Major League Soccer’s Chicago franchise has paid more than $69 million for the site where it is now building a 22,000-seat soccer stadium along the Chicago River, a big-ticket expense within what is expected to be the costliest venue in league history.
Early this month, an affiliate of billionaire Joe Mansueto’s Chicago Fire bought just over 9.2 acres in the South Loop from a venture of developer Related Midwest, according to online property records. The price was just over $69.3 million.
Although it was expected, now-emerging details of the land purchase provide more context about how the team valued the riverfront location for its $750 million project.
The completion of the land sale, previously reported by the Real Deal Chicago, came the day before the team held a groundbreaking ceremony on the site that was attended by Major League Soccer Commissioner Don Garber, Chicago Mayor Brandon Johnson, Mansueto, Fire coach and director of football Gregg Berhalter and Fire players.
Related Midwest has been working for years on a potentially skyline-altering, mixed-use development on 62 acres of long-vacant land south of the Loop business district. But that developer, part of New York-based Related Companies, has yet to break ground on its portion of The 78.
The project name refers to the goal of creating the city’s 78th neighborhood.
Huge, multiphase developments such as The 78 have proved difficult to kick off in the aftermath of a pandemic and amid high construction and borrowing costs.
Yet the land value appears to have remained high, based on the Fire’s purchase price.
By comparison, most of the stalled Lincoln Yards megadevelopment site along the river on the city’s North Side — where the Fire also explored putting the stadium — sold to separate investors who paid about $118 million combined for much larger parcels.
Late last year, JDL Development and Kayne Anderson paid just under $84 million for about 28 acres of Lincoln Yards, while Novak Construction paid $34 million for about 18 acres.
Related Midwest and the Fire did not respond to requests for comment about the land deal.
Mansueto’s soccer stadium will be privately funded, although the team remains in talks with city officials as to how infrastructure supporting the stadium will be paid for.
Fire games are expected to move from Soldier Field to the new stadium for the 2028 season.
It will be the first new Chicago sports stadium since the 1990s.