Two extra growth proposals for the Arlington Park racetrack property in Arlington Heights have been revealed, becoming a member of bids from the Bears for a brand new soccer stadium and from former observe President Roy Arnold to protect racing on the website.
The 2 newest proposals to be disclosed are from Chicago-based Glenstar Properties and Schaumburg-based UrbanStreet Group LLC.
Glenstar Managing Principal Michael Klein mentioned his agency’s pitch might be distinct as a result of it does not entail shopping for the land outright.
As a substitute, the corporate can be observe proprietor Churchill Downs’ associate in a plan to unload particular person parcels for a mixed-use growth with an 80- to 100-acre open leisure area as a serious element of the 326-acre website. “We might act as their feed developer,” Klein mentioned of the proposed relationship with Churchill Downs. “It will give them the utmost worth.”
The extra conventional method redevelopment occurs is for somebody to purchase the property and assume all of the dangers. However below the Glenstar proposal, Churchill Downs can be a part of the method and share within the dangers to reap the next reward, Klein mentioned.
Whereas Klein mentioned he could not be particular concerning the potential makes use of of an 80- to 100-acre leisure area on the Arlington Park property, he mentioned it could be each a attract its personal proper in addition to one thing that would scale back the density of the remainder of the venture.
“I feel it could be one thing the group can be actually pleased with,” Klein mentioned.
UrbanStreet Group is already identified regionally for its mixed-use Veridian Improvement underway on 225 acres of the previous Motorola Options campus on the southwest nook of Algonquin and Meacham roads in Schaumburg.
Managing Associate Bob Burk couldn’t be reached for touch upon the specifics of his Arlington Park pitch Friday, however its strategy with Veridian was to purchase the complete website from Motorola and act as grasp developer as a wide range of workplace, residential, retail and leisure pursuits materialized.
After a June 15 deadline to obtain proposals, Arlington Park’s proprietor mentioned its actual property agency had obtained “robust proposals from quite a few events,” however didn’t title them.
Klein does not consider the deliberations can be extended.
“I feel by the autumn they are going to choose the path, perhaps sooner,” he mentioned.
Bears President and CEO Ted Phillips introduced final month that the group would bid for the racetrack property in a transfer that might relocate the group to Arlington Heights from Soldier Subject in Chicago.
Arnold’s earlier reported proposal requires the present grandstand and racetrack to stay, whereas relocating and developing a brand new backstretch steady and including a resort and leisure district, in addition to industrial, retail and residential elements.
Whereas Arlington Heights Mayor Tom Hayes has mentioned he’d like to see reside horse racing proceed at Arlington Park, he and different officers have requested Arnold and different horse racing teams what they’d do otherwise than Churchill Downs to make it a profitable long-term operation.