Big financing steps forward for 'the 78' and Foundry Park projects
<p>Two of Chicago’s most pivotal but challenging undeveloped sites — Foundry Park on the North Side and the vacant South Loop parcel known as “the 78” — moved forward in a big way Wednesday before the City Council adjourned for a summer recess.</p><p>Mayor Brandon Johnson introduced a <a class="Link" href="https://chicago.suntimes.com/real-estate/2026/06/09/city-panel-community-development-commission-201-6-million-tif-subsidy-foundry-park" >$201.6 million tax increment financing subsidy </a>for JDL Development's scaled back vision for North Side industrial land along the Chicago River that once was supposed to be home to the <a class="Link" href="https://chicago.suntimes.com/real-estate/2025/06/27/lincoln-yards-sterling-bay-jdl-development-jim-letchinger-rahm-emanuel" >Lincoln Yards megaproject.</a></p><p>And despite a slew of concerns from Council members, the full Council approved <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/07/13/finance-committee-approves-425m-subsidy-for-site-that-includes-fire-stadium" >a $425 million TIF</a> for the 78. The subsidy will bankroll public improvements needed for the South Loop development, anchored by a $750 million soccer stadium privately financed by Chicago Fire billionaire owner Joe Mansueto.</p><p>Downtown Ald.
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<p>Two of Chicago’s most pivotal but challenging undeveloped sites — Foundry Park on the North Side and the vacant South Loop parcel known as “the 78” — moved forward in a big way Wednesday before the City Council adjourned for a summer recess.</p><p>Mayor Brandon Johnson introduced a <a class="Link" href="https://chicago.suntimes.com/real-estate/2026/06/09/city-panel-community-development-commission-201-6-million-tif-subsidy-foundry-park" >$201.6 million tax increment financing subsidy </a>for JDL Development's scaled back vision for North Side industrial land along the Chicago River that once was supposed to be home to the <a class="Link" href="https://chicago.suntimes.com/real-estate/2025/06/27/lincoln-yards-sterling-bay-jdl-development-jim-letchinger-rahm-emanuel" >Lincoln Yards megaproject.</a></p><p>And despite a slew of concerns from Council members, the full Council approved <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/07/13/finance-committee-approves-425m-subsidy-for-site-that-includes-fire-stadium" >a $425 million TIF</a> for the 78. The subsidy will bankroll public improvements needed for the South Loop development, anchored by a $750 million soccer stadium privately financed by Chicago Fire billionaire owner Joe Mansueto.</p><p>Downtown Ald. Bill Conway (34th), whose adjacent TIF is being raided to help the 78, again refused to go along with the $250.1 million piece of the infrastructure package that will primarily be used to build a 1,200-space parking garage. The $216 million garage will serve as the “podium” for an open-air plaza and future high-rise development on the air rights above the garage.</p><p>Referring to the Bears' long-running stadium saga, Conway said Wednesday he appreciates the Fire “not trying to move to Hammond, Indiana and become he Hammond Sparks.” But he said he “cannot look the taxpayers in the eye and tell them” he supported spending “$250 million to build a stadium parking garage and plaza.”</p><p>Finance Chair Pat Dowell, whose 3rd Ward includes the 78, has argued that the podium “brings the site to grade at Roosevelt Road” and is the key to "unlocking the site from the isolation that has stalled every previous development proposal.”</p><p>Deputy Planning Commissioner Jeff Cohen made that same point Wednesday, with a new wrinkle.
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- <p>Two of Chicago’s most pivotal but challenging undeveloped sites — Foundry Park on the North Side and the vacant South Loop parcel known as “the 78” — moved forward in a big way Wednesday before the City Council adjourned for a summer recess.</p><p>Mayor Brandon Johnson introduced a <a class="Link" href="https://chicago.suntimes.com/real-estate/2026/06/09/city-panel-community-development-commission-201-6-million-tif-subsidy-foundry-park" >$201.6 million tax increment financing subsidy </a>for JDL Development's scaled back vision for North Side industrial land along the Chicago River that once was supposed to be home to the <a class="Link" href="https://chicago.suntimes.com/real-estate/2025/06/27/lincoln-yards-sterling-bay-jdl-development-jim-letchinger-rahm-emanuel" >Lincoln Yards megaproject.</a></p><p>And despite a slew of concerns from Council members, the full Council approved <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/07/13/finance-committee-approves-425m-subsidy-for-site-that-includes-fire-stadium" >a $425 million TIF</a> for the 78. The subsidy will bankroll public improvements needed for the South Loop development, anchored by a $750 million soccer stadium privately financed by Chicago Fire billionaire owner Joe Mansueto.</p><p>Downtown Ald.
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Big financing steps forward for 'the 78' and Foundry Park projects
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