Chicago Fire FC announces plans to build new, privately funded soccer stadium at ‘The 78’ in the city’s South Loop

CHICAGO — It looks like a resident will finally be moving in to anchor “The 78,” the vacant piece of land in Chicago’s South Loop that’s been a proposed site for several developments over the years, most recently a new White Sox stadium.

But a different Chicago pro sports team, the Fire of Major League Soccer, is now poised to move into the 62-acre site along the Chicago River at Roosevelt Road, developed by Related Midwest and called “The 78” for its potential to become the city’s 78th neighborhood.

The Fire announced plans early Tuesday morning for a privately financed $650 million, 22,000-seat soccer stadium at “The 78.” The stadium will be open-air with a natural grass field and, according to the team, will be the first part of a larger, mixed-use district that will take shape around it at “The 78.”

This would include new homes, world-class dining and shopping, local artwork, outdoor gathering space, affordable housing, and a half-mile riverwalk, according to the Fire.”This would include new homes, world-class dining and shopping, local artwork, outdoor gathering space, affordable housing, and a half-mile riverwalk, according to the Fire.

“Chicago is where I built my business, my family and my life,” Joe Mansueto, Fire owner and chairman, said in a “Dear Chicago” letter released with the new stadium announcement.

“And while I never set out to own a professional sports team, when the chance came to purchase the Chicago Fire in 2018, I couldn’t pass it up. Soccer is the world’s game and a world-class city like ours deserves a world-class club — with a world-class home to match.”

The team says the initial phase of stadium construction is scheduled to begin in fall 2025 or early 2026, with a target completion date in time to host matches for the 2028 MLS regular season.

The Fire, who began play in 1998, have split their home matches over the years between Soldier Field and SeatGeek Stadium in Bridgeview. The team’s current home is Soldier Field, which at 61,500 seats is a huge venue for MLS matches and is usually about two-thirds empty when the Fire play there.

And due to conflicts with Bears preseason and regular season games, the Fire just announced they’ve moved a third match later this season from Soldier Field to SeatGeek Stadium.

According to the Chicago Tribune, “The 78” is preapproved for stadium use, but the Fire will still need the City Council to sign off on the new stadium project. The Tribune reports the first community meeting to discuss the proposed stadium is scheduled for June 16.

Additionally, the Tribune says the Fire have already retained an agent to sell naming rights for the new stadium, which would help the franchise with the cost.

A big part of “The 78’s” allure to a pro sports franchise is its prime location. There are four Chicago Transit Authority train stops nearby, along with the LaSalle Street Metra Station. A parking garage and water taxis are also in the Fire’s plans.

The team says the project is estimated to create “thousands of jobs for Chicagoans” in construction, operations and hospitality, with community-based contractors and suppliers also being prioritized.

“This project is more than just a stadium,” Mansueto wrote in his letter. “It’s a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game — right in the heart of our city.

“It’s about investing in Chicago, not just on match days, but every day as a committed community partner.”

Privately funded

While the Fire still need official city approval to proceed with the new stadium proposal, their plan to privately finance it is likely the key to getting it done.

It’s been repeatedly proven during the Bears and White Sox stadium sagas that there’s no political appetite for public funding for new venues for pro sports teams.

The Bears now seem certain to proceed with their stadium project on land they own in northwest suburban Arlington Heights.

The White Sox, meanwhile, released renderings of a proposed new ballpark in “The 78” in February 2024. But like the Bears’ proposals to build a new stadium downtown along the lakefront, “The 78” proposal by the White Sox reportedly asked for around $1 billion in public funding.

The Fire, by contrast, have made no taxpayer funding the central pitch of their stadium proposal.

Granted, a 22,000-seat soccer venue carries a price tag lower than an MLB stadium, which would seat around 35,000 to 40,000, or an NFL stadium, which might seat around 70,000 or so.

Nonetheless, the ability of Mansueto and Fire leadership to finance a new stadium project with no public money is a huge benefit to the city that neither the Bears or White Sox were able to — or did not want to — commit to, at least up to now.

A self-made billionaire, Mansueto grew up in Northwest Indiana and came to the city for college about 50 years ago. He earned his MBA in from the University of Chicago Booth School of Business and founded Morningstar in 1984. He’s been executive chairman of the company since 2017.