Bears finalize purchase of site for potential Soldier Field replacement in Arlington Heights
The Chicago Bears are one step closer to potentially leaving Soldier Field.
The team announced Wednesday it has finalized the purchase of 326 acres in the suburb of Arlington Heights, the site of the Bears' potential new home. In an open letter, the Bears said the purchase does not guarantee it will develop the land, but called it "an important next step in our ongoing evaluation of the opportunity."
The finalization comes a year and a half after the Bears first entered into a purchase agreement for the former Arlington Park horse track in Arlington Heights for a reported price of $197.2 million. While the property has been purchased, there will likely be plenty more negotiating between the Bears' old home and their potential new one.
Chicago mayor Lori Lightfoot has consistently spoken out against such a move and has previously proposed a $2.2 billion renovation for Soldier Field that would see the installation of a dome. Her office quickly responded to the Bears' finalization on Wednesday:
"Nonetheless, all of us die-hard Bears fans, the mayor included, know and believe that the Chicago Bears should remain in Chicago," the statement read. "So, now that the land deal has closed, we have an even better opportunity to continue making the business case as to why the Bears should remain in Chicago and why adaptations to Solider Field can meet and exceed all of the Bears' future needs.
"There is simply no doubt that the economic benefits for the team of staying in a reimagined Soldier Field significantly outweigh those gained in a move to the suburbs."
Soldier Field, which is owned by the Chicago Park District, underwent a major renovation in 2001 at a cost of $690 million.
If the Bears proceed with their plans to leave the 98-year-old Soldier Field, the NFL's oldest and smallest stadium by seating capacity, they say the development will be one of the largest projects in Midwestern history. The project would not just see the creation of a new stadium, but an entire entertainment district that would be similar to many of the other sports stadiums opened in the last 15 years.
Chicago Bears' full statement on Arlington Heights purchase
"Last fall, we released an open letter confirming the team had reached an agreement for the purpose of acquiring 326 acres of property in Arlington Heights to secure the potential of beginning a new and exciting chapter for the Bears, our fans, the Chicagoland community, and the State of Illinois. 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.
"Should we proceed, the development of the Arlington Heights property would be one of the largest mega-projects in Midwest history. Possible construction of a stadium-anchored development is projected by analysts to create more than 48,000 jobs, generate $9.4 billion in economic impact for the Chicagoland economy and provide $3.9 billion in new labor income to workers across the region. The completed mega-project would create more than 9,750 long-term jobs, generate $1.4 billion in annual economic impact for Chicagoland and provide $601 million in annual labor income to workers across Chicagoland. The Village of Arlington Heights has hired its own expert consultant to review the economic projections, and we look forward to discussing the substantial benefits this project will provide."
