Chicago Bears Close On $197.2M Arlington Park Property Agreement

ARLINGTON HEIGHTS, IL — The Chicago Bears have closed a $197.2 million property agreement on the former Arlington Park Racecourse property, marking what it calls a major step in what is expected to be a long process toward building a new stadium and entertainment district in the suburbs.

The Bears announced the move on Wednesday in the form of an open letter to fans released by the team. Last fall, the franchise announced that it hoped to close on the 326-acre property by the end of the first quarter of 2023. While the letter does not state when the deal became official specifically, the Bears made one thing clear on Wednesday: Nothing is guaranteed.

Instead, the team called the move “an important next step” in the ongoing evaluation of the property that the Bears have said remains their lone focus in terms of building a new stadium.

“There is still a tremendous amount of due diligence work to be done to determine if constructing an enclosed state-of-the-art stadium and multi-purpose entertainment district is feasible,” the Bears said in the letter.

In a statement issued on Wednesday, the spokesman for Chicago Mayor Lori Lightfoot said that the city has been anticipating Wednesday's announcement "for some time". However, Lightfoot — who has worked with a developer for plans for a state-of-the-art "reimagined Soldier Field — said that "die-hard Bears fans", herself included, believe that the team should remain in Chicago.

"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 (where) any adaptations to Soldier Field can meet and exceed all of the Bears' future needs," the statement says.

"There is simply no doubt that the economic benefits of the team staying in a reimagined Soldier Field significantly outweigh those gained in a move to the suburbs."

Lightfoot's office said that the city was unable to engage in negotiations with the team while the closing of the Arlington Park property was in the works. However, now that the deal is closed, the Mayor's office says it will start discussions with the team as to why "the team's best future remains in our beloved City of Chicago."

The team said if it does move forward with moving the team from Soldier Field to Arlington Heights, the stadium “mega-project” would be one of the largest in Midwest history. The Bears' current lease with the Chicago Park District for Soldier Field runs through 2033 and the team would pay a penalty reported to be around $84 million if it breaks its lease in 2026. The penalty would drop in subsequent years after that, according to reports.

Possible construction of a stadium-anchored development is projected by analysts to create more than 48,000 jobs, generate $9.4 billion in economic impact for the Chicagoland economy, and provide $3.9 billion in new labor income to workers across the region, the team said Wednesday, repeating figures it has cited in the past for the project.

The completed mega-project would create more than 9,750 long-term jobs, generate $1.4 billion in annual economic impact for Chicagoland and provide $601 million in annual labor income to workers across Chicagoland, the team said. The Village of Arlington Heights has hired its own expert consultant to review the economic projections, and we look forward to discussing the substantial benefits this project will provide.

Bears officials have said the "multi-billion dollar" project could take up to 10 years to complete and the team has not yet announced formal design plans for the stadium itself. The Bears recently hired Big Ten Commissioner Kevin Warren as their new President and CEO and have pointed to Warren’s experience working with the Minnesota Vikings to build a new stadium.

The Bears have said that a new stadium would be an enclosed stadium similar that could be similar to the home of the Vikings in Minneapolis that Warren assisted with. The team repeated in the letter Wednesday that it will not seek public funding for the stadium itself, but will need assistance from the public to “ensure feasibility” including securing property tax certainty and support for infrastructure commensurate with the public benefits the project will yield to the region, the team said.

In a statement released on social media on Wednesday, Arlington Heights officials said they are "very excited about this unique opportunity and appreciative" that the Bears have "chosen to make such a major investment in our community.

"However, we have an obligation to ensure that any project proposed will be in the best interests of our residents before any approvals are granted," the village said. "Over the coming months and years, we look forward to working with the (Bears), our residents, and all other stakeholders in an open and transparent manner, while we work to explore the potential opportunities this development could bring to our region.

"Our goal is to work together to create a new regional destination befitting of the great legacy of the property. While the (Bears') purchase of this property is a major milestone, it’s important to remember that we are still in the early stages of discussions about what will happen with this property."

The village said the next phase of this project will be to analyze the specifics of what the team will propose for the land. Officials said that the village and the Bears have pledged to cooperate in good faith with one another, and with all stakeholders, to explore the development of the site.

The Bears' statement included similar feelings.

“While this closing marks a major development in the ongoing evaluation, there has been no decision that the development of the recently acquired property will occur,” the Bears wrote in the open letter. "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.

“We look forward to continuing this evaluation with the Village of Arlington Heights, surrounding governmental bodies, and the General Assembly in the coming months, and conveying what we believe is necessary to transform the recently purchased, largely dormant Arlington Heights property into one of the most iconic mega-project entertainment and destination points in the world.”