The company behind "The 78" development proposed in the South Loop said Friday the exit of the University of Illinois' Discovery Partners Institute from the project opens up new opportunities for the site, including the possible co-location of dual stadiums for the Chicago White Sox and Chicago Fire.
Crain's Chicago Business reported on Friday that the University of Illinois is scrapping its plans to build a $285 million research and teaching facility called the Discovery Partners Institute, a new research and innovation center, in the South Loop on the proposed site of The 78.
Related Midwest, the site's developer, planned to donate approximately an acre of land on the site to the University of Illinois for the construction of the institute. In a statement Friday, Related Midwest said it was "disappointed" by the DPI's decision to exit, but the departure opens up "opportunities for new partnerships and site configurations."
"Given its proximity to downtown, adjacency to the river and flexibility to accommodate a wide range of uses, The 78 stands alone in its ability to house large institutions that want to plant their flag in the heart of Chicago," their statement read, in part. "We are actively exploring the co-location of dual stadiums for the Chicago White Sox and Chicago Fire, two organizations whose presence at The 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 is “open to selling” the team as his push for a new stadium in the city encounters resistance.
According to the report from Brittany Ghiroli of The Athletic, Reinsdorf is in “active discussions” with a group led by former MLB player Dave Stewart about a potential sale.
Reinsdorf, 88, has been pushing for state funding to help facilitate the construction of a new ballpark as part of the development. The White Sox went so far as to construct a full diamond at the site, with scenic views of the Chicago skyline in the background.
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The proposed ballpark could come with a price tag of up to $1.1 billion in public funding. The site would also require Tax-Increment Funding to help facilitate infrastructure projects around the stadium, including a new CTA stop and rerouting existing Metra tracks.
The land where the project has been proposed, which has been vacant for more than 90 years, was a finalist for the Chicago casino. The developer’s project spans 62 acres of former railroad property.
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The team proposed paying for the park by extending a hotel service tax that has been used to pay bonds on Guaranteed Rate Field, the team’s current home.
The proposal has met significant opposition from Springfield, with Illinois Gov. J.B. Pritzker calling himself “really reluctant” to authorize the expenditure. According to estimates, more than $50 million in bonds still need to be repaid for the construction of Guaranteed Rate Field, which opened in 1991.
