ARLINGTON HEIGHTS, Ill. (WTVO) — The Chicago Bears announced Wednesday that the team had closed on the purchase of property in Arlington Heights to build a possible stadium.

The deal for the 326 acre property was done for $197.2 million.

“Finalizing the purchase does not guarantee the land will be developed, but it is an important next step in our ongoing evaluation of the opportunity,” the team said in a letter. “There is still a tremendous amount of due diligence work to be done to determine if constructing an enclosed state-of-the-art stadium and multi-purpose entertainment district is feasible.”

The development would include “a new, best-in-class enclosed stadium” which the team hopes will be worthy of hosting major events like the Super Bowl and Final Four in addition to being the primary home of the Bears.

Along with the stadium, the team also is looking to develop a multi-purpose entertainment, commercial/retail, and housing district in the area.

The team did not commit to building a stadium in Wednesday’s announcement, however, as it hopes to shore up taxpayer help to develop the project.

Lawmakers say taxpayers remain on the hook for about $400 million for renovations done to Soldier Field.

If the stadium project goes forward, the Bears say it would be one of the largest mega-projects in Midwest history, poised to create 48,000 jobs.