The 22,000-seat arena will become the centerpiece of The 78, a 62-acre vacant plot along the South Branch of the Chicago River that has long drawn the interest of developers and, more recently, the Chicago White Sox.

Mansueto, who founded the Chicago-based financial services firm Morningstar, revealed in a public letter that construction will commence by the end of the year with the stadium slated for completion by the Fire’s 2028 season. Designed as an open-air, soccer-specific venue, the stadium will also host year-round events such as concerts and festivals. The site is conveniently located within walking distance from the Roosevelt "L" station, which serves the Red, Orange, and Green lines.

"This will be a venue for fans of all ages, backgrounds, and neighborhoods to come together and celebrate the beautiful game right in the heart of our city," Mansueto said. "It's about investing in Chicago, not just on match days, but every day as a committed community partner."

The Chicago Fire's lease at Soldier Field is set to expire this year, but an extension is anticipated to cover the team's needs until the new stadium is ready. The plan may, however, come with a price tag for city taxpayers, as The 78's owner, Related Midwest, seeks funding for site preparation and on-site parking.

Mayor Brandon Johnson praised Mansueto's substantial personal investment during a Tuesday morning press conference, commending him for "putting real skin in the game." Johnson emphasized the importance of public benefit and use for any city development, expressing hope for more projects like this to keep sports teams rooted in Chicago.

While discussions about redirecting tax funding for infrastructure improvements around the new stadium are still in their early stages, the city's administration is clearly enthusiastic about the project. Earlier this year, the Fire opened a new practice facility on the Near West Side, despite some community resistance advocating for affordable housing developments on the same site.

At the practice facility's opening in March, team officials described the Fire as a "sleeping giant," echoing Mansueto's ambition for a world-class soccer club. "Chicago is a world-class city. It deserves a world-class soccer club," Mansueto stated.

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