The owners of the Chicago Cubs said Thursday that they plan to develop a hotel on property they own across the street from Wrigley Field that they acquired from McDonald's Corp. more than a year ago.
But the development will be contingent on striking a deal with local governments to renovate Wrigley Field.
"Once we know how we can save Wrigley Field, the Ricketts Family is looking forward to the opportunity to build a hotel across the street. It could complement the neighborhood and its establishments while also serving fans and tourists," said family spokesman Dennis Culloton.
The family said it has an agreement with Starwood Hotels & Resorts Worldwide to develop a boutique hotel.
In November 2011, the owners of the Chicago Cubs bought property across the street from Wrigley Field from McDonald's Corp. for $20 million, expanding their opportunities to redevelop areas around the stadium. It included a McDonald's restauranton the northwest corner of Clark and Addison, as well as a large parking lot north of the restaurant.
The Ricketts family also owns a triangle parcel next to Wrigley Field but said the development of that property also hinges on a proposal to renovate Wrigley Field.
The family has been seeking state and local taxpayer incentives to help finance more than $200 million in renovations to Wrigley Field, which will be 100 years old in 2014.
Their original plan, which included the use of amusement taxes paid on Cubs tickets, received little political support. But the family continues to have conversations about public financing with Mayor Rahm Emanuel and members of the General Assembly.
Until a deal is reached, McDonald's will continue to own and operate the restaurant on the property. The agreement with the Ricketts family calls for a McDonald's restaurant to be included in any future redevelopment of the property.
The Ricketts family bought the Chicago Cubs, Wrigley Field and related assets from Tribune Co., parent of the Chicago Tribune, in 2009.
asachdev@tribune.com
Wrigley Field: Hotel planned near Cubs' ball park
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Wrigley Field: Hotel planned near Cubs' ball park
