Developer Hoping To Build Hotel, Apartments Near Wrigley

Developer Eyeing Hotel, Apartment And Retail Complex Next To Wrigley Field

Chicago real estate developer Steven Schultz "wants to build a hotel, apartment and retail complex" across from Wrigley Field on Addison St., according to David Roeder of the CHICAGO SUN-TIMES. Schultz owns "most of the parcels" on the south side of Addison between Clark St. and Sheffield Ave. Local objections "forced Schultz to abandon an earlier push for a high-rise that some thought would detract from Wrigley's ambiance." However, Bennett Lawson, an aide to Chicago Alderman Tom Tunney, said that the new version "would be slightly higher than [Wrigley's] rooftop but not as high as its lights." Tunney has scheduled a town meeting for January 23 at 6:30pm CT to "show the plans and gather feedback" (CHICAGO SUN-TIMES, 1/10).

WRIGLEY SALE: In Illinois, Barry Rozner writes if Tribune Co. decides to sell Wrigley Field to the Illinois Sports Facilities Authority, the new Cubs owners "will immediately lose about $20[M] a year in naming rights,"  about $30M annually in rent and "the opportunity to create stunning new revenue streams, an innovative group perhaps finding another $100[M] within, and just outside," the ballpark. Rozner notes in all, that is "about $150[M] the next owner loses." Not owning Wrigley would also make it "more difficult for the next owner to turn a profit." The Cubs "have spent about $500[M] on new contracts in the last 15 months, ... leaving the new owner with a few choices. They can lose about $100[M] a year, or raise ticket prices to ridiculous levels and begin cutting payroll immediately" (Illinois DAILY HERALD, 1/10). 

CUBAN: SI's Chris Ballard writes about Mavericks Owner Mark Cuban's interest in purchasing the Cubs, "Baseball's old-boy network isn't jazzed about the notion, but I am. Here's why" (SI, 1/14 issue).