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Developers Enter the Field for Arlington Racecourse Bids
The Chicago Bears are facing competition for Arlington International Racecourse. The NFL franchise, currently based at Soldier Field, recently acknowledged putting in a bid for the 326-acre horse track, which is now being bid upon by Glenstar Properties and UrbanStreet Group, Crain’s Chicago Business reported.
The site in northwest suburban Arlington Heights, IL could accommodate a mixed-use project including homes, retail space, warehouses and hotels. “This is sort of a once every 20 or 30 years project,” Michael Klein, co-founder and managing principal of Chicago-based Glenstar, told Crain’s.
However, any bidder hoping to clear the starting gate will face three-way negotiations with track owner Churchill Downs and the Village of Arlington Heights, Crain’s reported.
Churchill Downs will drive a hard bargain as it looks to maximize its payout. Village officials, who have aspirations of their own for the site, will have final say on zoning decisions.
- ◦Sale/Acquisition
