This decision comes as a change from their initial intentions of moving to a location outside of the city. The team has committed to investing over $2 billion in the project, aiming to improve open spaces for families, fans, and the general public to enjoy in the City of Chicago.

In a statement to CNN on Monday, the Chicago Bears stated, "The future stadium of the Chicago Bears will bring a transformative opportunity to our region - boosting the economy, creating jobs, facilitating mega events, and generating millions in tax revenue. We look forward to sharing more information when our plans are finalized."

Sources familiar with the plan have informed CNN affiliate WLS that the team intends to finance the construction of a publicly-owned domed stadium with private funds. The new stadium will be situated on the lakefront, located south of Soldier Field. This strategic decision will make Chicago a more attractive host for future Super Bowls, capitalizing on its robust transportation infrastructure.

This course of action by the Bears comes after rumors circulated that they were considering building a new stadium outside of the city center. Last year, they acquired 326 acres of property in Arlington Heights, fueling speculation about their intentions. However, the team's commitment to remaining near the city center reinforces their dedication to the community and local fanbase.

According to sources, the new project aims to increase open space by nearly 20%. Additionally, it will include all-season free and accessible plazas, paths, and landscaped areas. The stadium will provide access to the lakefront, making it a year-round community asset for all to enjoy.

Chicago Mayor Brandon Johnson expressed his approval of the Bears' plans, stating, "I have said all along that meaningful private investment and a strong emphasis on public benefit are my requirements for public-private partnerships in our city. The Chicago Bears' plans are a welcome step in that direction and a testament to Chicago's economic vitality."

Soldier Field, which originally opened in 1924 and began hosting Bears games in 1971, underwent extensive renovations in 2003 to modernize the area. The stadium has a capacity of 63,500 and is also home to Major League Soccer's Chicago Fire.

As the Chicago Bears embark on their ambitious stadium project, anticipation builds among fans and residents alike. The future facility promises to bring economic growth, job opportunities, and a year-round community space for everyone to enjoy.