What the Announced Quantum Computing Campus Means for South Side Multifamily Investments with Robert Berman

For years, talking points around developments on the south side of Chicago have focused on the Obama Presidential Library and the mayor’s INVEST South/West initiative. Now, however, there’s a new multi-billion-dollar development out to help reshape the south side. California-based computing company PsiQuantum has announced plans to develop a 128-acre quantum computing hub at Chicago’s south side intersection of East 78th Street and South Lake Shore Drive funded partially by $500 million from the state of Illinois. The to-be-named Illinois Quantum and Microelectronics Park will feature the world’s largest quantum computer, occupying 300,000 square feet. The site, formerly home to the U.S Steel South Works Plant, has been vacant for over 30 years.

The development is expected to inject billions of dollars into the local economy, with Illinois governor JB Pritzker estimating $20 billion in incoming public and private investments. The campus aims to position Chicago as a global hub for quantum innovation, and it’s located right in the heart of the south side. Developers hope to begin construction in 2026.

What does this mean for you, a current or prospective south side multifamily investor? Here are some of the impacts we can expect from a development of this scale:

1. Job Creation Leading to an Increased Demand for Housing

The project is expected to create thousands of jobs both in its construction and the permanent positions involved in operating the quantum computing plant. This influx of skilled workers will increase the demand for quality housing in the area.

2. Economic Revitalization

Large-scale developments like these are likely to attract additional business and services to the area, contributing to the overall local economy and creating an environment that brings about even more investment and more development.

3. Infrastructure Improvements

Another byproduct of large-scale developments is that they often create the need for public investment in infrastructure upgrades like improved transportation, utilities, and public services, all for the enjoyment of nearby property owners.

4. Educational Development Opportunities

PsiQuantum will partner with the University of Illinois Urbana-Champaign, the University of Chicago and Northwestern University to collaborate on research projects and develop educational programs in quantum applications, creating a pipeline of skilled professionals driven to the area’s newfound hub of quantum computing.

5. Aesthetic Transformation of Vacant Land

Perhaps not the most significant change brought about as a result of this development, but the transformation of a large landscape that has housed a vacant former steel plant for the last 30 years will make the area more appealing to current and future residents, and in turn, multifamily investors.

While PsiQuantum’s Illinois Quantum and Microelectronics Park may be the latest development announced for the south side of Chicago, it is far from the only project in the pipeline. The aforementioned Obama Library and mayoral investment and development programs help create a broader context of economic revitalization that serves to benefit property owners. There has never been a better time to invest in the south side.

Connect with Robert Berman to discuss multifamily opportunities in Chicago’s South and West Markets.

Image courtesy of Lamar Johnson Collaborative.