Chicago Bears Moving to Arlington Heights
As you all well know, our beloved team, the Monsters of the Midway, are making a historic move to Arlington Heights. And while many “experts” are predicting that this will cause home prices to skyrocket, as a real estate insider, I'm here to tell you that the truth is quite different.
In fact, the data reveals that this move will have a surprising impact on the local real estate market - and it's not what you think. So, if you're ready to separate fact from fiction and uncover the real story behind the Bears' move to Arlington Heights, join me for a deep dive into the numbers.
We'll explore the most expensive redevelopment in Illinois history and uncover the truth about the Bears' impact on the local community. Get ready to bear down, Chicago - this is a story you won't want to miss.
I. Uncovering the True Cost of the Chicago Bears Moving to Arlington Heights
The cost of the relocation of the Chicago Bears to Arlington Heights is complex, and there is no definitive answer. The estimated construction cost alone is expected to exceed $3 Billion dollars, including the cost of building a new stadium that meets modern NFL standards. On top of this, several additional financial costs could be associated with the move. For starters, increased city and state taxes for those in Arlington Heights, Chicago, and Illinois may be necessary to support such an endeavor.
But the Bears also are leaving Chicago without paying their tab. The City of Chicago is still on the hook for $640M for the renovation of Soldier Field in 2003, which was not only a financial disaster but also an aesthetics disaster.
While the breakup between Chicago and the Bears is all but official, The City of Arlington Heights continues to seduce the Bears with their willingness to agree with all of the bear's requests. Arlington Heights has agreed to rezone the developments and contribute over $200M in infrastructure for the Bears mixed-used development.
The project will cost the City of Chicago, Arlington Heights, and the state. The state is currently considering a bill offering tax incentives called PILOTs to enhance commuter transit around the new stadium.
The Arlington Park Deal aims to create the most costly property development in Illinois history to attract events such as the Super Bowl, national events, and concerts.
So Who will pay what?
The Bears have already purchased the land for just under $200M. The NFL is also likely to contribute to the actual construction of the stadium for a few hundred million.
Although the Bears will not ask for any taxpayer dollars for the stadium, they are requesting investment from Arlington Heights to build all of the infrastructure for the redevelopment. The truth is, if you live currently live in Illinois, some small percent of your tax will eventually go to the construction of this stadium.
The Bears are also seeking a PILOT (Payment In Lieu Of Taxes) from the state worth hundreds of millions of dollars in tax incentives over the course of many years. This means that taxpayers foot the bill for infrastructure improvements and other costs associated with Bears Transit Oriented Development.
II. What Does the Chicago Bears Move Mean for Illinois Residents
For Illinois residents, moving the Chicago Bears to Arlington Heights could have a profound impact. In addition to potential changes in taxes and transportation costs, there may be an overall cultural shift. As fans flock to games in Arlington Heights, local businesses could see increased revenue from increased foot traffic and more money spent on goods and services.
Hosting an event as significant as the Super Bowl in the Chicagoland area would be very exciting, and I cannot deny that. But if we are spending billions of dollars for only a few events a year and 1-2 Superbowls in the lifetime of the Stadium, is it really worth it?
On the other hand, Chicago residents may feel a sense of loss with their beloved team no longer playing in their city. In addition, some argue that Arlington Heights may not have the infrastructure to support such an influx of Bears fans. Residents from both cities should consider all of these factors when making decisions.
Whether you like it or not, not everyone will contribute equally to the cost of the move. We should find a way for it not only to benefit the bears but the city of Chicago and the residents of Arlington Heights alike.
Arlington Heights is Ideally located and could also benefit from the ideal location for the redevelopment. If done correctly, the Stadium could draw visitors close to O'hare Airport, one of the busiest Airports in the nation.
III. The Impact on Local Communities and Businesses
The move of the Chicago Bears to Arlington Heights will affect local communities and businesses as both cities are undoubtedly intertwined. For the Residents of Arlinton Heights, it is giving up what the Old Arlington Heights was and Welcoming the new.
But that doesn't mean it has to be a complete loss for Arlington Heights; if planned correctly, the redevelopment could bring in new visitors worldwide and bring Arlington Heights to the front stage.
There may be an increase in revenue for local businesses in Arlington Heights due to increased foot traffic from fans attending games. Arlington Heights already has so many positives going for it, and a development that compliments the City of Arlington Heights will only add to its current charm and energy.
This move may also mean a new wave of economic development for Chicago as well. The addition of a stadium on the city's outskirts could attract more visitors from all over the world who would be eager to explore Chicago's other offerings. This could potentially mean an influx in local revenue for businesses and an increase in jobs and housing.
Overall, the Chicago Bears' move to Arlington Heights is sure to have its advantages and disadvantages, but it's up to us all to make sure that the positives outweigh the negatives. Everyone has an opinion, but the facts don't lie.
Take, for example, this recent article from The Real Deal that states that " A recent analysis of housing prices in Northwest suburbs found that even the idea of the NFL team moving to the area has been driving up median sale prices up 14 percent since the announcement of the Bears moves to Arlington.
The truth is Arlington Heights home prices didn't see an increase of 14%; in fact, Arlington has only had an increase of 4.1% and, compared to other comparable areas, has been outperformed by both Buffalo Grove that shares the same general location from the city and similar price range.
To add to the fire, Arlington hasn't even kept up with the township it's located in, which has seen an increase of 3.8%. compared to Wheeling Townships 4.8 %.
It is clear that Arlington Heights isn't benefiting from the Chicago Bears move just yet as much as it could. And let's be serious, why would a dramatic increase in traffic, higher taxes, and higher potential for crime drive up home prices? It won't!
This doesn’t mean we won’t see a demand for Arlington, but the number doesn’t support that yet.
I want to visit the stadium and entertainment district but wouldn't want to deal with the traffic and congestion from every event. Not in MY BACKYARD! We must come together to ensure this move benefits both parties, not just the team itself. It is important for us all to remember what both cities stand to gain.
IV. How This Can Be A Win-Win or lose less Situation for Everyone
Although the City of Arlington Heights Stands a poor chance of benefiting from the Bears' move, this could be a great opportunity for the State of Illinois and the City of Chicago and Arlington Heights to invest towards becoming a city of the future. If Chicago and Arlington Heights can devise a plan that will benefit both cities, the move could be a win-win situation for everyone or a lose-less situation.
For example, The state of Illinois and the City of Chicago could invest in projects and technologies which would provide jobs and promote economic growth. This will ensure that Arlington Heights remains affordable to all who want to live there.
The State of Illinois should invest in transportation to and from the stadium tieing the City of Chicago, O'Hare airport, and The New Stadium. For the residents of Arlington, the biggest change will be the congestion. The new Stadium will likely host over 65,000 at every event. Imagine the traffic!
Neighboring communities are also concerned about the drive-through traffic from cars trying to avoid the congestion. To alleviate this, Chicago and Arlington Heights could invest in public transportation to make it easier for people to get to and from the stadium without driving.
People will use public transportation if we make it easier, more cost-effective, and safe. If more people use public transportation, the less congestion Arlington will have.
Not to mention it would also be the most energy efficient and avoid large empty parking lots for the over 300 days the stadium won't be used a year.
If the Transit Oriented Development at Arlington Park is successful, it must draw in residents and visitors throughout the year, meaning it must appeal to everyone. In the recent plan, the Chicago Bears proposed a plan for Arlington Heights that displayed a mixed-use development with the density of a modern transit area. This would include residential, retail, and office spaces. The development would also leave room for entertainment venues and parks as well.
In the board meeting, one of Arlingtons trustees found the development too congested and stated it was "10 lbs in a 5 lbs bag". This idea has the potential to undermine the project's success.
There is currently a high demand for multi-level residential properties. If you only place single-family homes in the Transit-Oriented Development, it will not only be a poor use of space but also likely only attract millionaire investors. To appeal to a larger demographic, it is important to have various housing options available.
For example, examine the upcoming Mount Prospect and Arlington projects, which are all multilevel. It is also important to avoid creating something that looks generic and instead focus on designing buildings with timeless architecture that doesn't strongly associate completely with a specific team like the Bears but more of a community.
BTW- I have been thinking about what the new area might be called. Here are a few names that came to mind.
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Halas Heights
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Bearsville
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Arlington Fields
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Orange and Navy District
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Monster District
Let me know what you think and what it should be called in the comments below!
To create an experience, urban planning, and architecture should be at the forefront. The Development should be beautiful and enticing for visitors to want to come back. We must ensure the new village is accessible and easily navigable for everyone. That way, locals and tourists alike can enjoy one of the most iconic football teams in the country from a city where they feel welcomed and at home.
For the City of Chicago, a great area to focus on would be its public transportation—specifically, the CTA and train systems to Aid in getting to and from the stadium. There have been many studies that show an increased amount of public transportation has a direct correlation with economic growth for small to large cities.
In a proposal in 2003, The CTA suggested an extension of the Blue Line past O'hare onto the western suburbs linking Mount Prospect, Arlington Heights, and Schaumburg. Schaumburg is also a suburb that would benefit greatly from this extension, giving even more options for daily commuters and visitors to Arlington.
Fun fact the bears also considered Schaumburg for the location of their new stadium before finding their current location in Arlington Park.
In fact Schaumburg has already selected an area for blue line extension development. If this transportation link happens, it will link Chicago, Ohare, Arlington Heights, and the largest mall in Chicagoland together. Tourists would have one easy, convenient connection to the Bears game without driving through the city.
For Arlington Heights, the best investment would be in infrastructure, specifically updating its roads and curbside located around the stadium. This will ensure that people can properly access the stadium while also keeping it more cost-effective. Arlington should fight for more public transportation and less parking!
Finally, both Chicago and Arlington Heights need to have a plan to handle additional demand on public services and transportation. As well as potential noise ordinance that might be necessary to discuss so that nearby neighborhoods aren't disturbed.
Clearly, there are many factors to consider when discussing the costs of moving the Chicago Bears to Arlington Heights. Though at first glance, it may seem like a pricey move, there is potential for both parties involved to reap major benefits from this transition. Let's ensure we make the most of it and work together to create an experience worth investing in.
The move of the Chicago Bears to Arlington Heights could be a great opportunity for both parties involved. It will take some careful planning and collaboration between the two cities in order to make sure that this transition is successful. We need to focus on urban planning, public transportation links, infrastructure updates and noise ordinances so everyone can enjoy all that Arlington has to offer without being disturbed by neighboring areas. If you have any ideas or suggestions about how we can make this happen, please leave them in the comments section below!
Posted by Rafael Velasco on
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