Ricketts Family Buys Lot Across Street From Wrigley, Plans Future Development

Cubs Owners the Ricketts family paid $20M "for a property across the street from Wrigley Field," according to Dave Matthews of CRAIN'S CHICAGO BUSINESS. The Ricketts bought an "acre of land at Clark and Addison streets, currently home to a McDonald's restaurant and parking lot." The family can "tear down the restaurant at any time, but a McDonald's spokeswoman says a McDonald's store must be included as part of any future development at the site" (CRAIN'S CHICAGO BUSINESS, 12/14). ESPN CHICAGO's Bruce Levine cited a source as saying that the price was $20-$23M. The investment will be "used to eventually develop a plan of either housing a new facility for the Chicago Cubs front office and employees or a larger scale building that could incorporate different businesses which may include a hotel and other retail ventures." The sale "closed in the last two days after a negotiation took place over the past year." One of the existing parking lots will be "used in selling baseball merchandise during the 2012 season in a temporary tent location." The Cubs will also "use one of the lots for gameday parking." The other lot will "remain open for McDonald's customers" (ESPNCHICAGO.com, 12/14).

FAN DESTINATION: Cubs VP/Communications & Community Affairs Julian Green said that the land is "across the street from the triangle parcel and won’t affect that development." Green: "There are no concrete plans, but it could be mixed-use entertainment. The long-term plan is to create this major destination for our fans -- something that draws folks to the ballpark year-round. I don’t believe residential will be part of it" (CHICAGO SUN-TIMES, 12/15). In Chicago, Ameet Sachdev notes in the meantime, McDonald's will continue to "own and operate the restaurant on the property" (CHICAGO TRIBUNE, 12/15).