Bears Have the Land for New Stadium
The Chicago Bears on Wednesday announced the purchase of the Arlington Park racetrack land in Arlington Heights, Ill.
In confirming a Tuesday night story by The Athletic that they'd signed the agreement, the Bears were vague on the exact nature of their plans, although it's presumed they'll try to build a modern stadium with a retractable roof. It was described as more of a second step to something big.
The sale of the property was said by the seller, Churchill Downs, to be $197.2 million.
"We are excited to have executed a Purchase and Sale Agreement (PSA) for the Arlington Park property," said Bears president and CEO Ted Phillips in a statement issued by the team. "We are grateful to Churchill Downs Incorporated for their efforts to reach this point.
"We also appreciate the support of Mayor Tom Hayes and the Village of Arlington Heights. Finalizing the PSA was the critical next step in continuing our exploration of the property and its potential. Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities, before we can close on this transaction. Our goal is to chart a path forward that allows our team to thrive on the field, Chicagoland to prosper from this endeavor, and the Bears organization to be ensured a strong future. We will never stop working toward delivering Bears fans the very best experience. We will continue to provide updates on our progress at the appropriate time."
Constructing a stadium will require a huge amount of funding. About $400 million in public funds were used to build the new facility at Soldier Field, but Gov. J.B. Pritzker has said there is no desire by the state of Illinois to publicly fund a new facility in Arlington Heights. So apparently this will be largely a private venture.
"This has been an extraordinarily competitive bid process," said Churchill Downs Incorporated CEO Bill Carstanjen in a statement released by the Bears. "Congratulations to the Chicago Bears for their professionalism and perseverance. It is clear they are committed to an exciting vision for their team and their fans.
"We wish them the greatest success and are excited for the opportunity this brings to the Village of Arlington Heights and the future economic development of this unique property."
The race track closed after Saturday's races. It's a location in the northwest suburbs already with rail transportation, a major highway and interstate nearby and is located 24 miles northwest of the Chicago city limits.
"I could not be more excited about the news that the Chicago Bears have signed a purchase and sale Agreement to buy the Arlington Park property in our community," said Arlington Heights Mayor Tom Hayes. "My goal for any redevelopment has always been to put this prime piece of real estate to its highest and best use, and I can't think of a higher and better use than this one.
"There is a long way to go as we begin this journey, and many issues for the community to discuss, but the village is committed to working with the Bears organization and all stakeholders to explore this opportunity for Arlington Heights and the northwest suburban region."
The Bears moved to Soldier Field from Wrigley Field in 1971 and the facility was gutted in 2002 with an entire new stadium built using the outer wall of the old facility as a facade. Soldier Field has the NFL's smallest seating capacity at 61,500. It had been second smallest until the Raiders moved from Oakland to Las Vegas.
The Bears currently lease Soldier Field at $6.3 million a year from the city of Chicago and the lease runs through 2033. The Chicago Tribune reported they could break the lease at a cost of $84 million.
According to a WBEZ radio report, the Bears had been attempting to build a sports book within or at Soldier Field and the city expressed no interest in this. The Bears' bid for the Arlington Heights property was viewed initially by Chicago's mayor, Lori Lightfoot, as a "negotiating tactic," although the Bears denied in the story that their interest in the property had anything to do with the city's disinterest in a sports book.
Lightfoot's Twitter account had a statement on the property purchase: "My statement still stands on the Bears: my admin remains committed to continuing the work to keep the team in Chicago. As I have said numerous times, our door in City Hall remains open."
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