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It’s one more Hail Mary attempt to keep the Chicago Bears in the city and have them ditch their suburban plans.
Farpoint Development has released renderings of a new lakefront stadium, located at the former Michael Reese Hospital site in Bronzeville, in an effort to convince the Bears to stay in Chicago.
The team purchased the former Arlington Park racetrack in Arlington Heights two years ago for $197.2 million, but plans have yet to take off.
Also in the mix is a plan to build a new lakefront stadium just south of Soldier Field — but that plan has stalled in Springfield over the proposed costs to taxpayers. Mayor Brandon Johnson has expressed his support of that proposal, but it could potentially face legal challenges due to the city’s lakefront protection ordinance.
The Reese development team estimated the constructed stadium price at $3.2 billion — the same as the lakefront site — but developers said taxpayers would need to contribute $600 million compared to the more than $1 billion attached to the Museum Campus proposal.
The Bears pay $6.48 million annually to use Soldier Field, under the terms of a lease set to expire in 2033 that can be terminated early as long as the team pays a penalty.
“If that’s intended to attract the interest of legislative leaders, the legislative leaders need to show up and say that they’re interested,” said Marc Ganis, president and co-founder of sports business consulting firm SportsCorp. “That’s why I say either or both of the Bears or the political leadership needs to show interest in this site, and without one or the other or both, it’s hard to see what it is they have going for them.”
According to Crain’s Chicago, President and CEO of the Bears Kevin Warren previously said the Michael Reese site is too narrow for the team’s ambitions.
Gov. J.B. Pritzker has repeatedly said public funding for a sports stadium is “not a high priority” and not a “great deal for taxpayers.”
*** Farpoint Development has released renderings of a new lakefront stadium, located at the former Michael Reese Hospital site in Bronzeville. (Courtesy of Farpoint Development)
Farpoint Development has released renderings of a new lakefront stadium, located at the former Michael Reese Hospital site in Bronzeville. (Courtesy of Farpoint Development)**
State Rep. Bob Morgan (D-Highwood) introduced the Balanced Earnings And Record Standards & Stadium Oversight Expectations Act, also known as The BEARS Act, which would require professional sports teams to have a .500 record or above in at least three of five regular seasons in order to qualify for public financing for stadium construction, renovation or maintenance.
If a team drops below .500, the bill says the team will be ineligible for future funding until it improves its performance over three out of five seasons.
However, state Rep. Kam Buckner, a Chicago Democrat whose district covers the site, expressed excitement and support for the proposal.
Scott Goodman, principal of the Farpoint Development team, said in a statement, “We believe in Chicago. We have proposed an opportunity for the Bears to explore our site, which is viable and where a stadium can fit. And it fits on the South Side of Chicago, bridging the gap to downtown.”
Goodman went on to say as the company continues its infrastructure work on the Bronzeville lakefront site, they hope to make it home to the Chicago Bears, but regardless, they’ll continue the work needed to make it Chicago’s premier mixed-use community.
Ganis said as conversations surrounding the Bears stadium continue, the White Sox shouldn’t be excluded from the conversation. The White Sox stadium lease at Guaranteed Rate Field expires after the 2029 season.
Last year Chairman Jerry Reinsdorf traveled to Springfield seeking $1 billion from the state for a new stadium. State Senate President Don Harmon (D-Oak Park) urged the Bears and the White Sox to develop a joint plan for stadium funding for Springfield.
“I think that still makes a lot of sense,” Gains said. “The Bears will never leave the region, but the White Sox might, and that would have a significant adverse economic impact on the city and state if that happens.”
Heather Cherone and Amanda Vinicky contributed to this report.