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.
The parcel is on the northwest corner of Clark and Addison streets that is home to a McDonald's restaurant and a large parking lot. Cook County property records show that the sale, first reported by Crain's, closed on Nov. 18.
A spokesman for Cubs Chairman Tom Ricketts said he and his family have not developed plans for the property yet. The Ricketts family bought the Chicago Cubs, Wrigley Field and related assets from Tribune Co., parent of the Chicago Tribune, in 2009.
"It's not often that a parcel becomes available in Wrigleyville, and they wanted to take advantage of this opportunity," said spokesman Dennis Culloton.
The McDonald's property is on a valuable corner that fits nicely into the family's big plans to own more of the entertainment dollars that baseball fans spend on game days. The area around Wrigley Field has become a lucrative entertainment district with bars, restaurants and rooftops catering to fans. But nearly all of the properties are owned by other landlords.
The Ricketts family owns a triangle parcel next to Wrigley Field that it wants to develop. But those plans are tied into a larger 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.
With the McDonald's property, the family can expand the scale of its development plans to generate more jobs and property taxes, which could attract more political support for public financing of stadium improvements.
In the meantime, McDonald's will continue to own and operate the restaurant on the property. Next baseball season, the Cubs owners plan to erect a merchandise tent in the parking lot. The agreement with the Ricketts family calls for a McDonald's restaurant to be included in any future redevelopment of the property.
McDonald's officials could not be immediately reached for comment