Thank you Mansueto: A New Model for Urban Development

When I read about the new stadium and that Joe Mansueto was going to self-finance the entire $650 million project, skipping the traditional debt raise, it hit me—this is the model large private projects need to follow going forward. If you’re a developer sitting on a vision and the capital to back it, this is your playbook. The market has changed. Debt is expensive, materials aren’t getting cheaper, and the days of easy public subsidies are behind us. What we need now are developers who believe in their projects enough to hold them, shape them, and make them last.

Mansueto’s plan is a 22,000-seat soccer stadium in downtown Chicago—completely privately funded. The stadium will anchor "The 78," a 62-acre mixed-use development along the Chicago River. This is huge. In a time where Far Point Global is seeing very few new starts in a climate of high interest rates and elevated construction costs, Mansueto’s move stands out as a bet on urban resurgence and a hands-on approach to project execution.

By sidestepping traditional financing—no municipal bonds, no public subsidies—he avoids the bureaucracy and political hurdles that often bog down projects of this scale. What he's doing is showing that a well-capitalized developer can go direct: fund, build, and hold long-term.

In short, this is a new model for large projects:

A. Private, Long-Term Capital Commitment Many developers that I deal with on a regular basis build something, stabilize the rent, and then sell the asset and move on to the next one. But this isn't about flipping assets. This is about putting real skin in the game. Developers who are willing to hold the asset aren’t just chasing quick returns—they’re building legacies. That’s the mindset that aligns incentives with real outcomes, both financial and civic. And something that can absorb the short-term increased costs that construction is facing.

B. Strategic Control and Risk Management No banks telling you who to hire. No outside capital second-guessing your budget. You own the risk, and you own the reward. That freedom opens the door to smarter choices and better results. And it goes deeper than just hiring power—it means the developer can choose the right construction partners, the right procurement strategies, and bridge payment term gaps to ensure vendors and subs are taken care of on time. You're not worrying about meeting a bank’s draw schedule—you’re thinking about the project as a whole, on a macro level.

That means sourcing materials when they’re priced right, not when a loan release allows. It means locking in suppliers with confidence and making calls that prioritize long-term quality over short-term financing optics. That kind of flexibility and control makes projects more resilient—and frankly, more efficient.

C. Integration with Mixed-Use Urban Planning A stadium like this isn’t just a venue—it’s an anchor, a spark. It pulls people into the area, creates movement, drives value up for everything around it. The 78 becomes more than a development; it becomes a destination and a community.

D. Accelerated Timelines and Reduced Bureaucracy Fewer cooks in the kitchen means faster builds. When you don’t need to beg for funding or navigate politics, you get to focus on execution.

This should be a call to action for all mega developers. We all know that construction is getting hammered right now. Interest rates are up, costs are up, and capital is scarce with the risk-free rate of return being so high. Projects like this are what will keep crews working and materials moving. We need more of it. And the industry can’t rely on cities for funds—either direct or indirect. Almost every major city in the U.S. is desperately hurting for cash.

So if you’re a developer with capital and a long-term mindset, take a hard look at what’s happening in Chicago. There are lots of cities with underutilized assets and communities hungry for revitalization. This strategy travels.

And to cities and politicians: just because it's privately funded doesn’t mean the city is off the hook. Permitting, zoning, infrastructure—all of that still matters. Cities that learn to move fast, and actually add value to the project, will win big.

Developers: This is your moment. Hold the asset. Shape the project. Own the outcome.

Cities: Help the right projects happen. Make it easier for serious capital to move quickly.

Planners and Investors: The lines between civic good and private gain are blurring—in a good way. Lean in.

Thank you, Mansueto. As a citizen of Chicago and one that Far Point Global calls home to its global headquarters, I recognize that this stadium isn’t just a sports venue—it’s a proof of concept. It’s what happens when private capital leads with vision and confidence. If more developers follow suit—investing long-term, staying hands-on—we’ll see a construction sector that’s not just surviving, but leading the charge on the next wave of urban revitalization.

Sincerely,

Myles Lewis Alexander

CEO, Far Point Global