Bears buy Arlington Park, next steps before development
On March 10th, 2021, Bears Capital LLC, an affiliate of the Chicago Bears, announced the purchase of the Arlington Park racetrack in Arlington Heights, Illinois. The purchase of the racetrack marks the first step in the Bears’ plans to develop the site into a multi-use sports and entertainment district.
The Bears have not released any details about their plans for the site, but it is expected that the development will include a football stadium, a mixed-use development, and a possible casino. The development is expected to bring thousands of jobs and millions of dollars in economic activity to the area.
Before any development can begin, the Bears will need to go through a lengthy approval process. The first step in this process is to submit a plan to the Arlington Heights village board. The plan must include details about the proposed development, including the size and scope of the project, the proposed uses, and the timeline for completion.
Once the plan is approved, the Bears will need to secure all of the necessary permits and approvals from the village, the state, and the federal government. This could include environmental reviews, zoning approvals, and transportation studies.
The Bears will also need to negotiate with the various stakeholders, including local businesses and residents, to ensure that their plans are compatible with the existing community. This could include discussions about traffic, parking, and public access.
Finally, the Bears will need to secure financing for the project. This could include public-private partnerships, tax incentives, and other forms of financing.
The purchase of Arlington Park is an exciting development for the area, and the Bears are committed to making sure that the development is done in a way that is beneficial for the community. With the approval process underway, the Bears are one step closer to making their vision a reality.