<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1IqPud_1H58EzfN00" alt="https://img.particlenews.com/image.php?url=1IqPud_1H58EzfN00" width="700" height="350" ><figcaption>A rendering of Bronzeville Lakefront along Lake Michigan, with boats in the water and Chicago skyline in the background. Photo from Capri Investment Group and GRIT Chicago.</figcaption></figure>News ReleaseCHICAGO – Developers have unveiled a $10 billion proposal for a mixed-use district on Chicago’s South Side, centered on a domed stadium intended to help keep the Chicago Bears in the city.Capri Investment Group founder and Executive Chairman Quintin E. Primo III and GRIT Chicago announced the Bronzeville Lakefront proposal Nov. 12 at Olivet Baptist Church. The plan would transform about 100 acres in and around the former Michael Reese Hospital site into a year-round district with more than 11 million square feet of development.The proposed 75,000-seat stadium would host Bears games, concerts and other major events. The surrounding district would include more than 5,000 housing units, about 2,000 hotel rooms, retail and restaurant space, offices, a youth sports complex and a health and wellness center.“This is about much more than building a stadium or keeping a football team in Chicago,” Primo said. He described the proposal as an opportunity to direct investment toward South Side neighborhoods through housing, jobs and business opportunities.The Bears are considering stadium options in Arlington Heights and Hammond in Indiana. Illinois lawmakers are expected to consider legislation creating a financing framework for publicly owned stadiums when they return to Springfield.The expanded site would combine the approximately 48-acre former hospital property with Prairie Shores and proposed air rights over the McCormick Place Marshaling Yard. Developers said the larger footprint addresses concerns about fitting a stadium on the original hospital site.The housing plan calls for at least 1,000 affordable and senior housing units, as well as student housing. At Prairie Shores, developers propose retaining and rehabilitating two apartment towers while building up to 1.5 replacement apartments for each existing unit affected by the stadium plan. The proposal could result in about 1,500 new apartments at the site.Developers said they intend to negotiate tenant protections through a binding Community Benefits Agreement. Proposed measures include priority access to new housing for affected households, five years of rent protections and additional assistance for longer-term residents.“We recognize that redevelopment on this scale raises important questions for the people who already call Prairie Shores home,” said Zeb McLaurin, founder and CEO of McLaurin Development Partners, a member of GRIT Chicago. He said residents would help shape the housing program.Plans include a 28-acre public park, new pedestrian connections, a land bridge over DuSable Lake Shore Drive, proposed Metra and CTA Green Line stations, and expanded McCormick Place convention facilities.McLaurin said developers propose directing at least 30% of construction contracts to minority-owned businesses and 10% to women-owned businesses, with at least half of construction hours worked by Chicago residents. The plan also includes below-market retail space for local businesses.Primo said preliminary studies project $14 billion in regional economic activity during construction and about 60,000 construction-related jobs. Once operating, the district could generate $1.5 billion in annual economic activity and support 11,000 jobs, he said. The figures are developer projections.The preliminary financing framework combines private investment, stadium financing and public infrastructure funding. Developers envision a publicly owned stadium with contributions from the Bears and potential NFL financing. Infrastructure funding could include tax increment financing.The team plans to submit an updated infrastructure plan to the city and continue community engagement and discussions with public agencies, the Bears and the NFL. Primo said the team is prepared to purchase the Bears’ Arlington Heights property if it is an obstacle to considering a Chicago site.</div></body>

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CHICAGO – Developers have unveiled a $10 billion proposal for a mixed-use district on Chicago’s South Side, centered on a domed stadium intended to help keep the Chicago Bears in the city. Capri Investment Group founder and Executive Chairman Quintin E. Primo III and GRIT Chicago announced the...

Developers Propose $10 Billion Chicago Bears Bronzeville Lakefront Project

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CHICAGO – Developers have unveiled a $10 billion proposal for a mixed-use district on Chicago’s South Side, centered on a domed stadium intended to help ke

Developers Propose $10 Billion Chicago Bears Bronzeville Lakefront Project

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