IT'S OFFICAL!
The Chicago Bears have officially closed on the purchase of the Arlington Heights property, they announced in an open letter.
Last fall, the Bears confirmed they’d reached an agreement to acquire the 326 acres of property — and they’ve already revealed initial plans for the property. Now, the Bears are one step closer to building a new state-of-the-art stadium.
This week, we took another step toward realizing that vision by closing on the Arlington Park property. Finalizing the purchase does not guarantee the land will be developed, but it is an important next step in our ongoing evaluation of the opportunity. 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.
But, as the letter mentioned several times, closing on the property doesn’t guarantee that a new stadium will be built. Still, it’s an important step forward for the Bears to leave Chicago and Soldier Field for their own stadium.
The Bears hired new president and CEO Kevin Warren last month, and he’s expected to play an integral role in the development of a new stadium. Warren helped in the development of U.S. Bank Stadium during his time with the Vikings.
Here are other key points from the open letter:
If developed, it would become one of the largest mega-projects in Midwest history. Construction of the stadium is projected to create more than 48,000 jobs, provide $9.4 billion in economic impact for Chicagoland and include $3.9 billion in new labor income for workers. Long term, it would create more than 9,750 jobs and provide $1.4 bullion in annual economic impact.
If developed, the project would have substantial impact from a commercial and residential real estate aspect. Outside of the stadium, the property would provide a regional hub for entertainment, shopping and local events.
If developed, they will not seek taxpayer funds locally or otherwise. But it would require assistance to ensure feasibility, which includes securing property tax certainty and support for infrastructure commensurate with the public benefits the project will yield to the region.
