The Chicago White Sox has its sights set on a South Loop megadevelopment for a new ballpark. The Chicago Bears, meanwhile, have been going back and forth between Arlington Heights and the lot south of Soldier Field in search of its own stadium site.
Related Midwest President Curt Bailey has an idea how both teams could get the public financing they need so Chicago could build two new stadiums around the same time, the Chicago Sun-Times reported.
Bailey’s firm, the developer behind the $7 billion South Loop project, dubbed The 78, wants to make room for the Bears to get the public financing they need to build their own stadium on the lakefront, too. Bailey, who’s also a Bears fan, said his firm’s potential Sox development could seek a “financing partnership” with the NFL squad that would allow two stadiums to be built around the same time with backing of public subsidies.
The Bears have explored building in both the northwest suburb of Arlington Heights and south of their current home in Chicago on the lakefront, which is the direction the NFL team has been reported to be leaning most recently.
“I want to partner with the Bears to create these two great environments and make our city even better,” Bailey told the outlet. “Yes, we have spoken with [the Bears], and I am very optimistic on putting together something with that great franchise.”
But Governor JB Pritzker has been reluctant to commit to using taxpayer funds to help bankroll development costs for professional sports stadiums, and has said he wants to ensure any plans provide the public a return on its investment, which could run into the billions of dollars.
To land the Sox at The 78, Bailey outlined a comprehensive financing plan that calls for extending bonds issued by the Illinois Sports Facilities Authority, backed by a hotel tax increase and establishing a sales tax overlay district to secure additional revenue and provide financial stability. It also includes a $450 million subsidy from a tax increment financing district to fund infrastructure improvements essential for the project’s success.
The first phase of The 78 would include the construction of the White Sox stadium, residential and commercial buildings, a hotel and an array of dining and entertainment options along an extended Chicago Riverwalk.
Bailey debunked misconceptions regarding funding, clarifying that all of it would be generated solely from the development. He highlighted the pivotal role of the stadium in unlocking the site’s potential, emphasizing the need for an anchor to drive infrastructure and attract investment.
“You’re talking about the largest private investment in history in the city of Chicago,” he said. “What you are getting for this public investment is a massive, massive return.”
The proposal also addresses the fate of Guaranteed Rate Field, on Chicago’s South Side, where the White Sox have played since 1991. Bailey aims to repurpose the stadium for professional soccer and develop surrounding areas for residential use, in collaboration with the city’s professional soccer teams, the Chicago Fire and Red Stars.
“We think that we are well-suited to create a great environment there and build some really terrific housing, much like we have done in lots of other parts of the city,” Bailey told the outlet.
While details regarding financing for The 78 remain fluid, Bailey said plans don’t include raising the hotel tax.
Editor’s note: This story has been updated to correct the location of the possible Bears stadium project in Chicago.
—Quinn Donoghue
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