Hey Beetlejuice, the Bears are gone!

Chicago Bears buy Arlington Park property for possible stadium
The team said it has completed its purchase of the 326-acre site for $197.2 million as it continues negotiations for state and local tax subsidies.
By David Roeder




A rendering of an aerial view of the stadium site in Arlington Heights

The Chicago Bears may or may not move to Arlington Heights, but the team is now a huge landowner in the village.

The Bears said Wednesday they have acquired the 326-acre former Arlington Park racetrack as a potential site for a new stadium and a “multipurpose entertainment district.” Bears spokesman Scott Hagel confirmed the sale by Churchill Downs was for $197.2 million, a sale that severs the 95-year-old track’s connection to the horse racing business.

In a lengthy statement, the Bears emphasized that buying the site provides no certainty of a new stadium. The acquisition, however, could put pressure on Chicago officials trying to keep the Bears at Soldier Field and on Arlington Heights officials who are being asked for tax subsidies.

It also means that if the Bears stay in Chicago, they’ll own a huge asset in Arlington Heights they wouldn’t need after all.

“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,” the team said. “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 multipurpose entertainment district is feasible.”

Its statement went on to extol the projected $9.4 billion in economic benefits for the Chicago area and to reiterate that the Bears want no tax help for the stadium itself, just for other development on the property. Still to be seen is whether that argument will mean much in Arlington Heights and surrounding towns, where residents have voiced concerns about traffic, crowds and the impact on local schools if the development includes new residences. Others have voiced support for having the Bears nearby.
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The village has hired a consultant to review the Bears’ economic projections. A bill in Springfield backed by some business groups would let the Bears negotiate annual property tax payments to local governments rather than see the bills rise dramatically as the site is developed.

The Bears have emphasized they need “property tax certainty” to pursue the development. They’ve also issued their analysis of the purported benefits of the tax legislation.

The team said, “The overarching plan will work only if the Village of Arlington Heights, surrounding municipalities, Cook County, greater Chicagoland and the State of Illinois all receive significant economic benefits, and we are confident a megaproject like this can deliver.”


The Bears emphasized that they will continue a five-month-long process of engaging area residents and government officials in developing any plans.

The statement concluded, “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. 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 megaproject entertainment and destination points in the world.”

At Soldier Field, the Bears have a lease that expires in 2033. The Illinois Sports Facilities Authority has said taxpayers still owe $631 million on notes issued to pay for Soldier Field’s 2003 renovation.

Mayor Lori Lightfoot’s administration has responded to the team’s Arlington Heights overtures with plans to improve Soldier Field and add a roof to it, work that city officials said it could be done at far less cost to the Bears than a new stadium elsewhere.