Consortium Includes Sterling Bay, Ocean Atlantic & GSP Development
ARLINGTON HEIGHTS, ILL. — Endeavor Properties LLC announced Tuesday that it submitted an offer, on a behalf of a consortium, to purchase Arlington Park in Arlington Heights, Ill., as part of a plan to continue thoroughbred racing at the state’s flagship track.
The purchaser consortium includes Endeavor and Sterling Bay, a prolific developer of office properties in downtown Chicago. It also includes Ocean Atlantic and GSP Development, as well as high net worth individuals.
Roy Arnold, President and CEO of Endeavor, noted that the group’s plan to continue thoroughbred horse racing at Arlington Park is consistent with the intent of the Illinois General Assembly as expressed by the Illinois Horse Racing Act and Public Act 101-31, the state’s 2019 gaming expansion law. The existing track and grandstand would be retained.
The development plan also contemplates the construction of a mid-size arena suitable to host a minor league hockey team as an anchor tenant as part of a 60-acre four-season entertainment district, a low-density housing development with approximately 300 units, and a 60-acre industrial space.
“We are committed to close and continuous alignment with the community to ensure that this development enhances residents’ quality of life, creates jobs and economic activity, and benefits the community while improving the tax base of the Village of Arlington Heights and the State of Illinois,” Arnold said.
Arnold said Endeavor, which submitted to Churchill Downs Inc. a letter of intent to purchase Arlington Park, will not comment on the specifics of the offer but that the group is confident that its plan to continue horse racing at Arlington Park is economically viable.
“We have the capital and the passion to make thoroughbred racing work at Arlington Park,” Arnold said. “We look forward to continuing the legacy that is Arlington.”
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