CHICAGO — A bold proposal to keep the Chicago Bears in the city has been unveiled by Farpoint Development. On Friday, the developers revealed plans and illustrations for a state-of-the-art enclosed stadium and a mixed-use development on the site of the former Michael Reese Hospital on Chicago’s South Side.
The visionary project includes a $3.2 billion, 75,000-seat stadium intended to host the city’s beloved NFL team. It also features $356 million in privately funded parking and infrastructure expenses. Additionally, the plan proposes the construction of a bridge park over Lake Shore Drive and outlines 5 million square feet for potential development adjacent to the stadium.
Farpoint pointed out that the project would require $600 million in public financing for essential infrastructure, traditionally funded by the government. “We believe in Chicago,” said Scott Goodman, co-founder of Farpoint Development, in a statement. “Our proposal offers the Bears a viable option on the South Side, effectively connecting with downtown.”
Despite the appeal, the Bears have previously turned down this 48.6-acre proposal, citing concerns about its narrowness and the engineering challenges posed by nearby commuter train tracks. The original idea for the Michael Reese site was to serve as an Olympic Village for the 2016 Summer Games, which ultimately took place in Rio de Janeiro instead.
Currently, the Bears executives are focused on a separate plan to develop a stadium next to Soldier Field, contributing to a larger redevelopment of Chicago’s lakefront museum campus. This alternative, put forward last spring, envisions a $3.2 billion stadium supported by $1.5 billion in accompanying infrastructure, possibly featuring a publicly owned hotel. Chicago’s Mayor Brandon Johnson has strongly backed this proposal, but it received a lukewarm reaction from Illinois Governor J.B. Pritzker and state lawmakers.
Moreover, the Bears have shown interest in another location; they own a 326-acre parcel in Arlington Heights, a Chicago suburb, where another stadium could potentially arise. In September 2022, the Bears revealed a near $5 billion scheme for this site, which includes plans for restaurants, retail establishments, and more.
The Bears have called Soldier Field home since 1971, with a lease that extends until 2033.
