Chicago Bears to unveil plans for new stadium on Wednesday

The Chicago Bears, alongside city officials and stakeholders, will unveil plans for a new stadium in Chicago on Wednesday afternoon.

The cutting-edge, publicly owned enclosed stadium will also incorporate additional green and open spaces with access to the lakefront for families and fans.

This comes after the team announced earlier this year that it was looking to build a new stadium on the lakefront instead of the proposed Arlington Heights location due to rising development costs and improved relations with city leaders.

Built in the South Lot of Soldier Field, the new stadium and park would be open year-round and is expected to increase green and open space in Chicago by nearly 20 percent.

The park area will reportedly have lakefront access, free and accessible plazas, paths, and landscaped and planted areas.

Last year, the Bears paid $197 million for the former Arlington Heights racetrack. It's 326 acres and was billed as easily accessible by public transportation and centrally located. Crews began demolition shortly after. Analysts predicted a Bears entertainment district in the northwestern suburb could generate 48,000 jobs and rake in $9.4 million for the local economy.

The Bears and three local school districts have battled over property taxes since the property was sold. 

The press conference is scheduled for noon on Wednesday.