The Ricketts family said Thursday they plan to develop a hotel across from Wrigley Field on the property they acquired from McDonald’s Corp. over a year ago.
The plan is contingent on agreeing on 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.
An agreement had been reached with Starwood Hotels & Resorts Worldwide to develop a boutique hotel, the family said.
The Ricketts family bought property across the street from Wrigley Field from McDonald’s Corp. for $20 million.
The family has been seeking state and local taxpayer incentives to help pay for more than $200 million in renovations to the stadium, which is nearly 100 years old.
The family is having continuous 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. McDonald’s must be included in any redevelopment of the property, according to the agreement they have with the Rickett’s family.
The Chicago Tribune contributed to this article.