On September 29, 2021, the Chicago Bears announced the signing of the Purchase and Sale Contract for the 326-acre Arlington International Racecourse property in Arlington Heights. The team will part with $197.2 million for this property. The most likely plan is for the Bears to relocate from Soldier Field and settle in Arlington Heights. The spacious racecourse will enable the team to construct a modern football mega stadium and a magnificent entertainment district.
Impacts of the Chicago Bears’ Move
Bears’ move to Arlington Heights has elicited mixed emotions among property owners, residents, and fans in equal measure. Some assert that a football mega stadium and other key developments that might come up on the site could create more returns for community improvements and a possible increase in home value in the neighborhood. Others say they fear that the move could bring traffic jams, huge crowds, and noise to the Northwest suburbs.
Tom Hayes, Arlington Heights mayor, recognizes the concerns of the residents. He said, “I certainly understand that not 100% of the residents are going to be in favor of it. We want to do what’s best for the community, and we’ll certainly keep pursuing that goal.” He stated that any redevelopment proposal or program should strike a balance between its economic value and the quality of life of residents.
A professional sports team has a potential of making Arlington Heights real estate market a leading destination for investors. Anyone thinking about making a real estate investment in Arlington Heights should work closely with a real estate attorney. The attorney can help a real estate investor understand his or her options and ensure the investor gets a positive result from transactions and negotiations.
Reasons for the Chicago Bears Interest in Arlington Heights
Hosting Bigger Events
Building a bigger stadium complex would increase the chances of the Bears hosting larger events. Final Fours, Super Bowls, and other bigger events are never hosted in Soldier Field. If the Bears create a large complex similar to the Minnesota Vikings stadium, the team will be considered for such big events.
Building an Entertainment District
The 326-acre racecourse provides ample space for constructing a complete entertainment district in the new stadium.
Accessibility and Convenience
Some Bears fans will certainly take issue with the potential of an Arlington Heights relocation, but it’s not per se a major inconvenience. A Metra train stop runs straight to the property the Chicago Bears are buying.
