Chicago Bears Close On Land For New Stadium At Arlington Park

On Wednesday, the Chicago Bears confirmed the acquisition of the Arlington Park property, a significant milestone in their search for a new stadium for the Monsters of the Midway. The new site could also potentially include an Illinois sportsbook.

The team made their global announcement in the form of an open letter.

Our statement regarding the closure of the Arlington Park property:

Tweeted by Chicago Bears on February 15, 2023.

The Bears now own the 326-acre property that was once home to Arlington International Racetrack. Despite the closure of the horse racing venue in September 2021, the property remains vacant with no new occupants.

The team continues to work through unresolved issues with Soldier Field and the Chicago Park District. The Bears have a lease on their current home that runs until the 2033 season, but they have the ability to end the lease in 2026 by paying as much as $90 million. The cost to terminate the lease decreases each year after 2026.

One potential source of funding for the large project could be the establishment of a sportsbook at the site. In November, the Arlington Heights village trustees approved a zoning change to allow for a sports betting facility, indicating that gambling may play a prominent role in the Bears’ new stadium. Ultimately, the final decision lies with the Illinois Gaming Board.

New Arlington Heights stadium dubbed “mega-project”

The team declared in the public letter that building a stadium in Arlington Heights would be considered one of the most significant mega-projects in Midwest history.

The team predicts that constructing a domed stadium with a fixed roof would generate over 48,000 jobs, resulting in a $9.4 billion boost to the Chicagoland economy. Additionally, regional workers would receive $3.9 billion in new labor income.

The Bears forecast that over 9,750 long-term jobs will be created, leading to a $1.4 billion annual economic growth in the region. Additionally, workers are expected to earn $601 million in labor income each year.

Bears plea for public assistance

The team has repeatedly stated their dedication to financing the new stadium privately. Yet, they have also continuously sought public backing for the project in order to secure the financial feasibility of their move to Arlington Heights.

The open letter called for a partnership between the public and private sectors to address planned taxes and crucial infrastructure funding for public use. Improvements will focus on regional infrastructure, including better roads for smoother traffic flow and water drainage systems for the community.

Land purchase doesn’t make the move official

The Bears clarified that purchasing the Arlington Park property does not guarantee their move to the suburbs, but it does signal a significant step in that direction.

The open letter reads:

There is still a substantial amount of investigative work required to determine the feasibility of constructing a state-of-the-art enclosed stadium and versatile entertainment district.