The company behind the proposed “The 78” development in the South Loop said Friday that the University of Illinois Discovery Partners Institute’s withdrawal from the project opens up new opportunities for the site, including co- possible location of two stadiums for the Chicago White. Sox and Chicago Fire.
Crain’s Chicago Business reported Friday that the University of Illinois is abandoning plans to build a $285 million research and education center called Discovery Partners Institute, a new research and innovation center, in the Loop south, on the proposed site of 78.
Related Midwest, the site’s developer, planned to donate about an acre of land on the site to the University of Illinois for construction of the institute. In a statement Friday, Related Midwest said it was “disappointed” by DPI’s decision to withdraw, as the departure opens up “opportunities for new partnerships and site configurations.”
“Given its proximity to the city center, its proximity to the river and its flexibility to accommodate a wide range of uses, 78 is unique in being able to accommodate large institutions wishing to plant their flag at the heart of Chicago,” their statement said. part. “We are actively exploring co-locating two stadiums for the Chicago White Sox and Chicago Fire, two organizations whose presence at 78 would align with our vision of creating Chicago’s next great neighborhood.”
The company’s proposal comes days after a bombshell report revealed that White Sox owner Jerry Reinsdorf was “willing to sell” the team as his efforts for a new stadium in the city run into trouble. resistance.
According to The Athletic’s Brittany Ghiroli’s report, Reinsdorf is in “active discussions” with a group led by former MLB player Dave Stewart about a potential sale.
Reinsdorf, 88, lobbied for public funding to facilitate the construction of a new baseball stadium as part of the development. The White Sox went so far as to build a full diamond on the site, with a panoramic view of the Chicago skyline in the background.
The approximate proposed cost could reach $1.1 billion in public funding. The site would also require tax funding to help facilitate infrastructure projects around the stadium, including a new CTA stop and rerouting of existing Metra tracks.
The land on which the project was proposed, vacant for more than 90 years, was a finalist for the Chicago casino. The developer’s project covers 62 acres of former railway property.
The team proposed paying for the park by extending a hotel services tax that was used to pay for bonds on Guaranteed Rate Field, the team’s current home.
The proposal faced significant opposition in Springfield, with Illinois Governor JB Pritzker calling himself “really reluctant” to authorize the expenditure. More than $50 million in bonds are estimated to still need to be repaid for construction of the guaranteed-rate field, which opened in 1991.
