Steve Grzanich has the business news of the day with the Wintrust Business Minute.

There’s a report that that University of Illinois is abandoning plans to build a research and teaching facility at the proposed site of The 78 in the South Loop. Crain’s reports the school will split the $285 million dollar project into two parts, locating some of it at the new quantum technology campus on the far south side and some of it in office space in downtown Chicago. Some construction work had already started on the site near 15th and Wells. The report says U-of-I wants to take advantage of the momentum surrounding quantum computing. The State of Illinois has committed $500 million to the site at the former U.S. Steel plant. The Illinois Quantum & Microelectronics Park hopes to attract companies and research institutions. 

Also, Northbrook-based Allstate has posted $630 million in catastrophe losses related to Hurricane Helene, and the costs are still being tabulated. Listen for more below: