Churchill Downs Incorporated (CDI) revealed on Wednesday that Chicago Bears have completed purchasing its Arlington Park.
The American football team created a master plan for its new property that it bought for $197.2 million. It is a 326-acre site whose ownership transfer ended this week.
The park’s sale comes over 500 days after Churchill Downs disclosed that the Bears won the bid for its Windy City property. The team bought the site intending to start mixed-use development and construct a stadium in Arlington Heights. It released a statement indicating that the deal’s closure is a vital step in its assessment of the park.
Even so, the team has a lot of work to do to determine the viability of developing a multi-purpose district and enclosed state-of-the-art stadium. It added that it won’t need taxpayer funds to construct the stadium if its plan succeeds. Even so, some of its officials said they need clarification of the property taxes they would pay.
Chicago Bears adds that its project needs public funding for drainage and road work. Arlington Heights and the American team stated that they will continue deliberating about the development.
Arlington Heights released a statement claiming that they are obligated to ensure that each proposed project will benefit the residents before it gets approved. The municipality said that it intends to collaborate with CBFC and other stakeholders while being transparent.
Chicago Bears Shouldn’t Leave Chicago City
Lori Lightfoot, Chicago Mayor, stated a few days ago that Chicago has extra effort to confine the Bears to Soldier Field. The site’s lease will end this year. But, a section of the agreement allows the Chicago Bears to pay $84 million and buy the lease in 2027.
Soldier Field is the National Football League’s (NFL) smallest stadium, and it accommodates 61,500 sports enthusiasts. The Chicago Bears want to construct an enclosed stadium that can host major sporting events such as the Final Four and Super Bowl.
Also, it hinted that its project would be the largest in the Midwest.
An economic impact study in the region reveals that the project will create over 48,00 jobs and generate $9.4 billion. The site will offer more than 9,750 jobs once it is completed, and they would earn the staff $600 million in income. Thus, the average salary will exceed $61,000.
Chicago Bears said that the property will consistently provide many residential and commercial real estate opportunities throughout the year. Besides, it will be a community events, shopping, and regional entertainment hub.
Arlington Park’s Money Will Fund the P2E Purchase
CDI’s statement showed that it will use the sale’s proceeds to procure racing and gaming properties it got from Peninsula Pacific Gaming in 2022. It purchased the Hard Rock Hotel and Casino, Del Lago Resort, six historical horse racing (HHR) properties, and Colonial Downs.
The $2.75 billion agreement comprises the right to develop a Richmond casino and other Virginia HHR parlors. Arlington Park was among Illinois’ three thoroughbred racetracks that hosted races in summer and spring. Churchill officials revealed that they want to launch another site in Illinois.
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