Chicago Fire and Related Clear Key Hurdle for The 78

Related Midwest’s 62-acre South Loop site The 78 is one step closer to approval and with it, Chicago Fire FC is approaching a Soldier Field exit.

The Chicago Plan Commission on Thursday approved rezoning for Related Midwest’s 62-acre South Loop site, advancing plans for a $750 million, privately financed stadium at The 78 that would anchor an $8 billion mixed-use campus, Crain’s reported. The 22,000-seat venue, targeted for completion by the 2028 season, would be the centerpiece of a long-stalled development that Related Midwest CEO Curt Bailey has been pitching since 2016.

Bailey told commissioners the project is a signal Chicago is “back in so many ways,” predicting thousands of jobs and a Wrigleyville-style entertainment district around the stadium. Fire owner Joe Mansueto would buy roughly 10 acres of the site for the stadium, while Related would retain control of surrounding development, including plans for 5,000-plus apartments, part of a multi-phased mixed-use district along the Chicago River south of Roosevelt Road, between the South Loop and Chinatown.

The rezoning still needs City Council zoning committee and full Council approval.

Alderman Pat Dowell represents the 3rd Ward, where The 78 would be located. Dowel reiterated her backing during Thursday’s meeting, calling the project exciting for the city and the 3rd Ward. She said her support is contingent on the Fire’s stadium being the only stadium at the site — a reference to Related’s parallel talks with the White Sox about relocating from Guaranteed Rate Field. The rezoning amendment approved Thursday includes language limiting The 78 to a single stadium unless new approvals are sought.

The Sox, who floated a ballpark concept for the site last year, have said they are keeping “all options open.”

Traffic and transit remain a sticking point. A study commissioned by the Fire and Related found game-day congestion would be less severe than weekday rush hour. The project caps large-scale events at 45 annually, including 17 Fire home matches.

25th Ward Alderman Byron Sigcho-Lopez pressed for more community feedback, warning against rushing a massive redevelopment. Dowell countered that nine community meetings had been held and argued the city shouldn’t stall a private investment on land that’s sat vacant for half a century.

Still is how much public money will be needed to upgrade infrastructure around the stadium. Related’s 2019 redevelopment agreement called for up to $551 million in tax-increment financing for roads, bridges and transit, but Bailey has said a revised deal would trim costs by scrapping plans for a new CTA Red Line station and Metra track realignment.

City planning officials said talks over TIF reimbursements are in the early stages. Any revised agreement would need sign-off from the Community Development Commission and City Council Finance Committee — which Dowell chairs, giving her significant leverage over how much taxpayer support flows to the 78.

— Eric Weilbacher