Chicago Bears to invest over $2B in new lakefront stadium

CHICAGO - The Chicago Bears revealed a plan for their new stadium Monday on the lakefront of the Windy City.

A source close to the stadium project tells FOX 32 that the team is investing over $2 billion in private money into a "publicly owned domed stadium and park space."

Last month, the team announced it was looking to building a new stadium on the lakefront instead of the proposed Arlington Heights location due to rising development costs and improved relations with city leaders.

RELATED: Bears focusing on Chicago's lakefront for new stadium: report

Built in the South Lot of Soldier Field, the new stadium and park would be open year-round and is expected to increase green and open space in Chicago by nearly 20%.

The park area will reportedly have lakefront access, free and accessible plazas, paths, and landscaped and planted areas.

Bears President and CEO Kevin Warren says the new stadium is expected to bring in new jobs and millions in tax revenue.

"The Chicago Bears are proud to contribute over $2 billion to build a stadium and improve open spaces for all families, fans and the general public to enjoy in the City of Chicago," Warren said in a statement to FOX 32. "The future stadium of the Chicago Bears will bring a transformative opportunity to our region — boosting the economy, creating jobs, facilitating mega events and generating millions in tax revenue. We look forward to sharing more information when our plans are finalized."

Chicago Mayor Brandon Johnson issued a statement Monday morning, applauding the Bears' investment plans:

"I have said all along that meaningful private investment and a strong emphasis on public benefit are my requirements for public-private partnerships in our city. The Chicago Bears plans are a welcome step in that direction and a testament to Chicago’s economic vitality.

I look forward to subsequent talks with the Bears, State leadership and community stakeholders about how we can continue to responsibly support the aspirations of the team, its fans and all residents of the City of Chicago."

Arlington Heights Mayor Tom Hayes offered "no comment" when presented with the news but added "we know it's a long way from a done deal at either location."

There was mixed reaction among Arlington Heights residents on Monday.

• "I guess I didn't have crazy expectations. I thought I would believe it when I see it."
• "I'm just upset they tore down the racetrack. It's not going to come back."
• "Some people want it. I personally would like the Bears out here to tailgate and do those types of things."

Last year, the Bears paid $197 million for the former Arlington Heights racetrack. It's 326 acres and was billed as easily accessible by public transportation and centrally located. Crews began demolition shortly after. Analysts predicted a Bears entertainment district in the northwestern suburb could generate 48,000 jobs and rake in $9.4 million for the local economy.

The Bears and three local school districts have battled over property taxes since the property was sold. A statement from the Village of Arlington Heights said, in part: "While we are disappointed the Bears and school districts have yet to resolve short-term property tax differences, we are confident those issues will be resolved given how close negotiations have brought the parties to an agreement."

The Bears had McGuire Research poll Chicagoans, finding that 80 percent of their respondents want a stadium on the Museum Campus.

NFL Commissioner Roger Goodell weighed in on the possibility of a Bears domed stadium last month.

"A great stadium can host additional events. I think that's true in Chicago. I think the domed stadium that they're talking about, both downtown and also potentially in Arlington Heights, I think those are both great opportunities that they need to explore. The good news is they've got quite a bit of time on their lease. The Bears are committed to being in Chicagoland. I talked to the mayor of Chicago recently, he wants them in the city," Goodell said.

The Bears' lease at Soldier Field is scheduled to expire in 2033.

In February, Warren said he favored the lakefront plan.

"What intrigues me about downtown is, I strongly believe Chicago is the finest city in all of the world," Warren said. "Very rarely do you get an opportunity to have such beautiful downtown, with a vibrant business community, with an absolutely beautiful lake."

State Rep. Mark Walker (D-Arlington) issued a statement on the Bears' pivot away from the northwest suburb:

"From the Bears’ first announcement to purchase Arlington Park, I’ve been open to the team’s move to Arlington Heights, but reaching a fair deal for all has always been the priority. As I’ve said before, I trust the Bears when they say they’re exploring all options in the best interest of their company. If they go forward with their lakefront plan, it’s our responsibility to make the best decision for Arlington Heights, Rolling Meadows, and our neighboring communities as well. I look forward to the many interesting proposals to come on the future of Arlington Park like new business development, more affordable housing, or welcoming centers for new arrivals."

The Village of Arlington Heights also released a statement:

The Village of Arlington Heights is aware of media reports regarding a proposed Chicago Bears stadium concept in Chicago. Village officials spoke with the Chicago Bears Football Club today, and while they are evaluating all of their options, they confirmed that their continued interest in Arlington Park has not changed.

The possibility that the Chicago Bears could find a different location has remained an option since day one and this project has never been considered a "done deal" in Arlington Heights. The ultimate outcome of their current discussions with the City of Chicago is unknown. What the Village knows is that the Arlington Park property provides the Chicago Bears with the unique potential to own and build a multi-use development on 326 acres, in a key location that is easily accessible by public transportation, and is centrally located for visitors and season ticket holders.

The Village remains committed to ensuring that any development of the former Arlington Park site, which is unmatched in all of northern Illinois, will provide broad benefits to our community and will create a new regional destination befitting the great legacy of the property. Village leaders will not approve any plan that does not meet these expectations.

The Village will continue to work with the team and school districts while advocating for fair solutions to challenges and the protection of our community’s best interests. While we are disappointed that the Chicago Bears and the School Districts have yet to resolve short-term property tax differences, we are confident that those issues can be resolved given how close negotiations have brought the parties to an agreement.

"We have all experienced the many twists and turns that this project has taken over the past three years and we find ourselves in a very similar situation today. The Village’s focus remains on finding a path forward to a successful redevelopment of the former Arlington Park site. The property remains a major asset to the community and region, and it has tremendous potential," said Mayor Tom Hayes. "The Village has always acted in good faith and partnership with the Chicago Bears and the School Districts throughout this discussion, while protecting our community’s interests, and we will continue to do so as the process moves ahead."