The Chicago Fire plan to build a privately-funded soccer stadium in the South Loop.
The football club announced the $650M stadium will have 22,000 seats, an open roof, real grass on the field and luxury suites.
Billionaire owner Joe Mansueto says it will be a catalyst for jobs, economic development and vibrant community life in The 78.
The 62-acre space at Roosevelt and the Chicago River has been pitched as the future site of a casino, Amazon headquarters and new White Sox stadium.
None have panned out.
Mansueto, who was born in Hammond and founded the financial services firm Morningstar, says it’s only fair sports teams bear the cost of construction since they accrue most of the value.
The City Council must sign off on the project before the team can break ground this fall.
The goal is to open in the spring, ahead of the 2028 MLS regular season.
A sports management expert predicts the announcement is likely to hurt the White Sox’s chances of getting public funding.
Loyola University’s Noah Henderson says the public may reject the idea of spending tax dollars on a team whose owners aren’t spending money to win games.