The Chicago Bears have set up a Wednesday press conference to reveal plans for a new enclosed stadium, which will be owned by the public and located near Lake Michigan on the city’s Museum Campus.
The announcement on Monday mentioned that the plans also include creating more green areas and open spaces with access to the lakefront.
Last month, the team stated their readiness to contribute over $2 billion towards a stadium owned by the public in the city.
Kevin Warren, the team’s president, stated on March 11 that the future stadium of the Chicago Bears would bring significant opportunities to the region, including economic growth, job creation, hosting major events, and generating substantial tax revenue.
This statement indicated a shift from their previous focus on building a new stadium in the suburbs.
The proposed new stadium would be very close to their current one, Soldier Field, where the Bears have played since 1971. Their lease there extends until 2033.
The Bears spent $197.2 million more than a year ago to buy the site of the now-closed Arlington International Racecourse from Churchill Downs Inc. in suburban Arlington Heights.
Initially, the team planned to construct a stadium on the 326-acre property about 30 miles northwest of Soldier Field, along with restaurants, shops, and other amenities, at an estimated cost of around $5 billion, with some financial support from taxpayers.
However, these plans encountered obstacles, with the team citing a high property assessment as one of the issues.
Mayor Brandon Johnson has expressed his desire to retain the team in the city, emphasizing the importance of significant private investment and public benefits in any partnerships between the city and private entities.
