Chicago Bears Close On Land For New Stadium At Arlington Park

The Chicago Bears officially announced on Wednesday that they have closed on the Arlington Park property, bringing them one step closer to securing a new home for the Monsters of the Midway. This new location may also potentially house an Illinois sportsbook.

The team announced their move to the world through the following open letter:

Our open letter concerning the closure of Arlington Park property:

From Chicago Bears (@ChicagoBears) on February 15, 2023.

The 326-acre property that once housed Arlington International Racetrack is now owned by The Bears. However, since the horse racing venue shut down in September 2021, it has remained without any new occupants.

The team still has issues to resolve with Soldier Field and the Chicago Park District. The Bears’ lease on their current home extends until the 2033 season. Nevertheless, they have the option to terminate the lease in 2026 by paying up to $90 million, and the cost to cut ties decreases with each passing year thereafter.

Part of the funding for the enormous project could potentially be generated by setting up a sportsbook on location. In November, a zoning change was approved by Arlington Heights village trustees, permitting a sports betting facility. Therefore, it appears that gambling is likely to be a significant feature of the Bears’ new home in Arlington. However, the Illinois Gaming Board will make the final decision.

New Arlington Heights stadium dubbed “mega-project”

In the open letter, the team stated that the construction of a stadium in Arlington Heights would represent “one of the largest mega-projects in Midwest history.”

The team also estimates that building the domed stadium with a non-retractable roof would create more than 48,000 jobs. This would lead to a $9.4 billion economic impact on the economy of Chicagoland and offer regional workers $3.9 billion in fresh labor income.

The Bears predict that more than 9,750 long-term jobs would be created, resulting in a $1.4 billion annual economic boost for the region. Moreover, workers would earn $601 million in yearly labor income.

Bears plea for public assistance

The team has consistently affirmed their commitment to privately funding the construction of a new stadium. However, they have also persistently sought public support for the project to ensure that their relocation to Arlington Heights is financially viable.

The open letter advocated for a “public-private collaboration to deal with predictable taxes and essential infrastructure funding for public utilization.” Enhancements will concentrate on regional infrastructure, such as roads for improved traffic circulation and water drainage systems for local residents.

Land purchase doesn’t make the move official

The Bears emphasized that buying the Arlington Park property does not confirm their relocation to the suburbs. However, it does indicate a significant move in that direction.

The open letter reads:

A significant amount of investigative work still needs to be done to assess the feasibility of building a cutting-edge, enclosed stadium and multi-functional entertainment district.