The long-term future of The 78 development in Chicago’s South Loop could be at risk as reports swirl about the potential sale of the Chicago White Sox.
As Chicago White Sox owner Jerry Reinsdorf considers selling the team he has owned for over 40 years, Related Midwest’s hopes of securing a new White Sox stadium for its 62-acre mixed-use development hang in the balance, jeopardizing a critical part of the project’s overall vision, the Chicago Tribune reported.
Related Midwest, headed by CEO Curt Bailey, has been positioning the sprawling development to become Chicago’s 78th neighborhood, with residential, commercial and entertainment spaces. The new White Sox stadium on the site had been planned as the development’s anchor.
However, the potential sale of the team raises uncertainty over whether The 78 will see this vision come to life. The backdrop of all this is Reinsdorf’s frustration following the White Sox’s record 121 losses in this season and a failed attempt to secure public funding for a ballpark. He is in “active discussions” to sell the team to a group that has been trying to get a Major League Baseball expansion team in Nashville, the Athletic reported.
Renderings released earlier this year show the potential stadium would span a significant portion of The 78’s riverfront.
Reinsdorf’s lease at Guaranteed Rate Field expires in 2029. The lease’s looming end date added urgency to his quest for public funding to support a new stadium, but with no significant progress on securing city or state funding, Reinsdorf’s ambitions for a ballpark at The 78 have waned.
The uncertainty surrounding The 78 has only increased with the recent decision by the University of Illinois to cancel its plans to build the Discovery Partners Institute on the site, Crain’s reported. The institute was expected to be a major draw for businesses, researchers and students, forming an intellectual cornerstone of the development.
Losing both the academic anchor and the planned stadium could fundamentally alter the development’s trajectory, leaving Related to rethink its plans for the site.
Bailey, however, is still bullish on the project. His firm has secured substantial land for The 78, where thousands of residential units are planned alongside commercial space.
— Andrew Terrell
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