If the Chicago Bears are to move to the suburbs, the change would not just include a stadium: the land all around would be valuable and needed to generate the kind of revenues the team and community would hope for:
SoFi Stadium was built on the former site of Hollywood Park racetrack, presenting a solid comparison to Arlington Park. According to Noll, the reason SoFi Stadium is in position to be financially successful is the mixed-use development also being built on the property.
Noll believes a stand-alone stadium is no longer a realistic option for NFL franchises because a $5 billion stadium can’t be financed by eight football games a year and the random big-name concert. Year-round revenue must be part of the package…
Glendale city officials, for example, added residential neighborhoods to the area so the entertainment establishments would be frequented at night and on weekends when no game is in town. They added office space so workers would patronize the restaurants in the daytime and not take up parking at night.
“If you’re not able to capture benefit in a meaningful way outside of the football games, it’ll be an expensive proposition,” Phelps said. “We’re seeing tremendous growth in and around the stadium, kind of creating this sports and entertainment hub. I think that’s the future where these kinds of venues are going.”
Creating this sort of suburban entertainment center is a dream of many larger suburbs. Not only would this boost the status of the community, it would add jobs and tax revenues. Metropolitan areas only have so many stadiums and major revenue generators and this could be viewed as a once-in-a-lifetime opportunity (or gamble).
But, this would also be a major change. The article noted that this site in Arlington Heights is surrounded by residences; would a mixed-use area of denser housing, restaurants, and entertainment venues be welcomed? Can Arlington Heights go full[speed into such a project?
As the article notes, it could turn out poorly. There is a lot of money at play. Getting any taxpayer dollars involved could be a risk. It all could take time to develop fully into a true center for suburban football as opposed to a football stadium stuck in the middle of single-family homes near highways.
Given all the history of the Bears in the city, I would be more than 50% confident that they stay in Chicago. The allure of a new, large stadium that could serve other uses much of the years is incredibly appealing. There is money to be made in the suburbs. But, it would certainly be a change for all involved, including Chicago leaders who would have much to answer for if the Bears become the Chicagoland Bears.