Arlington Sale To Bears Set For Early 2023: Track Owner, Mayor

ARLINGTON HEIGHTS, IL — Following comments made Thursday by the CEO of Churchill Downs Inc. regarding the future sale of Arlington Park to the Chicago Bears, Arlington Heights Mayor Thomas Hayes is "encouraged" that a deal will be in place during the first quarter of 2023.

"It's also very consistent with what we believe the timeline to be and what we're hearing from the Bears as well," Hayes told Patch regarding Bill Carstanjen saying he thinks the real estate deal for the 326-acre property will be closed on early next year. "We're trying to do all we can to assist them to make that timeline a reality."

Next up is a vote on a pre-development agreement between the Bears and the Village, scheduled for the Nov. 7 Village Board meeting. Village officials have said once the Bears make a purchasing decision, a more formal review will begin on the plan, including a review of the economic impact, financial, and transportation studies.

"We're hoping that [pre-development agreement] will give the Bears enough of a comfort level where they can close the deal," Hayes said.

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Churchill Downs Inc. acquired Arlington Park in 2000. The Bears signed a $197.2 million purchase agreement in 2021 for the property to develop the stadium and entertainment district. The final season of horse racing at the historic oval was held last summer.

During Thursday's conference call to investors, Carstanjen said the deal will happen in early 2023 "pending completion of remaining conditions." If the deal with the Bears is completed, experts are predicting it will be one of the largest real estate deals in state history.

While representatives from the Bears have said there are plans to build a new state-of-the art enclosed stadium at Arlington, along with an expansive arts and entertainment district, specifics of what the stadium will look like and how much it will cost remain a mystery.

Hayes described the sale process as being "lengthy," but believes the closing of the deal will help kick-start things.

"[When the sales goes through] we will begin Phase 2, which will hopefully be the submittal of formal plans for the redevelopment of the site," Hayes said. "That will allow us to then continue our process as far as reviewing those plans and putting our consultants to work in terms of the traffic issues and the financial issues, and things like that."

MORE BEARS TO ARLINGTON PARK COVERAGE:

• Bears' Plans For Arlington Park Could Be Rejected By Board: Mayor
• Pre-Development Agreement For Bears At Arlington Draws Some Skepticism
• Arlington Heights Trustees Nix Corporate Welfare Measure For Stadium
• Bears' 'Multi-Billion Dollar' Arlington Park Plan Could Take 10 Years
• Chicago's Soldier Field A 'Bizarre Mix Of Past And Present': Report
• Sweet Dome Chicago: Lightfoot, City Announce Soldier Field Plans
• Bears Hire Architect For Arlington Heights Stadium Design
• Bears Sign Purchase Agreement To Buy Arlington Park For $197M