How Chicago billionaire Joe Mansueto may finally transform "The 78"
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Rendering of the new Chicago Fire FC stadium in the South Loop. Rendering: Courtesy of Chicago Fire FC
Chicago billionaire and Fire FC owner Joe Mansueto has jumped headfirst into the city's viral new trend: building a new sports stadium.
The latest: Mansueto has officially announced plans to build a world-class soccer stadium on "The 78" mega development site in the South Loop.
- Unlike other sports franchises in town, Mansueto, who founded the investment research firm Morningstar and owns the Wrigley Building, is personally financing the $650 million stadium.
- It's expected to be completed before the 2028 season.
Between the lines: The new project would not require taxpayer funding.
By the numbers: The stadium is expected to seat 22,000, with construction set to begin this fall or early next year. It will be open-air with a natural grass field.
- The Fire averaged over 22,000 fans per match last season at Soldier Field, which is similar to attendance at the United Center for the Bulls and the Blackhawks.
- Soldier Field holds 61,500 people.
What they're saying: "This project is more than just a stadium," Mansueto said in a letter to fans. "It's about investing in Chicago, not just on match days, but every day as a committed community partner."
Context: The Fire have been playing at Soldier Field after jettisoning their suburban home in Bridgeview in 2019. The Soldier Field lease is up this year, but Mansueto plans to extend until the new stadium is complete.
Flashback: "The 78" is the land that Jerry Reinsdorf targeted for a new White Sox stadium and entertainment district. The Sox asked the state to kick in to help finance, but Gov. JB Pritzker opposed the plan.
Reality check: "The 78" has changed course several times since developer Related Midwest purchased the 62 acres along the river in the South Loop in 2016.
- It was originally pitched as a new neighborhood development, then a casino, then a tech hub, and then home to a baseball stadium.
- None of those projects has materialized, and the land, once owned by convicted real estate developer Tony Rezko, has sat vacant for years.
Zoom in: All those plans drew criticism from South Loop business owners about whether the densely populated neighborhood surrounding the land would be negatively affected.
- For the White Sox stadium, fans were worried about the lack of parking.
- It's also worth noting that Sterling Bay wanted to build a soccer stadium at the North Side megaproject, Lincoln Yards, but the City Council nixed that in 2019, citing traffic and infrastructure issues.
The bottom line: There have been a lot of promises to develop "The 78" site, but Mansueto, with his deep pockets, may be the one who actually repurposes the notorious plot of land.
What's next: It's unclear what the plans for Soldier Field will be moving forward. The city-owned stadium generates tax revenue, so the prospect of losing both the Bears and the Fire to new homes could have a major impact on city finances.