Just weeks after ground was broken for a 22,000-seat soccer stadium at The 78, The Eisenberg Foundation, in partnership with Chicago-based developer Related Midwest, is announcing its 16th Annual Case Competition. A record 29 graduate and undergraduate college and university teams from across the country will present their proposals for the redevelopment of an 8-acre section of The 78 development in Chicago on April 11.
One of the largest real estate developments in Chicago history, The 78 will transform 62 acres of undeveloped riverfront land on the Near South Side into what will be “The 78th” neighborhood in Chicago. Anchored by Chicago Fire FC’s soccer-specific stadium, the first phase will also include a publicly owned parking deck, newly developed open space and an improved riverwalk.
Upon completion, The 78 will bring $8 billion in private investment to the heart of downtown, creating a dynamic, 24/7 district with new residential and commercial buildings and a network of interconnected community spaces that support year-round programming.
“It’s very rewarding to see our annual challenge set another record for team participation,” said Christine Bissler, Director of Real Estate Education, The Eisenberg Foundation. “We attribute this explosive growth to the interest college and university students have for commercial real estate—especially development, our ability to partner with established firms like Related Midwest, and the scholarship benefits for the winning teams.”
The undergraduate- and graduate-level student teams, including six first-time participants, will compete in a high-profile redevelopment project utilizing the 8-acre area bounded by Clark Street on the east, Wells Street (and the Chicago River) on the west, Roosevelt Road on the north and the Chicago Fire FC stadium on the south. Teams are tasked with presenting a comprehensive analysis and conclusion of how to maximize the potential of the site from both a financial and feasibility standpoint.
“The real estate industry is only as strong as its talent pipeline, which is why Related Midwest has long prioritized partnerships with academic institutions that introduce students to sustainable careers through real-world experiences,” said Curt Bailey, President, Related Midwest. “We are honored to partner with The Eisenberg Foundation for this year’s Real Estate Challenge in support of the organization’s broader mission.
“With The 78, we have the opportunity to create a neighborhood from the ground up — one that will grow and evolve in the decades ahead — so it’s only fitting that the next generation of real estate leaders imagine what’s possible on a riverfront site unlike any other in downtown Chicago,” continued Bailey.
Just as any developer would do when planning a project, the teams will have baseline parameters in terms of gross site area, areas of public right of way and maximum guidelines in terms of floor area ratio, density and building height.
In mid-February, Related Midwest and The Eisenberg Foundation hosted an informational meeting at Related’s offices and a tour of The 78 to help participating teams better understand the site and the vision for the property.
A panel of industry leaders will serve as judges to determine the final teams and award the winners. At the conclusion of the competition, the Foundation will award first, second and third place winners in both the Graduate and Undergraduate team divisions. The first place winners will also receive a $7,500 scholarship.
Opportunities remain for real estate and related financial companies to sponsor the Challenge, ranging from $500 to $7,500. More information is available on the Foundation’s website at www.eisenbergfoundation.org/real-estate-challenge/.
Over the 16-year history of the Real Estate Challenge, 49 different colleges and universities have fielded teams. Only one team, Marquette University, participated each year. Others that have participated in at least 10 challenges include University of Illinois Urbana- Champaign (15), University of Notre Dame (14), Roosevelt University (11) and DePaul University and University of Indiana (10 each).
Other interesting historical information about the winners of the Challenge:
· Roosevelt University is the only college or university to win in both levels of competition.
· Roosevelt has the most combined victories, undergrad and graduate.
· Marquette has the most victories in a single category – undergraduate (4).
· Notre Dame and Roosevelt are tied for the most victories (2) at the graduate level.
The Harold E. Eisenberg Foundation has two primary focuses: to raise awareness and funds to support gastrointestinal research and to continually inform and educate the next generation of real estate industry leaders and professionals.
