinatown,” according to Related Midwest.

During Phase One, Related Midwest will also create 1.5 million square feet of office space, 700,000 square feet of residential space and 100,000 square feet of space for fitness, retail, hospitality and restaurant businesses, according to Related Midwest.

Completion of Phase One of the project is expected to come in 2024. After that, future phases of the project will see the addition of a CTA Red Line station at Clark and 15th streets and 10 million square feet of commercial and residential space, according to Related Midwest.

The 78’s name is a nod to how Chicago already has 77 city-recognized community areas and the developer wants the area to become its own recognized neighborhood.

Here are the new renderings:

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