Developers unveil $10 billion proposal for new Bears stadium and entertainment district at former Michael Reese site | Chicago News

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Developers unveil $10 billion proposal for new Bears stadium and entertainment district at former Michael Reese site

The “Bronzeville Lakefront” plan would transform approximately 100 acres that include and surround the former Michael Reese Hospital site. At the center of the proposal is a new domed stadium in an effort to keep the Chicago Bears in the city. (Courtesy of inference)

A new $10 billion proposal aims to build a stadium and entertainment district on the site of the former Michael Reese Hospital on the South Side in an effort to keep the Chicago Bears in the city, according to a plan unveiled Thursday by developers.

The “Bronzeville Lakefront” plan would transform approximately 100 acres that include and surround the former Douglas neighborhood hospital site. At the center of the proposal is a new domed stadium with a capacity of 75,000 for major sporting events and concerts. The proposal also includes new housing, commercial development, recreational facilities, cultural attractions, hotels and public spaces.

The plan was proposed by Quintin E. Primo III, founder and executive chairman of Capri Investment Group, and GRIT Chicago, a consortium of developers advocating investment in the South Side.

Ald. Lamont Robinson (4th Ward), whose district includes the former Michael Reese Hospital site, said in a statement that a development combining investment in housing, transportation improvements, jobs, new businesses and public amenities has the potential to benefit neighborhoods far beyond the site.

“But its success must also be measured by how we protect existing residents, ensure meaningful community participation and ensure that the people who live here share in those benefits,” Robinson said.

The Chicago Bears did not immediately respond to a request for comment Thursday.

When asked whether Mayor Brandon Johnson supported the proposal, a spokesperson for the Mayor’s Office said in a statement: “Developers know that all ideas will be carefully considered and that moving their ideas forward will require community engagement and support. The bottom line is that the Mayor knows that Chicago is and should remain the home of the Bears and will continue to work with stakeholders throughout the region to make it happen.”

The proposal comes before Illinois lawmakers return to Springfield for the fall veto session next week to consider legislation on new funding frameworks for the state’s stadiums. The Chicago Bears have considered moving to the team’s property in Arlington Heights or Hammond, Indiana.

Under the proposal, developers aim to build more than 5,000 residential units on-site and nearby off-site, including affordable, senior and student housing, according to a press release.

“This is about so much more than building a stadium or keeping a football team in Chicago,” Primo said in a statement. “We have an extraordinary opportunity to retain one of our city’s most important institutions while directing transformative investments to South Side communities. »

The plan proposes replacing about 1,000 Prairie Shores apartments, according to Primo during a news conference Thursday at Olivet Baptist Church. As part of the plan, developers proposed a community benefits agreement for tenant protection. Proposed commitments include giving affected residents priority for new, comparable housing at equal rent for at least five years, in addition to not affecting any buildings until replacement housing is under construction, according to a presentation.

Pastor Chris Harris of Bright Star Church said during the news conference that the area’s development plan is critical with or without the Bears. Harris said residents need to be able to help shape the community benefits deal and also have the power to hold people accountable.

“Let me speak directly to the families of Prairie Shores since you are my neighbor – I still live in that community just down the street,” Harris said. “Your home matters, your history matters, your future matters, and every door represents a family. Every family has a name, a story, and a place in this community. The standard is simple: Families must stay in their homes until the new homes are ready.”

The development team’s preliminary financing approach for the proposal combines private investment, proposed stadium financing and public infrastructure financing, according to a press release. The proposed financing plan would make the stadium publicly owned and include substantial contributions from the Bears.

Additionally, Capri Investment Group and its partners are prepared to purchase the Bears’ Arlington Heights property as an additional incentive if the team’s existing investment there poses a barrier to considering a Chicago location, according to a press release.

Note: This story was originally published on November 12.

Contact Eunice Alpasan: (email protected)