The Chicago Bears today released a letter about the future plans for developing the Arlington Heights property they are under a purchase agreement for. The plans not only include a proposed stadium complex for the team to play their games in but also include many businesses, retail, and housing development ideas to serve the people within Cook County.
We envision a multi-purpose entertainment district anchored by a new, best-in-class enclosed stadium, providing Chicagoland with a new home worthy of hosting global events such as the Super Bowl, College Football Playoffs, and Final Four.
Make no mistake, this is much more than a stadium project. Any development of Arlington Park will propose to include a multi-purpose entertainment, commercial/retail, and housing district that will provide considerable economic benefits to Cook County, the surrounding region and State of Illinois. The long-term project vision for the entire property is an ongoing work-in-progress, but could include: restaurants, office space, hotel, fitness center, new parks and open spaces, and other improvements for the community to enjoy.
The Chicago Bears seem likely to finally want to generate new streams of revenue for the team and the McCaskey family that exist outside of the football team. The main goal appears to be a small community development that expands the Bears’ reach within the Chicagoland area, much like the Ricketts did when they bought the Cubs and developed Wrigleyville.
The economic impact in this area is quoted as:
Construction of the proposed project is projected to create more than 48,000 jobs, result in $9.4 billion in economic impact for Chicagoland, and provide $3.9 billion in labor income to workers across the region, while the completed project will create more than 9,750 long-term jobs, result in $1.4 billion in annual economic impact for Chicagoland and provide $601 million in annual labor income to workers across Chicagoland. We also anticipate that the development will generate $16 million in annual tax revenue in addition to property taxes for Arlington Heights, $9.8 million for Cook County, and $51.3 million for the State of Illinois.
Also of note, the Chicago Bears do not plan to seek public funding for the proposed stadium and entertainment district. The development of this property seems to be in line with a vision to host many events in an indoor capacity that would make hosting a Super Bowl in February more feasible. If the Bears develop the infrastructure to host a Super Bowl it wouldn’t be long before Chicago could host the greatest event in sports.
The Bears in turn are doing everything correctly in their decision to develop the property and in doing so, will hopefully land the rights to proceed with their vision.
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