Designs for the Bears’ $3.2 billion lakefront stadium have been revealed.
The Chicago Bears have revealed plans for a $3.2 billion domed stadium on the city’s lakefront, which will center a mixed-use development near Soldier Field.
Crain’s reported that Bears president Kevin Warren presented stadium blueprints to city officials today. Of the $3.2 billion anticipated cost, nearly $2.3 billion would be raised by private investment, demonstrating the Bears’ commitment to the enterprise. Taxpayers are anticipated to invest $900 million up front through bonds issued by the Illinois Sports Facilities Authority. In addition, the team is seeking an additional $1.5 billion in public infrastructure expenditures, a move that has elicited both support and criticism.
Key components of the plan include $325 million in immediate infrastructure needs for the stadium’s opening, followed by subsequent phases that include enhancements such as new parking and multi-use playfields, as well as transportation improvements to improve access to the nearby Museum Campus.
The proposed stadium itself has a unique design, with a translucent permanent roof and a transparent entrance on the north side that provides views of the city skyline. Soldier Field, on the other hand, would be significantly transformed, making way for 14 acres of multi-use sports grounds nestled among its historic colonnades.
Despite concerns over the allocation of public monies, Chicago Mayor Brandon Johnson has put his support behind the effort, assuring residents that it will not result in new or increased taxes. However, plans to prolong a current 2% tax on hotel stays for another 40 years have sparked concern about the project’s long-term financial ramifications.
Gov. J.B. Pritzker, although expressing doubts, underlined the importance of responsible budgetary management, citing recent public rejections of stadium subsidies elsewhere. The Bears, on the other hand, are looking for quick parliamentary approval, with hopes of obtaining it during the spring session. State Senate President Don Harmon backed the governor’s cautious tone, emphasizing the huge funding deficit that persists despite significant private investment. Meanwhile, Illinois House Speaker Chris Welch emphasized the importance of a balanced budget amid competing fiscal demands.
The Bears’ finance model includes a complex mix of private funds, including NFL loans and projected earnings from marketing rights and personal seat licenses. However, there are concerns about tax revenue allocation and potential legal challenges, such as a prospective lawsuit by park advocacy group Friends of the Parks.