Bears release new Arlington Heights stadium renderings, report on projected cost and economic impact

ARLINGTON HEIGHTS, Ill. (WLS) -- We are getting our first look at the economic projections for a new Chicago Bears stadium and surrounding development in Arlington Heights.

The report commissioned by the Bears says the capital investment for the project will be more than $5 billion with the team intending to invest more than $2 billion into the new stadium.

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The projected economic impact for the planned redevelopment at Arlington Park is enormous, from the creation of new jobs to the influx of 1 million-plus visitors per year to tax revenue for local villages, most notably, Arlington Heights.

"For the people around here that want their quiet little town, probably not going to be so quiet anymore, but it's going to be exciting," said Sorrentino's Barber Shop owner Anthony Imbrogno.

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.

In addition to the billions in capital investment into the stadium and surrounding development, the report anticipates the creation of more than 56,000 construction jobs statewide.

On the flip side, the report also highlights a need for $855 million in public funding to jumpstart the development. Sports business consultant Marc Ganis says that money would benefit the general public and not just people going to the stadium for games and concerts.

"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.