The Arlington Park Bears

[WrigleyField 22]

Deserves its own thread in light of this:

 

 

https://theathletic.com/news/bears-sign-purchase-agreement-for-arlington-park-property-exclusive/QTJyEXELsaMt

[d_money]

Yeah, that deal the city of Chicago made with the Fire is going to be sooo lucrative

[BigSlick]

Huh. I didn’t expect this to actually happen. Well then.

[UMFan83]

Huh. I didn’t expect this to actually happen. Well then.

 

It could still fall apart I’m pretty sure. This gives this exclusive rights to buy the park but they still need to negotiate terms.

 

(I haven’t read the article yet but I’m pretty sure that’s what they said the next step would be)

 

The odds have gotten better for them to move to AH but if I had to guess it’s well less than 50% still.

[WrigleyField 22]

Huh. I didn’t expect this to actually happen. Well then.

 

It could still fall apart I’m pretty sure. This gives this exclusive rights to buy the park but they still need to negotiate terms.

 

(I haven’t read the article yet but I’m pretty sure that’s what they said the next step would be)

 

The odds have gotten better for them to move to AH but if I had to guess it’s well less than 50% still.

While there's no doubt a lot of contingencies to go through, I think this is higher than 50%. This was a pretty large bidding process. I know in the past the Bears had done option contracts on properties, but I think those were much more speculative deals.

 

Probably the biggest risk is if the Bears are really counting on state funding that never materializes.

[David]

i think it's more likely than not that they'll be playing at some insane mega stadium in arlington heights in the 5-10 year range

[Brian707]

i think it's more likely than not that they'll be playing at some insane mega stadium in arlington heights in the 5-10 year range

 

And hosting Super Bowl LXV ish

[Outshined_One]

Probably the biggest risk is if the Bears are really counting on state funding that never materializes.

 

I really think this is all being done by the NFL. The McCaskeys don't have the money to build a new stadium and the team is being kept in Cook County, so it's not like the Bears represent a new source of revenue for Illinois or Cook County. To me, this is a deal that's being put in place to drive up the team's value, since it means any new ownership group taking over the Bears will have their own massive vacant lot to build whatever domed shrine to capitalism their hearts may desire.

 

I think we see the team sold within two years of this purchase deal getting finalized.

[Sammy Sofa]

i think it's more likely than not that they'll be playing at some insane mega stadium in arlington heights in the 5-10 year range

 

And hosting Super Bowl LXV ish

 

AKA the only possible way the Bears are sniffing a SB between now and when the planet is swallowed by the sun.

 

[BigSlick]

As someone who grew up in Arlington Heights it’s really funny to imagine a Super Bowl hosted in the “downtown” there.

 

I’m not sure they can accommodate a regular NFL game crowd, much less the tens of thousands who would swarm from out of town. Like, it was a big deal when I was a kid when a Noodles and Company opened up next to the movie theater. I can’t imagine the folks that live downtown are super stoked about this. (Though I’m sure property developers are salivating)

[WrigleyField 22]

Probably the biggest risk is if the Bears are really counting on state funding that never materializes.

 

I really think this is all being done by the NFL. The McCaskeys don't have the money to build a new stadium and the team is being kept in Cook County, so it's not like the Bears represent a new source of revenue for Illinois or Cook County. To me, this is a deal that's being put in place to drive up the team's value, since it means any new ownership group taking over the Bears will have their own massive vacant lot to build whatever domed shrine to capitalism their hearts may desire.

 

I think we see the team sold within two years of this purchase deal getting finalized.

The NFL definitely has a fund for that type of thing so that helps.

 

Figure out how Minny did US Bank stadium for only a little over 1B. If they can create something like that for a lower cost, the McCaskeys could probably figure out the rest of the financing with the help of development partners doing the rest of the property. But US Bank cost looks like a major outlier.

[Brian707]

Probably the biggest risk is if the Bears are really counting on state funding that never materializes.

 

I really think this is all being done by the NFL. The McCaskeys don't have the money to build a new stadium and the team is being kept in Cook County, so it's not like the Bears represent a new source of revenue for Illinois or Cook County. To me, this is a deal that's being put in place to drive up the team's value, since it means any new ownership group taking over the Bears will have their own massive vacant lot to build whatever domed shrine to capitalism their hearts may desire.

 

I think we see the team sold within two years of this purchase deal getting finalized.

 

Could a company like Amazon for instance, partner with the McCaskey's to build a new stadium?

[WrigleyField 22]

Probably the biggest risk is if the Bears are really counting on state funding that never materializes.

 

I really think this is all being done by the NFL. The McCaskeys don't have the money to build a new stadium and the team is being kept in Cook County, so it's not like the Bears represent a new source of revenue for Illinois or Cook County. To me, this is a deal that's being put in place to drive up the team's value, since it means any new ownership group taking over the Bears will have their own massive vacant lot to build whatever domed shrine to capitalism their hearts may desire.

 

I think we see the team sold within two years of this purchase deal getting finalized.

 

Could a company like Amazon for instance, partner with the McCaskey's to build a new stadium?

I don't know what type of partnership you're proposing.

 

I'm thing more of a Private Equity Venture. Bears own the land. A LLC gets set up as a joint venture to do all the development (remembering that there is a ton of space on that land to do way more than just a stadium). Bears and PE partner share some costs with the Bears set up to receive most or all of the stadium related revenue on GameDays and a smaller portion of all the rest of the revenues year round, but the development partner getting the bulk of their investment back with other various revenue streams they create.

 

Basically its probably gonna be Neil Bluhm anyways who develops the land (already a partner with Churchill downs at Rivers) and the Bears are just the convenient development partner uniquely positioned to give him the NFL team to anchor it.

[WrigleyField 22]

Just opining a little more there's some smoke that this could all just be a Churchill Downs, Rivers, Bears done deal partnership already and I'd guess there are tax reasons to make the Bears the owners instead of merely a tenant. The big outstanding question is to what extent AH or the state are going to be involved financially.

[UMFan83]

As someone who grew up in Arlington Heights it’s really funny to imagine a Super Bowl hosted in the “downtown” there.

 

I’m not sure they can accommodate a regular NFL game crowd, much less the tens of thousands who would swarm from out of town. Like, it was a big deal when I was a kid when a Noodles and Company opened up next to the movie theater. I can’t imagine the folks that live downtown are super stoked about this. (Though I’m sure property developers are salivating)

 

I grew up in Palatine and I agree its strange to think about a SB being hosted there.

 

I'm assuming that a bunch of retail/restaurants/bars would spring up around the park (assuming there's enough space) and it would almost act like its own little stadium village. If you drove through downtown Foxborough you would never expect a giant football stadium to be located in the town...its a quaint little New England town. I imagine it to be a little like that.

[jersey cubs fan]

As someone who grew up in Arlington Heights it’s really funny to imagine a Super Bowl hosted in the “downtown” there.

 

I’m not sure they can accommodate a regular NFL game crowd, much less the tens of thousands who would swarm from out of town. Like, it was a big deal when I was a kid when a Noodles and Company opened up next to the movie theater. I can’t imagine the folks that live downtown are super stoked about this. (Though I’m sure property developers are salivating)

 

I grew up in Palatine and I agree its strange to think about a SB being hosted there.

 

I'm assuming that a bunch of retail/restaurants/bars would spring up around the park (assuming there's enough space) and it would almost act like its own little stadium village. If you drove through downtown Foxborough you would never expect a giant football stadium to be located in the town...its a quaint little New England town. I imagine it to be a little like that.

The game would be played there, the hosting of SB related festivities would be in Chicago.

[Old Style]

What blows my mind in reading about this is that the Soldier Field renovations cost $690MM. That seems like way too much for the end result.

[WrigleyField 22]

What blows my mind in reading about this is that the Soldier Field renovations cost $690MM. That seems like way too much for the end result.

Basically all to save some dumb collanades that lost their historical designation anyways.

[Transmogrified Tiger]

I'm assuming that a bunch of retail/restaurants/bars would spring up around the park (assuming there's enough space) and it would almost act like its own little stadium village. If you drove through downtown Foxborough you would never expect a giant football stadium to be located in the town...its a quaint little New England town. I imagine it to be a little like that.

 

If there's enough space(IIRC there's not a ton but it's been 6 years since I lived in that area), you'd still need to get some more events/tenants to justify that, right? 10 Bears games a year wouldn't sustain those businesses I would think, and Arlington Park was a higher foot traffic baseline than an empty lot.

[Sammy Sofa]

What blows my mind in reading about this is that the Soldier Field renovations cost $690MM. That seems like way too much for the end result.

 

[UMFan83]

I'm assuming that a bunch of retail/restaurants/bars would spring up around the park (assuming there's enough space) and it would almost act like its own little stadium village. If you drove through downtown Foxborough you would never expect a giant football stadium to be located in the town...its a quaint little New England town. I imagine it to be a little like that.

 

If there's enough space(IIRC there's not a ton but it's been 6 years since I lived in that area), you'd still need to get some more events/tenants to justify that, right? 10 Bears games a year wouldn't sustain those businesses I would think, and Arlington Park was a higher foot traffic baseline than an empty lot.

 

Maybe....its still a very populated area and could be a destination outside of football games. Maybe stealing some traffic from downtown AH and even the Woodfield area. I'm sure someone will crunch the numbers to see if its feasible.

[minnesotacubsfan]

I'm assuming that a bunch of retail/restaurants/bars would spring up around the park (assuming there's enough space) and it would almost act like its own little stadium village. If you drove through downtown Foxborough you would never expect a giant football stadium to be located in the town...its a quaint little New England town. I imagine it to be a little like that.

 

If there's enough space(IIRC there's not a ton but it's been 6 years since I lived in that area), you'd still need to get some more events/tenants to justify that, right? 10 Bears games a year wouldn't sustain those businesses I would think, and Arlington Park was a higher foot traffic baseline than an empty lot.

 

 

the Arlignton site is 326 acres, there is more then enough room. for comparison, here is Foxborough including the shopping areas (outlined in red) over the Arlington site (unofficial 1000' google meter comparison):

 

laptop resolution check

[squally1313]

It is pretty much right off the same train line as where downtown AH is, so in theory you can turn it into a second AH downtown, though I doubt there's enough of a population currently to support both. I'm sure the idea is to pull in as much of the Soldier/UC/Wrigley concert business as possible. As mentioned, the space is huge, so plenty of space, just not sure if you're going to be able to drive enough traffic there the rest of the year.

[minnesotacubsfan]

It is pretty much right off the same train line as where downtown AH is, so in theory you can turn it into a second AH downtown, though I doubt there's enough of a population currently to support both. I'm sure the idea is to pull in as much of the Soldier/UC/Wrigley concert business as possible. As mentioned, the space is huge, so plenty of space, just not sure if you're going to be able to drive enough traffic there the rest of the year.

 

I think its big enough to develop with shopping, housing, etc to be a viable long term development money wise. It's not what I would like to see in terms of inner-city development, but it sounds like the City of Chicago just isn't going to pony up what the Bears really want

[Outshined_One]

I'm assuming that a bunch of retail/restaurants/bars would spring up around the park (assuming there's enough space) and it would almost act like its own little stadium village. If you drove through downtown Foxborough you would never expect a giant football stadium to be located in the town...its a quaint little New England town. I imagine it to be a little like that.

 

If there's enough space(IIRC there's not a ton but it's been 6 years since I lived in that area), you'd still need to get some more events/tenants to justify that, right? 10 Bears games a year wouldn't sustain those businesses I would think, and Arlington Park was a higher foot traffic baseline than an empty lot.

 

There have been discussions about Cook County reorganizing/modernizing the court system and there's a large and seriously aging facility (District 3, Rolling Meadows) located directly across the street from the racetrack on Euclid. I'm wondering if the carrot to get Cook County funding would involve some sort of an arrangement where the developer would acquire that land and include an arrangement to build a new courthouse and related facilities.

 

Not saying it will or won't happen, but if a stadium project and related developments are going up at Arlington, that will create an utter nightmare for the local court system in terms of access and availability.