I think it's a reasonably good site but the Related Idiots are blowing it. Not sure whatever happened to the U of I project, but UChicago has built a similar kind of thing in Hyde Park, the Medical District is trying to attract something like that (and has a failing one as it stands) and UIC is trying to do some kind of 'innovation center' around Harrison/Racine. There are much better, cheaper locations for such a thing. Also seems like there aren't enough of these jobs to go around and I dunno why two state universities would compete with each other particularly with federal funding at a pause for the foreseeable future.
I think they could just build apartments and a park and call it a day. Ideally, just a park and maybe a little bit of retail to go along with that newish Target, movie theater, shopping mall across Roosevelt. It's developing into a neighborhood, I would be thinking more locally rather than a major arena. I'm not even sure the Fire really fit the bill.
Do think it's a bit of a deadzone unless they build all that extra transportation infrastructure...which is unpopular and, imo, redundant when the City/State could spend limited funds elsewhere. But it's still well-connected to mass transit, just not a 2 minute walk. Chicagoans wouldn't mind walking 10 minutes to get to the Red/Orange/Green line. Could expand Roosevelt bus service if it was really necessary. The dream for me would be to make a new kind of Grant Park along the riverfront there. Keep the open space and offer some programming/a new site for festivals. Maybe a sports complex. They have a skate park taking up a large swath of land for some reason a mile east, how about something sports-related that kids actually like?