Related Midwest open to combine White Sox, Bears stadium financing
Related’s Curt Bailey seeking “financing partnership” with Bears
The Chicago White Sox has its sights set on a South Loop megadevelopment for a new ballpark. The Chicago Bears, meanwhile, have been going back and forth between Arlington Heights and the lot south of Soldier Field in search of its own stadium site.
Related Midwest President Curt Bailey has an idea how both teams could get the public financing they need so Chicago could build two new stadiums around the same time, the Chicago Sun-Times reported.
Bailey’s firm, the developer behind the $7 billion South Loop project, dubbed The 78, wants to make room for the Bears to get the public financing they need to build their own stadium on the lakefront, too. Bailey, who’s also a Bears fan, said his firm’s potential Sox development could seek a “financing partnership” with the NFL squad that would allow two stadiums to be built around the same time with backing of public subsidies.
The Bears have explored building in both the northwest suburb of Arlington Heights and south of their current home in Chicago on the lakefront, which is the direction the NFL team has been reported to be leaning most recently.
“I want to partner with the Bears to create these two great environments and make our city even better,” Bailey told the outlet. “Yes, we have spoken with [the Bears], and I am very optimistic on putting together something with that great franchise.”
But Governor JB Pritzker has been reluctant to commit to using taxpayer funds to help bankroll development costs for professional sports stadiums, and has said he wants to ensure any plans provide the public a return on its investment, which could run into the billions of dollars.
To land the Sox at The 78, Bailey outlined a comprehensive financing plan that calls for extending bonds issued by the Illinois Sports Facilities Authority, backed by a hotel tax increase and establishing a sales tax overlay district to secure additional revenue and provide financial stability. It also includes a $450 million subsidy from a tax increment financing district to fund infrastructure improvements essential for the project’s success.
The first phase of The 78 would include the construction of the White Sox stadium, residential and commercial buildings, a hotel and an array of dining and entertainment options along an extended Chicago Riverwalk.
