1/17 Coming soon: A Cubs hotel
The Ricketts family, owners of the Cubs, have reportedly signed an agreement to build a hotel across from Wrigley Field on the northwest corner of Clark and Addison streets. Starwood Hotels & Resorts Worldwide Inc. announced Thursday that it will develop a boutique hotel affiliated with the Sheraton brand and the exterior design will fit within the current Wrigleyville neighborhood landscape and community.
The hotel would be built on the land that currently houses a McDonald’s restaurant, and would anchor a large scale entertainment and retail development. The Ricketts purchased the land in 2011 for $20 million. A McDonald’s restaurant would be included in any future redevelopment of the property, according to an agreement between the Ricketts family and the McDonald’s corporation.
The Ricketts family also own a parcel of land next to Wrigley Field but development of that property depends on a proposal to renovate the ballpark, which celebrates its 100th birthday in 2014. The family has been seeking state and local taxpayer incentives to help finance the proposed $200 million in renovations.
The Ricketts family was expected to discuss the Wrigley renovations this weekend during the Cubs Convention.
– Carrie Muskat