A report in the Chicago Daily Herald this weekend revealed that a total of at least four bids have been submitted to Churchill Downs Inc. to purchase Arlington Park in Arlington Heights, Ill., only one of which intends to keep horse racing alive. That bid is headed by former track president Roy Arnold.
The Chicago Bears have also put in bid to purchase the site, but the two new bids revealed over the weekend would develop the 326-acre property for mixed-use purposes.
One is from Chicago-based Glenstar Properties, which has a unique proposition which would allow Churchill Downs to partner in the development in a shared-risk, higher reward scenario.
The fourth bid is from Schaumburg-based UrbanStreet Group LLC, and while details were scant, it appears likely the group would also redevelop the site.
Read more at the Chicago Daily Herald.
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