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Cubs Owners Buy Nearby McDonald's Parcel

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    NEWSLETTERS

    It's not clear what the Ricketts plan to do with the land, but the family long has discussed redeveloping the area around the Friendly Confines.

    The Ricketts family hasn't been shy about making bold off-season Cubs maneuvers.

    Their latest play: buying up the McDonald's property and parking lot across the street from Wrigley Field for $20 million. The family purchased the acre at Clark and Addison streets last month from Oak Brook-based McDonald’s Corp., according to Crain's Chicago.

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    It's not clear what the Ricketts plan to do with the land, but the family long has discussed redeveloping the area around the Friendly Confines.

    A family spokesman told Crain's investors simply didn't want to pass up the opportunity because parcels near Wrigley don't pop up often.

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    John Figlioli, president of Chicago-based Garrett Realty & Development Inc., told the publication the land has a lot of potential. He guessed the family may create a hotel-entertainment venue combo to draw fans for games.

    McDonald’s has leased back the land and will continue operating. A company spokeswoman said a store must be included in future development plans per the deal.