ARLINGTON HEIGHTS, Ill. (WLS) — We have received initial insights into the financial forecasts for the proposed Chicago Bears stadium and its surrounding development in Arlington Heights.
Based on a report commissioned by the Bears, the total capital investment for this project is expected to exceed $5 billion, with the team planning to invest over $2 billion solely into the new stadium itself.
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The predicted economic benefits of the planned redevelopment of Arlington Park are significant, ranging from job creation to drawing over a million visitors annually, which will boost tax revenues for local communities, especially Arlington Heights.
“For residents who enjoy the peace of their small town, it may get busier, but it’s definitely going to be thrilling,” commented Anthony Imbrogno, owner of Sorrentino’s Barber Shop.
Imbrogno every day since the Bears purchased Arlington Park in 2023, it has been the number one topic of conversation.
“Ninety percent of the clientele, or maybe even 95% of the clientele, are on board with it, can’t wait for it to happen,” Imbrogno said.
Besides the substantial investment in the stadium and its vicinity, the report forecasts that more than 56,000 construction jobs will be generated across the state.
Conversely, the report also identifies a requirement for $855 million in public funding to kick-start the project. Sports business advisor Marc Ganis notes that this funding would serve the greater public, beyond just attendees at stadium events.
“Any road construction work that would be needed outside of the 326 acres that it would include any bringing utilities to site, things like that, if there’s going to be a new metro station in the property that that would be included in the $855 million of infrastructure,” said Ganis, Sportscorp president.
The report done by Arlington Heights consultants drills down on tax revenue, projecting $15 million a year, or more than $500 million over 40 years. Peter Demarakis owns Jimmy D’s District on the corner of the Arlington Park site.
“People are going to all over, whether they live there or visiting there, and come dine here, visit big, old towns and dying. And that’s what I think is a huge economic jolt for this area,” Demarakis said.
Separate from the economic impact reports, more studies are currently underway on the costs associated with infrastructure improvements for area roadways as well as the project’s impact on traffic and transportation.
The village of Arlington Heights says those reports will also be shared with the public.
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