$425 million in TIF proposed for infrastructure at The 78

Mayor Brandon Johnson has introduced to City Council a proposed public infrastructure agreement for approximately $425 million in TIF for The 78 megadevelopment in the South Loop. Located just south of W. Roosevelt Rd along the South Branch of the Chicago River, the 62-acre site is anchored by the Chicago Fire’s new stadium McDonald’s Park at 1331 S. Wells. 

Planned by Related Midwest, the 78 megadevelopment will be built out as a vibrant mixed-use neighborhood, with McDonald’s Park as the anchor and centerpiece of the project. Future phases of The 78 include up to 10,000 planned residential units, retail, office and institutional uses within the $8 billion project.

The proposed $424.9 million in Tax Increment Financing (TIF) support would reimburse Related Midwest for infrastructure work involving portions of LaSalle, 13th, 14th and 15th streets; improvements to portions of Wells and Clark streets and Roosevelt Road; upgrades to on-site Metra tracks; river wall improvements along the South Branch; and an approximately 1,200-space, below-grade parking structure that would be owned and operated by the City of Chicago; and publicly accessible open space.

The proposed TIF funding would be provided from the Roosevelt/Clark and Canal/Congress TIF districts, with developer reimbursements occurring during each construction phase.

Construction is already underway on McDonald’s Park, a new 22,000-seat stadium for the Chicago Fire FC. Designed by Gensler, the stadium broke ground in March. General contractors Pepper Construction, GMA Construction Group, and All Construction Group have the project’s foundations piles permit, shallow foundations permit, first tower crane permit, second tower crane permit, and superstructure permit all already issued and in hand. Construction is set to be completed so that the stadium will open for the 2028 MLS Regular Season.