(Bloomberg) -- Chicago Bears President Kevin Warren said the city risks falling behind other US regions unless it pursues more major development projects, including a new stadium for his National Football League team.
“This is truly one of those situations that one plus one will equal 100 because if we don’t wrap our arms around some of these construction projects, we’re gonna fall behind as a city, and we need to do more here in Chicago,” Warren said Thursday night at an event held by the Economic Club of Chicago.
The city is missing out on major events without a new stadium, including the Super Bowl, college basketball’s Final Four, concerts and other events that would generate revenue for hotel and restaurant businesses, according to Warren.
The Bears initially proposed a new lakefront stadium in April, pledging $2 billion of private funding for the $4.7 billion project. The team currently plays at Soldier Field, which will turn 100 years old next month.
The proposal has the support of Chicago Mayor Brandon Johnson, but no money would come from the city under the plan. The stadium, which has yet to gain support from Illinois Governor JB Pritzker, would tap the state’s Sports Facilities Authority for a portion of its funding.
Pritzker has previously said the proposal was a “nonstarter” and that he would need to see a “tangible benefit to taxpayers” to subsidize a sports stadium.
Prior to that proposal, the team had purchased land in Arlington Heights, a northwestern suburb, and had planned to pursue a stadium deal there.
The Bears, which are owned by the McCaskey family and led by 101-year-old Virginia Halas McCaskey, have struggled on the field in recent years. But enthusiasm is high this season after the the team selected quarterback Caleb Williams with the No. 1 pick in the 2024 draft and the Bears were featured on HBO’s Hard Knocks series.
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