$10 BILLION BRONZEVILLE DEVELOPMENT PLAN OFFERS NEW OPPORTUNITY TO KEEP BEARS IN CHICAGO

Bronzeville Lakefront would create a 100-acre housing, cultural and entertainment district anchored by a new domed stadium, promoting the development of 5,000+ new, on- and off-site housing units. It has the potential to spur transformative economic development across Chicago's South Side and beyond.

CHICAGO, Nov. 12, 2026 /PRNewswire/ -- Today Quintin E. Primo III, founder and executive chairman of Capri Investment Group, and GRIT Chicago unveiled a new vision for Bronzeville Lakefront, a proposed $10 billion housing, cultural, entertainment and sports development designed to help retain the Chicago Bears while creating a major new economic engine for the city's South Side. The announcement was made at the historic Olivet Baptist Church, 3101 S. Martin Luther King Drive in Bronzeville.

The announcement comes just five days before Illinois lawmakers return to Springfield to consider legislation that could establish a new financing framework for publicly owned stadiums in Chicago or elsewhere in Illinois. The proposal offers the Bears a new opportunity to reconsider a premier Chicago stadium district as the team weighs its Arlington Heights property and a potential stadium in Hammond, Indiana.

The ambitious plan would transform approximately 100 acres that include and surround the former Michael Reese Hospital site into a year-round destination encompassing more than 11 million square feet of proposed development. At its center would be a new domed stadium accommodating approximately 75,000 spectators, capable of hosting the Bears, major sporting events, concerts and other national attractions. Surrounding it would be extensive new housing, commercial development, recreational facilities, cultural attractions, hotels and public open space. The developers are seeking to build a total of 5,000+ residential units onsite and in nearby offsite locations that will include substantial affordable, senior and student housing.

Bronzeville Lakefront offers a fundamentally different approach from previous proposals by integrating a stadium into a comprehensive development strategy designed to attract substantial private investment, significantly expand housing opportunities, generate jobs and create economic benefits extending well beyond the development footprint.

How the Bronzeville proposal differs from other options

"This is about much more than building a stadium or keeping a football team in Chicago," Primo said. "We have an extraordinary opportunity to retain one of our city's most important institutions while directing transformative investment toward South Side communities. Our vision is to make the Bears a catalyst for new housing, jobs, businesses and economic opportunity that will benefit Chicago long after the final whistle blows."

Unlike earlier proposals for the former Michael Reese property, the revised vision of Bronzeville Lakefront would significantly expand the development's physical footprint and objectives. Working with GRIT Chicago, Prairie Shores owner Golub & Co. and Metropolitan Pier and Exposition Authority, the plan would combine the approximately 48-acre former hospital site with Prairie Shores and proposed air rights over the McCormick Place Marshaling Yard to the east.

The expanded site addresses objections previously raised about whether a new stadium could fit on the original Michael Reese property. Preliminary designs show that a stadium requiring approximately 30 to 40 acres, including a 300-foot security perimeter, could be accommodated without encroaching on active railroad operations. The proposal envisions a multipurpose stadium connected to the McCormick Place campus, surrounded by hotels, restaurants and entertainment facilities. It would create opportunities to attract Super Bowls, Final Fours, College Football Playoffs, international sporting competitions and other large-scale events.

The development would also reconnect historically separated portions of the South Side through new east-west streets, pedestrian connections and an expansive land bridge over Jean-Baptiste Pointe DuSable Lake Shore Drive. Plans include a new 28+ acre public park, improved access to McCormick Place, a proposed 29th Street Metra station and a new CTA Green Line station a half mile from the development. The project would incorporate more than 3,500 structured parking spaces, with additional public parking available nearby, subject to further transportation planning and approvals.

Together, these improvements would create a connected lakefront district linking Bronzeville with McCormick Place, the Museum Campus and surrounding neighborhoods.

Significant expansion of housing is the foundation of the development proposal

Much-needed new housing is a central component of Bronzeville Lakefront. The plan proposes 5,000+ new mixed-income homes within or nearby the expanded district, including at least 1,000 units of affordable and senior housing in addition to much-needed student housing. The development would integrate housing with commercial uses, public spaces, neighborhood amenities and community facilities.

Prairie Shores, the five-building apartment community built from 1957 to 1961, is a major component of the plan. The current proposal recommends retaining and rehabilitating two towers while building new units at a 1.5x ratio as the Phase I plan for the site. This would allow the development team to construct up to 1.5 replacement apartments for every existing unit affected by the stadium plan, potentially creating approximately 1,500 new apartments to replace affected units. This plan would provide residents with modern housing and additional amenities, supported by developer subsidies.

The developers also propose incorporating tenant protections into a binding Community Benefits Agreement. These would include priority treatment for affected households to reside in new housing within the district or nearby, rent protections for five years, additional assistance for longer-term residents and oversight by a resident committee and independent monitor. Specific provisions would be developed with residents and incorporated into enforceable agreements.

"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. "Our responsibility is to work with residents to develop a housing program that protects their interests and gives them a meaningful role in shaping what comes next. This project will improve housing opportunities for existing residents, as well as create homes for future generations."

In addition to housing within the approximately 100-acre district, Capri and its partners are pursuing opportunities for thousands of additional mixed-income homes across surrounding South Side communities.

One major opportunity is Lake Meadows, immediately south of the proposed district, where existing zoning and entitlements in this complex alone allow up to 5,000 additional mixed-income residential units. The development team reports a preliminary understanding with the owner to explore this opportunity. In addition, the developers are in early discussions with Illinois Tech, also located in Bronzeville, to build on-campus housing given the large concentration of students currently living at Prairie Shores.

"Given the dire need for more housing in Chicago, we must look beyond developing one or several properties at a time. We must also consider how neighborhoods work together," Primo said. "That's why we are proposing thousands of homes for people at different incomes and stages of life, from students and working families to seniors. By combining housing with transportation, recreation, employment and commercial activity, we can help create the conditions for neighborhoods to grow and prosper together."

Economic development benefits would extend far beyond the stadium

Bronzeville Lakefront is designed to generate activity throughout the year, not just on football Sundays. Beyond the stadium and housing, the proposed district would incorporate approximately 2,000 hotel rooms, 300,000 square feet of new retail shops and restaurants, 400,000 square feet of office space, a 500,000-square-foot youth sports complex and a 400,000-square-foot health and wellness center.

Plans also contemplate approximately 300,000 square feet of expanded McCormick Place convention and meeting facilities, creating new opportunities to connect convention visitors with nearby hotels, restaurants, entertainment and recreational attractions.

"The benefits of this development must be felt by the people who live and work in the surrounding communities, so the proposal includes substantial commitments to community participation and economic opportunity," McLaurin said. "We intend to direct at least 30% of construction contracts to minority-owned firms and 10% to women-owned firms, with at least half of construction hours worked by Chicago residents.

"The proposal also includes a community welcome center and retail space reserved for local businesses at below-market rents. These aren't simply goals. We intend to make them binding with a Community Benefits Agreement that has oversight and accountability provisions built into the development process," McLaurin added.

"Our initial feasibility studies project approximately $14 billion in regional economic activity during development and construction, supporting an estimated 60,000 construction-related jobs," Primo said. "Once operational, the district could generate approximately $1.5 billion in annual economic activity and support 11,000 ongoing jobs. These are preliminary projections, but they demonstrate the extraordinary scale of the opportunity. Our goal is to translate that investment into lasting benefits for the people and businesses of Chicago."

The development team's preliminary economic model also identifies more than $3 billion in potential contracting opportunities for minority- and women-owned businesses. The development team hopes to have a 65% minority workforce on-site.

The project could become a major component of a larger South Side growth corridor, complementing the Chicago Fire stadium at The 78, McCormick Place, Bronzeville's historic cultural institutions and the Obama Presidential Center in Jackson Park. Farther south, Illinois' commitment of $500 million to the Illinois Quantum and Microelectronics Park at the former U.S. Steel South Works site reflects another major investment in the future of the South Side lakefront.

Why keeping the Bears in Chicago matters

Chicago offers advantages that go well beyond a stadium site: access to millions of potential game attendees, a major transportation network, an established hospitality industry and the cultural and commercial attractions of a global city.

A February 2026 economic comparison prepared for World Business Chicago found that approximately 3 million people live within a 30-minute drive of Soldier Field, compared with approximately 1.49 million within the same driving distance of Arlington Park. According to the analysis, residents within a 30-minute drive of Soldier Field spend approximately $5.76 billion annually dining out, twice the $2.88 billion spent by residents within the same driving distance of Arlington Park. These figures describe surrounding consumer markets, not projected stadium revenues.

A modern Chicago stadium could build on those advantages, strengthen the Bears' connection to the city that established their identity and expand opportunities to host events that bring visitors and economic activity into Chicago throughout the year. This is critical to the development team's belief that public investment intended to keep the Bears in Chicago should be evaluated by how much long-term economic opportunity it creates and how broadly those benefits are shared.

"Bronzeville is one of Chicago's most historically significant communities, and its future deserves investment equal to that legacy," 4th Ward Alderman Lamont J. Robinson said. "A development that combines substantial housing investment with transportation improvements, jobs, new businesses and public amenities has the potential to benefit neighborhoods far beyond this site. But its success must also be measured by how we protect existing residents, ensure meaningful community participation and make certain that the people who live here share in those benefits."

A financing approach designed to create lasting public value

The development team's preliminary financial framework for Bronzeville Lakefront combines private investment, proposed stadium financing and public infrastructure funding. The proposed stadium financing contemplates the construction of a publicly owned facility that will include substantial contributions from the Bears. Similar to the financing of the publicly owned Allegiant Stadium for the Las Vegas Raiders, it would take the form of an upfront lease payment from the Bears arising from sources such as the sale of stadium naming rights and personal seat licenses, along with NFL financing programs and the potential refinancing and issuance of Illinois Sports Facilities Authority bonds (including retirement of existing Soldier Field debt). The infrastructure plan identifies potential municipal, state and federal financing sources, including tax increment financing, sales-tax-backed bonds and transportation funding.

Legislation under development in Springfield would allow municipalities to establish stadium authorities capable of financing publicly owned sports facilities, potentially providing the Bears with long-term property tax certainty. Lawmakers are also considering expanding the state's Sales Tax and Revenue (STAR) bond program to support infrastructure through incremental sales tax revenues generated by qualifying developments. These financing tools could offer a framework for advancing Bronzeville Lakefront, potentially generating substantial economic and fiscal benefits to taxpayers that may exceed those possible at other sites.

The proposed approach would also address outstanding Soldier Field financing obligations through a restructuring or refinancing strategy. The financial plan seeks to use future economic activity generated by the district to support portions of the required infrastructure investment. The developers' latest analysis estimates that their plan's housing, hotels, retail and commercial uses could generate approximately $135 million in annual tax revenue, subject to validation and the final financing structure.

While the proposal anticipates substantial public financial participation, the developers contend that investments in transportation, housing-related infrastructure and public amenities could generate lasting economic and fiscal benefits across a much broader area than a stand-alone stadium.

The development team brings experience and capital to the project

Capri, with more than three decades of investment and development experience and over $15 billion in completed transactions, is working with GRIT Chicago and a multidisciplinary team that includes AECOM for infrastructure planning, Gardiner & Theobald for cost consulting and Studio Inference for architecture and urban planning. The development team has also recently signed a Memorandum of Understanding with a major capital provider for the project.

"The difference between a development vision and a development that gets built is the ability to bring together the land, capital, technical expertise and partnerships needed to execute it," Primo said. "We've assembled an experienced team and developed a comprehensive plan that connects the stadium opportunity to housing, infrastructure and commercial investment. Our focus now is on turning that plan into a project that can move forward and deliver lasting benefits for Bronzeville and the surrounding communities."

As an added incentive, Capri and its investment partners are prepared to purchase the Bears' Arlington Heights property if the team's existing investment there is an obstacle to considering a Chicago location. In addition, the team would offer the Bears an opportunity to participate in the development of the mixed-use district surrounding the proposed Bronzeville stadium.

"Our proposal has been designed to address the Bears' needs while creating broader benefits for Chicago," Primo said. "We believe Bronzeville Lakefront offers the team a compelling stadium and development opportunity, and we are prepared to help resolve the issues that have kept the Bears from seriously considering this location. Most importantly, we believe it can deliver significant long-term value for Illinois taxpayers."

What happens next?

"The next step is to bring the Bears and the NFL, state and city officials, neighborhood residents and our development partners together for serious discussions regarding this opportunity," Primo said. "With the Illinois General Assembly meeting this month and next, we believe there's an important window to examine a solution that could meet the Bears' needs while delivering exceptional public value."

In addition to engaging the Bears, NFL and state legislators, the development team is preparing an updated infrastructure plan to submit to the City of Chicago as part of the existing Bronzeville Lakefront redevelopment process. The proposal will continue to be refined through community engagement, technical reviews and negotiations with public agencies and development partners.

"We have an opportunity to make a decision that will shape Chicago for generations," Primo added. "We want the Bears to remain in the city whose name they carry. But we also want to accomplish something much larger: a transformative investment in housing and economic opportunity in neighborhoods that have waited far too long for investment on this scale. Bronzeville Lakefront gives us a vision worth pursuing together."

About Capri Investment Group: A leader in real estate investment and urban redevelopment, Capri is known for transforming spaces and places into vibrant, sustainable communities. It specializes in complex mixed-use developments, integrating innovative design, economic growth and social equity to create dynamic environments. Founded over 30 years ago, the company has completed more than $15 billion in transactions, formerly as a registered investment advisor and now as principal investor and developer. Most recently, the company was responsible for bringing Google to Chicago's Central Loop with the groundbreaking redevelopment of the James R. Thompson Center, contributing to the revitalization of an important historical Loop submarket. In these and other innovative investments, Capri has sought to offer its investors attractive rates of return while enhancing the communities where the company responsibly builds and invests.

About GRIT Chicago: GRIT is a consortium of best-in-class developers, investors and community builders united by a shared conviction that the South Side of Chicago deserves world-class investment. Comprising Farpoint Development, McLaurin Development Partners, Loop Capital Management, Chicago Neighborhood Initiatives and Bronzeville Community Development Partnership, the GRIT partners bring decades of collective experience across real estate, finance and community development, as well as the deep community roots and institutional relationships necessary to deliver one of the most consequential urban development opportunities in the country.

For more information, visit bronzevillelakefront.com.

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SOURCE Capri Investment Group and GRIT Chicago