I get it. Many of you are sick and tired of this ongoing discourse about the Chicago Bears’ new stadium. It’s been years since the project got underway, nearly two years since we were promised shovels would be in the ground soon, and along the way there were several other cities, towns, and municipalities in the Chicago-land area that threw their hat in the ring to house the Bears’ brand-new, state-of-the-art, domed stadium.
Yesterday, a new stadium proposal was floated, and while I won’t pretend
to have a concrete grasp of the entire situation, I will say that for the first time since this ordeal began, I no longer consider the Arlington Heights location a slam dunk.
Chicago developers proposed a $10 billion, 100-acre development plan for the former Michael Reese Hospital site. Yes, the Michael Reese site was previously rejected by the Bears and the NFL, but it’s back in play because this one addresses all the reasons it wasn’t deemed viable before, including the size.
From the Chicago Sun-Times:
But with Capri Investment Group founder Quintin Primo joining GRIT Chicago, the group of developers and investors led by Farpoint Development that purchased the Michael Reese site, the partners have nearly doubled the size of the proposed Bronzeville Lakefront development.
The proposed site also includes a plan for the residents who currently live there.
From Book Club Chicago:
The portion of the plan that involves the existing Prairie Shores complex — at 2937 S. King Drive — could involve demolishing as many as 1,000 existing apartments, but developers pledged to build 1,500 replacement units. Developers say they would build replacement housing before removing existing units and are proposing tenant protections, including priority access to replacement housing, five years of rent protections and additional assistance for longer-term residents.
The new plan also addresses what the Bears should do with the 300+ acres they bought in Arlington Heights.
From Book Club Chicago:
To further lure the Bears, Capri and its investment partners said they were willing to purchase the team’s Arlington Heights property. It’s “the key impediment to the team staying Downtown and fairly considering Bronzeville,” Primo said.
From talking with people who understand the politics and business of this new plan, I get the sense this is actually something worth considering and not a leverage play.
For more info, check out the Chicago Sun-Times or Block Club Chicago.
