Financed by funds managed by Blue Owl Capital, 440-acre master-planned innovation district will be anchored by PsiQuantum at the Illinois Quantum & Microelectronics Park

Related Midwest and CRG today welcomed more than 500 guests, including Illinois Gov. JB Pritzker, Cook County Board President Toni Preckwinkle, Chicago Mayor Brandon Johnson, Alds. Peter Chico (10^th) and Greg Mitchell (7^th), other city and state officials, project partners, labor leaders and community stakeholders, to celebrate the groundbreaking of 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.

Located on the former U.S. Steel South Works site at 8080 S. DuSable Lake Shore Drive in the South Chicago neighborhood, Quantum Shore Chicago lays the groundwork for future development in sectors including quantum computing, technology, healthcare and other innovation-driven fields. Related Midwest and CRG 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 aiming to build and deploy America’s first million-qubit scale, fault-tolerant quantum computer. Viewed as the next frontier in technology, quantum computing has the potential to address some of the world’s most pressing challenges — from climate and energy to pharmaceuticals, defense, financial services and more.

“Quantum Shore Chicago represents this city at its best — ambitious, resilient and focused on the future. Working in partnership with the South Chicago community, we will revitalize this long-abandoned stretch of land and unlock its potential as a global destination for innovation,” said Curt Bailey, President of Related Midwest, the master developer of Quantum Shore Chicago. “Beginning with PsiQuantum and the IQMP, this first-of-its-kind ecosystem will serve as a launchpad for changemakers ready to turn bold ideas into ventures that push boundaries and set new standards.”

“Blue Owl Capital is proud to support Quantum Shore Chicago and the Illinois Quantum & Microelectronics Park — a landmark development that will accelerate breakthroughs in quantum computing and advanced technologies,” said Marc Zahr, Global Head of Real Assets at Blue Owl. “This investment by our funds reflects our strategy of financing mission-critical assets that enable long-term innovation and infrastructure growth. We’re excited to work with Related Midwest, CRG and PsiQuantum to help lay the foundation for a new era of scientific and economic progress.”

Gov. Pritzker has made investing in quantum computing a major priority during his administration. In addition to the $500 million investment in IQMP, Illinois previously invested $200 million to support the Chicago Quantum Exchange, the first state to make that large of a commitment to quantum.

“Today we break ground on a landmark project that will establish Illinois as the nation’s leading hub for quantum innovation while attracting billions in economic investment and creating thousands of jobs,” said Illinois Governor JB Pritzker. “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. With trailblazing companies like PsiQuantum and a growing roster of innovators calling IQMP home, we will position Illinois as the global leader in quantum innovation, unlocking new opportunities for scientific breakthroughs and economic advancement right here on the South Side.”

“With the development of the Illinois Quantum and Microelectronics Park coupled with top-tier talent and a powerful ecosystem, all united under the same vision, Illinois is in a class of its own for quantum computing,” said Illinois EDC Chairman John Atkinson. “The Park will bring high-quality jobs to our state, creating opportunity in and transforming a historically disinvested area, while paving the way to address some of society’s biggest challenges.”

“The Illinois Quantum and Microelectronics Park is about more than technology, it is about transformation for South Chicago,” said Chicago Mayor Brandon Johnson. “This investment will bring new jobs and educational pathways while also paving the way for expanded health care and community amenities, including a new Advocate Health hospital and expanded access to the lakefront. Together we are showing what it looks like when innovation uplifts neighborhoods and creates lasting benefits for residents.”

Created through a public-private partnership with state and federal agencies, the IQMP will occupy 128 acres on the southern end of the 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 and equipment labs, as well as research and office spaces where universities and private companies can work side by side.

“Today marks a historic day not only for the 10th Ward, but the entire Southeast Side,” said Peter Chico, 10th Ward Alderman. “This transformation of the former U.S. Steel Southworks Site into the Illinois Quantum and Microelectronics Park places the South Chicago community as the leader of quantum computing. We look forward to this investment helping to build our community, as U.S. Steel did for many years.”

“On behalf of the 7th Ward, I welcome the Illinois Quantum Microelectronics Park on the former U.S. Steel site,” said Greg Mitchell, 7th Ward Alderman. “This is a turning point for the Southeast Side and for the entire City of Chicago. The project brings more than cutting-edge technology — it serves as a catalyst for economic growth, workforce development, and long-term community investment. By transforming a symbol of our industrial past into a hub of innovation, we are creating a future where local residents have access to opportunity, our city leads in next-generation technology, and the Southeast Side stands as a model of renewal and progress.”

“Thanks to strong support from the State of Illinois, we are breaking ground on the largest quantum computing project in the United States as the anchor tenant at the Illinois Quantum and Microelectronics Park,” said Prof. Jeremy O’Brien, co-founder and CEO of PsiQuantum. “We are proud to be building America’s first utility-scale quantum computer on Chicago’s South Side, where we will unlock the world-changing potential of quantum computing.”

“Today’s groundbreaking is more than the start of construction — it is the start of a new era. With PsiQuantum, IBM, Infleqtion, Diraq and DARPA already on board, IQMP is becoming the largest quantum ecosystem in North America,” said Dr. Harley Johnson, Executive Director and CEO of the IQMP. “We are building a place where science, industry and community come together, and we are committed to making this Park not only a global hub for innovation but also a source of pride and opportunity for the South Side of Chicago.”

The first phase of the IQMP is designed by Lamar Johnson Collaborative (LJC). Clayco, the parent company of both LJC and CRG, will serve as general contractor for the initial phase.

“Clayco is proud to play a lead role in this transformative project, which will elevate Chicago on the global stage while creating opportunities for those who live closest to this long-dormant site,” said Michael Fassnacht, Chief Growth Officer and President of the Chicagoland Region at Clayco. “By bringing the future of quantum computing to life, we are building not only a cutting-edge facility but also the foundation for technological breakthroughs that will shape industries and communities for decades to come.”

A set of urban design guidelines will ensure thoughtful connection with the surrounding community. They include high-quality building materials that support diverse architectural expressions; bird-safe technology that mitigates collisions; native landscaping that provides habitats for migratory birds, butterflies, bees and other pollinators; and public artwork that celebrates the rich cultural heritage of the site.

“This expansive site is largely a blank canvas but one with a rich history in industry, which is evident from the neighboring ore walls and other artifacts at Steelworkers Park,” said Zackery House, CEO of LJC. “Our design for PsiQuantum incorporates rusting steel as a nod to the site’s past, while the curvature of the structure itself draws inspiration from the surrounding topography. Native landscaping will support biodiversity and create a lush, campus-like setting that promotes walkability and connectivity among the various components.”

Other firms that have committed to IQMP are IBM, which will house its state-of-the-art Quantum System Two Computer at the park and partner with the State of Illinois to create a new National Quantum Algorithm Center, marking the first Fortune 500 company to join the site; Australian quantum startup Diraq, which was recently awarded a Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking Initiative Stage A contract; and Infleqtion, a global leader in quantum tech, which will headquarter its global computing operations on-site as part of a $50 million investment to develop and build the world’s first utility-scale, neutral atom quantum system. Under DARPA’s Quantum Proving Ground Program, members of the quantum research and development community who secure competitively awarded DARPA funding will conduct their work at the park, using shared facilities while helping offset infrastructure costs. The National Quantum Algorithm Center (NQAC), a signature initiative to be housed at IQMP, will bring together quantum algorithm experts, hardware providers, software developers and end users from across industries, serving as a central gateway for companies to tackle real-world challenges, develop quantum algorithms and access cutting-edge quantum resources.

Northwest of the development, Advocate Health Care will build a $300 million, 52-bed hospital that will enhance the community’s access to high-quality health care and further establish the area as a powerhouse of breakthrough science, health and technology.

Situated along the Lake Michigan shoreline, Quantum Shore Chicago is one of the largest contiguous infill waterfront properties in the country. Backed by decades of success as a fully integrated, highly diversified industry leader, Related and its partners will leverage large-scale, multiphase development and design expertise to connect the district to the adjacent neighborhood while supporting the local ecology.

Underscoring their longstanding commitment to community-based hiring practices, Related Midwest and its partners will prioritize small and emerging local businesses during construction and ongoing operation of Quantum Shore Chicago. The firms are supporting workforce development programs and partnerships with area schools to engage local youth and lead students toward sustainable career paths spanning multiple industries.

“From the beginning, one of our priorities has been working with local businesses and residents to ensure they benefit from the wide range of employment opportunities Quantum Shore Chicago will create,” said Don Biernacki, Executive Vice President of Construction at Related Midwest. “This could be careers in quantum and related fields, but also in the building trades, professional services, healthcare and other industries that will play a critical role in shaping and operating the broader campus.”

In developing Quantum Shore Chicago, Related 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. Redevelopment of the site also calls for a 1.65-mile recreational trail linking the Calumet River and South Slip to 3.8 miles of uninterrupted Lake Michigan waterfront — a distance equivalent to the waterfront span from the Merchandise Mart to McCormick Place.

Related 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 87^th Street station, served by CTA bus routes and close to the Chicago Skyway and other major thoroughfares. The site is also within the Illinois International Port District, providing access to multimodal transportation, and offers high power and water capacity for quantum and other advanced technology industries.

ABOUT RELATED MIDWEST:

Related Midwest, the Chicago office of Related Companies, is the preeminent developer of mixed-use properties, affordable housing communities, and luxury condominium and rental homes across Chicago. The company commands a portfolio of residential, mixed-use and master-planned properties, including pioneering projects like The 78, a transformational 62-acre development in the heart of downtown Chicago envisioned as the city’s next great neighborhood, and 8080 S. DuSable Lake Shore Drive, a 400-acre innovation campus in the South Chicago neighborhood anchored by the Illinois Quantum & Microelectronics Park. Related Midwest is also the largest developer of affordable housing in the Midwest, with more than 10,000 units, and has never converted an affordable unit to market-rate.

For more than 30 years, Related Midwest has been an industry leader in community commitment and routinely leads the industry in establishing progressive standards for its business ecosystem. The company is deeply committed to improving neighborhoods, creating sustainable opportunities for small businesses and community residents, and building inspirational places and homes for all. Related Midwest’s business model is built on partnership with community-based firms as well as mentorship of small and emerging businesses as they launch and grow. The firm is a founding partner in HIRE360, a first-of-its-kind organization designed to expand professional development and employment opportunities in the trades.

ABOUT CRG:

CRG is a privately owned North American real estate development and investment firm founded in 1993 with deep expertise in delivering and owning industrial, office, multifamily, student housing and mixed-use assets. The firm serves clients and investors from seven regional offices benefiting from local expertise in Chicago, St. Louis, Seattle, SoCal, Phoenix, Philadelphia and Atlanta. CRG has developed more than 12,500 acres of land and delivered over 220 million square feet of assets exceeding $14 billion in value. For more information, visit CRG’s website at www.realcrg.com.

ABOUT LAMAR JOHNSON COLLABORATIVE:

Lamar Johnson Collaborative (LJC) is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients’ goals and aspirations. For more information, please visit www.theljc.com.

ABOUT CLAYCO:

Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely and sustainably delivers the highest quality solutions to clients across North America on time, on budget, and above and beyond expectations. With $7.6 billion in revenue for 2024, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential-related building projects. For more information, visit www.claycorp.com.

ABOUT PSIQUANTUM:

PsiQuantum was founded in 2016 and is headquartered in Palo Alto, California. The company’s mission is to build and deploy the world’s first useful quantum computers. PsiQuantum’s photonic approach enables it to leverage high-volume semiconductor manufacturing, existing cryogenic infrastructure, and architectural flexibility to rapidly scale its systems. Learn more at www.psiquantum.com.

ABOUT BLUE OWL:

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®.

With over $284 billion in assets under management as of June 30, 2025, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with approximately 1,300 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

Please visit this link for renderings of the IQMP campus (credit: Related Midwest, CRG, Clayco, Lamar Johnson Collaborative).