Chicago Construction News staff writer
Farpoint Development and its partners have unveiled a new proposal for a $3.2 billion stadium and mixed-use development on the site of the former Michael Reese Hospital on Chicago’s South Side. The plan, which includes a 75,000-seat stadium for the Chicago Bears, was announced nearly a year after the team initially proposed a $3.2 billion stadium south of Soldier Field, a project that has struggled to gain traction among Illinois lawmakers.
The new proposal also features $356 million in parking and infrastructure to be privately financed, as well as a park bridge over Lake Shore Drive. Developers are envisioning an additional 5 million sq. ft. of surrounding development opportunities. Farpoint indicated that the project would require $600 million in public funding for necessary infrastructure work typically covered by the government.
However, the Bears have previously rejected the 48.6-acre site, citing concerns about its narrowness and challenges posed by nearby commuter train tracks. The city had acquired the Michael Reese site with the intent to use it as an Olympic Village for the 2016 Summer Games, but the bid ultimately went to Rio de Janeiro.
The Bears have also been moving forward with plans to build a $5 billion stadium and campus on the Arlington Park racetrack property, which the team purchased in 2021. That proposal, which includes retail, restaurants, and other developments, was first revealed in September 2022.
The Bears have played at Soldier Field since 1971, and their lease at the stadium runs through 2033.
