CHICAGO — Related Midwest and CRG have broken ground on the Illinois Quantum & Microelectronics Park (IQMP), the first phase of Quantum Shore Chicago, a 440-acre, master-planned technology and innovation district along the Chicago lakefront. The project is located on the former U.S. Steel South Works site at 8080 S. DuSable Lake Shore Drive in the South Chicago neighborhood.
The co-developers are receiving financing from funds managed by Blue Owl Capital on both the land acquisition and vertical development of facilities for IQMP’s anchor tenant, PsiQuantum, a Palo Alto, Calif.-based company with a mission “to build and deploy the world’s first useful quantum computers.” Quantum computing utilizes quantum mechanics to solve complex problems such as climate, energy and defense challenges faster than traditional computers.
Created through a public-private partnership with State of Illinois and federal agencies, IQMP will occupy 128 acres on the southern end of the development site. In addition to PsiQuantum’s 80,700-square-foot office and research facility — the first of several buildings the firm will eventually occupy — the campus will include a cryoplant (a facility that uses extremely low temperatures to produce gases like liquid helium and nitrogen for high-tech applications) and equipment labs, as well as research and office spaces where universities and private companies can work side by side. The project is located about six miles from the University of Chicago.
Illinois Gov. JB Pritzker has made investing in quantum computing a priority during his administration. In addition to the $500 million investment in IQMP, the state previously invested $200 million to support the Chicago Quantum Exchange, an intellectual hub based at the University of Chicago that advances the science and engineering of quantum information.
At a groundbreaking ceremony yesterday, Gov. Pritzker said that the landmark project will establish Illinois as the nation’s leading hub for quantum innovation while attracting billions of dollars in economic investment and creating thousands of jobs. “This milestone is made possible by a unique partnership across city, county, state and private industry, uniting talent and investment to create jobs, drive economic growth and secure Illinois’ leadership in a technology that will tackle tomorrow’s greatest challenges.”
Other firms that have committed to IQMP include IBM, which will house its Quantum System Two Computer at the park and partner with the state to create a new National Quantum Algorithm Center; Australian quantum startup Diraq; and Infleqtion, which will house its global computing operations headquarters onsite. The National Quantum Algorithm Center will bring together quantum algorithm experts, hardware providers, software developers and end users from across several industries.
Members of the quantum research-and-development community who secure Defense Advanced Research Projects Agency funding will conduct their work at the park, using shared facilities while helping offset infrastructure costs.
Situated along the Lake Michigan shoreline, Quantum Shore Chicago is one of the largest contiguous infill waterfront properties in the country, according to Related Midwest. Developing the project will expand connectivity to more than 100 acres of parkland, enhancing Steelworkers Park, Park 566 and the lakefront while introducing a new park along the North Slip that highlights the site’s historic ore walls. Plans also call for a 1.6-mile recreational trail linking the Calumet River and South Slip to 3.8 miles of uninterrupted Lake Michigan waterfront.
Related Midwest will also support the construction of new, affordably priced housing on vacant lots in the surrounding neighborhood, working in partnership with community organizations. Located 10 miles from the Loop, Quantum Shore Chicago is within walking distance of the Metra Electric 87th Street station. Additionally, northwest of the development, Advocate Health Care will build a $300 million, 52-bed hospital.
Lamar Johnson Collaborative (LJC) designed the first phase of IQMP. Clayco, the parent company of both LJC and CRG, will serve as general contractor for the initial phase.
Related Midwest, the Chicago office of Related Cos., develops mixed-use properties, affordable housing communities and luxury condominium and rental homes across Chicago. The firm is also developing The 78, a 62-acre project along the Chicago River that will be anchored by the new Chicago Fire FC stadium.
CRG develops and owns industrial, office, multifamily, student housing and mixed-use properties. The firm, which maintains headquarters offices in Chicago and St. Louis, has delivered more than 220 million square feet of assets exceeding $14 billion in value.
— Kristin Harlow