Luke
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Lengthy, but in-depth analysis from a Chicago commercial real estate CEO - David Trandel.
The readers digest version….
"You, me and the postman would already have the finances set and this deal done. A major-market NFL team, far too often disappointing its fans and stuck in a leased, undersized stadium that's hard to get to and has no dome. And this opportunity right here, right now -- with a franchise undervalued at $3.5 billion to back it all up."
"The land without the Bears is worth less than many people probably think. For one thing, perimeter land is far more valuable than interior land to a developer on that sort of acreage. And there's a whole lot more interior than exterior at Arlington.”
"Without the Bears, I think CDI would be lucky to get $100 million for the 326 acres. The price could be as low as $60 million and as high as $120 million.”
"A BEST-CASE SCENARIO for CDI would be to get a commitment from the Bears to build their billion-dollar stadium on a portion of the land," Trandel said. "That would increase the value of the remaining land at least fourfold.”
PER TRANDEL, SOME ASSUMPTIVE MATHEMATICS and negotiating points regarding the Bears and Arlington Park:
• CDI wants $100M for the 326 acres;
• The Bears need one-third of that for their new stadium and parking -- approximately 100 acres;
• Rather than offer $33.3M for the 100 acres, the Bears should begin at $1 ("a token one dollar") and stop at $10M;
If CDI accepts $10M for 100 acres because it will house the new Halas Stadium, its remaining acreage likely increases in projected value from $66.7M to more than $200M.
"A brilliant deal by both sides," Trandel said.
It is also estimated that if the Bears do build and own a new state-of-technology stadium, the value of the franchise will rapidly ascend to more than $5 billion.
AND WHAT ABOUT THE BEARS and a stadium-ready slice of the Arlington Park acreage?
"This is such an obvious idea because while large in scale, it is simple in practice and a proven recipe," Trandel said. "I could give you the names of six or seven equity firms off the top of my head that would be willing to come in with any money necessary to get it done.
"The Arlington site should be like a dream for the Bears. A location that has served as a major sports venue for close to 100 years. Thriving suburbs all around. Twenty minutes from O'Hare and all of the hotels in Rosemont. And a Metra station right at the front door.
Jim O'Donnell: Boom or doomed? An expert's views on the Bears and Arlington Park
The readers digest version….
"You, me and the postman would already have the finances set and this deal done. A major-market NFL team, far too often disappointing its fans and stuck in a leased, undersized stadium that's hard to get to and has no dome. And this opportunity right here, right now -- with a franchise undervalued at $3.5 billion to back it all up."
"The land without the Bears is worth less than many people probably think. For one thing, perimeter land is far more valuable than interior land to a developer on that sort of acreage. And there's a whole lot more interior than exterior at Arlington.”
"Without the Bears, I think CDI would be lucky to get $100 million for the 326 acres. The price could be as low as $60 million and as high as $120 million.”
"A BEST-CASE SCENARIO for CDI would be to get a commitment from the Bears to build their billion-dollar stadium on a portion of the land," Trandel said. "That would increase the value of the remaining land at least fourfold.”
PER TRANDEL, SOME ASSUMPTIVE MATHEMATICS and negotiating points regarding the Bears and Arlington Park:
• CDI wants $100M for the 326 acres;
• The Bears need one-third of that for their new stadium and parking -- approximately 100 acres;
• Rather than offer $33.3M for the 100 acres, the Bears should begin at $1 ("a token one dollar") and stop at $10M;
If CDI accepts $10M for 100 acres because it will house the new Halas Stadium, its remaining acreage likely increases in projected value from $66.7M to more than $200M.
"A brilliant deal by both sides," Trandel said.
It is also estimated that if the Bears do build and own a new state-of-technology stadium, the value of the franchise will rapidly ascend to more than $5 billion.
AND WHAT ABOUT THE BEARS and a stadium-ready slice of the Arlington Park acreage?
"This is such an obvious idea because while large in scale, it is simple in practice and a proven recipe," Trandel said. "I could give you the names of six or seven equity firms off the top of my head that would be willing to come in with any money necessary to get it done.
"The Arlington site should be like a dream for the Bears. A location that has served as a major sports venue for close to 100 years. Thriving suburbs all around. Twenty minutes from O'Hare and all of the hotels in Rosemont. And a Metra station right at the front door.
Jim O'Donnell: Boom or doomed? An expert's views on the Bears and Arlington Park
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