Proposed $425M TIF Package Could Transform Infrastructure at The 78 in South Loop
McDonald's Park | Chicago Fire FC/Gensler
CHICAGO — One of the largest redevelopment sites in Chicago could take another major step forward as City Hall considers a proposed $424.9 million Tax Increment Financing package for public infrastructure at The 78 in the South Loop.
The proposed agreement would support the infrastructure needed to turn the long-planned 62-acre riverfront site into a new mixed-use neighborhood, with new streets, transit improvements, riverfront work, parking, public open space, and future development surrounding the Chicago Fire’s new stadium, McDonald’s Park.
Located just south of W. Roosevelt Road along the South Branch of the Chicago River, The 78 has long been viewed as one of the most important undeveloped sites near downtown Chicago.
What Is The 78?
McDonald's Park | Chicago Fire FC/Gensler
The 78 is a planned mixed-use neighborhood led by Related Midwest on the former rail and industrial land between the South Loop and Chinatown.
The broader vision includes up to 10,000 residential units, along with retail, office, institutional uses, parks, public spaces, and riverfront connections. The full buildout has been valued at approximately $8 billion, making it one of the largest development proposals in Chicago.
The project’s first major anchor is now under construction: McDonald’s Park, the future home of Chicago Fire FC at 1331 S. Wells Street.
What Would the Proposed $425 Million TIF Funding Cover?
The 78 Chicago Infrastructure Plan | Gensler
The proposed $424.9 million in TIF support would not directly pay for the Chicago Fire stadium itself. Instead, it would reimburse eligible public infrastructure work needed to make the larger neighborhood function.
The proposed infrastructure package includes:
Improvements to portions of LaSalle Street
New or upgraded sections of 13th, 14th, and 15th streets
Improvements to parts of Wells Street, Clark Street, and Roosevelt Road
Upgrades to on-site Metra rail infrastructure
River wall improvements along the South Branch of the Chicago River
A proposed 1,200-space below-grade parking garage owned and operated by the City of Chicago
Publicly accessible open space and pedestrian connections
The proposed funding would come from the Roosevelt/Clark and Canal/Congress TIF districts, with reimbursements tied to each phase of construction.
McDonald’s Park Is Already Under Construction
McDonald's Park | Chicago Fire FC/Gensler
Construction is already underway on McDonald’s Park, the planned 22,000-seat stadium for Chicago Fire FC.
The stadium broke ground in March 2026 and is expected to open for the 2028 MLS regular season. In addition to Chicago Fire matches, the venue is expected to host concerts, international sporting events, festivals, community programming, and other large gatherings throughout the year.
The stadium is being positioned as a year-round destination rather than a venue used only on matchdays. That matters because active destinations can help create more foot traffic, support nearby businesses, and bring new energy to the South Loop throughout the week.
What Happens Next?
The proposed TIF agreement still needs to move through the City Council approval process.
If approved, infrastructure work could advance in phases alongside future development at The 78. McDonald’s Park remains the first major piece already taking shape, while additional residential, retail, office, and public-space plans are expected to unfold over several years.
For now, the proposed $425 million infrastructure package is one of the clearest signs yet that The 78 is moving from long-term vision toward a more active construction and development phase.
Looking to Buy Near Chicago’s Next Major South Loop Development?
Browse available condos, lofts, and homes near South Loop, The 78, Roosevelt Road, Museum Campus, Chinatown, and the Chicago River, or connect with the Cory Tanzer Group at Option Premier for expert guidance on Chicago neighborhoods shaped by transit, riverfront access, major development, and long-term lifestyle value.
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