Chicago Bears finalize deal to purchase Arlington Park — what this means
ARLINGTON HEIGHTS, Ill. - Bear down! In Arlington Heights — maybe.
The Chicago Bears announced Wednesday afternoon they have officially purchased the Arlington Park property in Arlington Heights.
The Bears made the purchase for $197.2 million. However, the organization says just because the purchase was finalized, that doesn't mean their vision for building a domed stadium and entertainment district is a done deal.
"Finalizing the purchase does not guarantee the land will be developed, but it is an important next step in our ongoing evaluation of the opportunity," the Bears said in a statement.
The building of a Bears entertainment district, analysts say, would create more than 48,000 jobs and generate $9.4 billion for the local economy.
"The Bears will continue to work closely alongside the Village of Arlington Heights, surrounding municipalities and their residents to solicit extensive feedback on how we can best benefit local communities and Bears fans across Illinois," the organization said.
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The proposed stadium would be built just east of Illinois Route 53 and south of Northwest Highway. The property, for decades, drew crowds to watch horse racing and partake in off-track betting.
"They are saying they are going to build the stadium, pay for it entirely themselves, they’re probably going to use the model other teams in the NFL have used including $300 or 400 million from the league itself to help them do so," said Marc Ganis, sports consultant.
Less than half of the 326-acre property would make up the stadium and parking. While the Bears have yet to determine capacity, officials said the new facility would hold significantly more fans than Soldier Field.
"But today’s news is nonetheless an exciting update and positions our state and the Chicagoland region to be able to host world-class entertainment and sporting events on an unprecedented scale," the Bears said.
Arlington Heights Mayor Tom Hayes called it an ‘exciting day’ for the village.
"We’re anticipating that it will significantly increase the tax revenues that we see from the Arlington Park site," said Hayes.
Hayes said that if the redevelopment of the property moves forward, it won’t happen overnight.
"We anticipate it may be several years before a shovel is actually in the ground and you might not see a Bears game in the Village of Arlington Heights for five or six years," said Hayes.
Many residents are already sold.
"It would be a great opportunity to have a beautiful new stadium blocks from my house, we could actually walk there with my kids and grandkids," said Jeff Podlasek, who lives in Arlington Heights.
Others are intrigued by the idea, but say it will take a lot of work to make it happen.
"There’s a lot that needs to be done, but the potential for what this can do for the region, I think this has the possibilities of being a real, real positive impact for the northwest suburbs, in terms of an economic engine," said Elliott Hartstein, former Mayor of Buffalo Grove.
In November 2022, village trustees approved a zoning change to allow a sports betting facility near the old Arlington International Racecourse. The zone change was critical to the Bears' development proposal to create an NFL stadium and mixed-used commercial district on the 326-acre site.
Meanwhile, Mayor Lori Lightfoot has offered a Hail Mary $2.2 billion plan to put a dome on Soldier Field in a desperate attempt to keep the Bears in Chicago or at least look like she tried her best to keep them if they leave.
Re-imagining Soldier Field: What the Chicago Bears stadium could look like under new plans
Prolific stadium builder Bob Dunn released detailed plans Sunday for transforming the isolated stadium into a year-round commercial and entertainment hub, served by a transit station that would underpin his goal of residential expansion on the Near South Side.
"Chicago gave this game up a long time ago. Soldier field is obsolete. The plan that they should have put on the table is one of a new stadium, not putting a roof on a hundred-year-old building," said Ganis.
The mayor released a statement following the announcement of the deal being finalized.
"Today’s news about the closure of the Bears' option in Arlington Heights has been anticipated for some time. Nonetheless, all of us die-hard Bears fans, the Mayor included, know and believe that the Chicago Bears should remain in Chicago. So, now that the land deal has closed, we have an even better opportunity to continue making the business case as to why the Bears should remain in Chicago and why adaptations to Soldier Field can meet and exceed all of the Bears' future needs. There is simply no doubt that the economic benefits for the team of staying in a reimagined Soldier Field significantly outweigh those gained in a move to the suburbs. Due to the Bears’ legal restrictions in the pre-purchase phase, the City was unable to engage in direct negotiations with the Bears while the land was under contract. Now that the deal has been completed, we look forward to negotiating and convincing the Bears that the team’s best future remains in our beloved city of Chicago."