Soldiering off? Bears bid to buy Arlington Park track

NFL team could exit Soldier Field for a new stadium in Arlington Heights

Chicago /
Jun.June 18, 2021 11:25 AM
Chicago Bears president and CEO Ted Phillips and Arlington Park (Getty)

Chicago Bears president and CEO Ted Phillips and Arlington Park (Getty)

Bears may one day roam where horses raced at Arlington Park.

Nearly four months after Churchill Downs announced it was listing the storied 326-acre thoroughbred track in Arlington Heights, the Chicago Bears have submitted a bid.

Team president and CEO Ted Phillips made the announcement Thursday, according to the Chicago Tribune. The NFL team is exploring the possibility of building a new stadium there, and adding other developments to the surrounding property, according to the report.

Churchill Downs began marketing the 100-year-old track in February, after declining to seek a casino license, something it had previously said was essential for the location’s survival. The company’s portfolio includes race tracks — most notably Church Downs, which hosts the Kentucky Derby — along with casinos and online betting. It purchased Arlington Park in a $72 million stock deal in 2000.

Arlington Park’s redevelopment also holds the possibility of new housing. Home prices across the region are climbing and supply is dwindling.

In addition to the Bears, Churchill Downs also said it has received “strong proposals” from other entities, one of which is led by Roy Arnold, who is a previous president of Arlington Park. He told the Tribune he had assembled a team of developers and investors that include Sterling Bay, Ocean Atlantic and GSP Development. Their proposal includes 300 housing units, a 60-acre entertainment complex and another 60 acres for industrial properties, the report noted.

The possibility of a Bears exit from historic Soldier Field in Chicago grabbed the attention of Mayor Lori Lightfoot. She said the team was locked into its lease and expects the Bears to “follow through” on its commitment to the city, the Tribune reported.

[Tribune] — Alexi Friedman 


Related Articles

arrow_forward_ios
Merchandise MART and Vornado VP Glen Weiss (Loopnet, LinkedIn)
Chicago’s Merchandise Mart getting another renovation
Chicago’s Merchandise Mart getting another renovation
Compass poaches eight-agent @properties team
Compass poaches eight-agent @properties team
Compass poaches eight-agent @properties team
Henry Kravis, co-founder and co-executive chairman, KKR (KKR); and Logistics Property In Suburban Chicago area (Crow Holdings)
KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
A rendering of "43 Green," the planned development on the corner of Calumet Avenue and 43rd Street (Chicago Department of Planning & Development)
Mixed-use development set to bring housing, retail to Bronzeville
Mixed-use development set to bring housing, retail to Bronzeville
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
1862 N Dayton St (Trulia)
Lincoln Park mansion prices doubles in less than a year
Lincoln Park mansion prices doubles in less than a year
11444 S. Halsted Street (LoopNet)
South Side Chicago strip mall to be redeveloped
South Side Chicago strip mall to be redeveloped
Duke Realty buys still more Chicago property, expanding to suburbs
Duke Realty buys still more Chicago property, expanding to suburbs
Duke Realty buys still more Chicago property, expanding to suburbs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...