A bombshell new report out this week says that Justin Ishbia, who could someday soon be majority owner of the Chicago White Sox, is planning to buy a South Loop site to potentially construct a ballpark for the team.
The report in Crain’s Chicago Business says Ishbia’s private equity firm is planning to buy Amtrak’s railyard in the South Loop, a location that happens to be right across the river from “The 78,” the site where the White Sox have been investigating potentially building a new ballpark.
Ishbia has pledged to make multiple capital infusions into the White Sox, who are still controlled by a corporate entity headed up by CEO Jerry Reinsdorf. Under provisions of that deal, Reinsdorf will have the chance to offer Ishbia a controlling stake in the White Sox as soon as 2029, and Ishbia will have the option to do so in 2034.
Amtrak would not confirm the reported sale of its railyard, but the agency did inform NBC Chicago that it ‘is pursing all available opportunities’ for a larger maintenance facility, which would potentially be built, coincidentally, nearer the White Sox current stadium at Rate Field, according to Crain’s.
The non-profit High Speed Rail Alliance opposes any sale of the property, calling it ‘unacceptable’ that the public has not been informed what will happen to train access to nearby Union Station, which it argues would be affected by the moving of Amtrak’s maintenance facilities.
The site is approximately 47 square acres, according to officials.
While the White Sox did not confirm that the purchase of the land indicated a shift toward a new site for the park, they did say that any such real estate transaction could only help them figure out a site for that stadium.
“Adding to that area where we could have a ballpark is something that could be great for our fans and our franchise,” Brooks Boyer, Chief Revenue and Marketing Officer for the White Sox, said.
Boyer says he “can’t confirm much” about the sale, but says the site could be part of an exciting sports district in a neighborhood that developers have been trying to build up for years.
“I can’t confirm much. Obviously, it’s a very exciting development when you talk about The 78 and this right across from The 78, what could be an amazing sports district,” he said.
“The 78” is a vacant stretch of land just south of downtown that Related Midwest has been trying to develop for years. The White Sox had expressed interest in building a ballpark at the site, which sits adjacent to the Chicago River, but they were unable to convince lawmakers in Springfield to negotiate a deal for funding for a new ballpark and infrastructure around the stadium.
The land being eyed by Ishbia’s investment firm sits across the river from the site of a new soccer-specific stadium being built by the Chicago Fire, who are privately financing the endeavor at The 78.
Boyer says even with the nine-acre Fire stadium site, there is still room if the White Sox choose to build in that area.
“It’s a 62 acre site, so certainly there’s room for a White Sox stadium,” he said.
Alderman Byron Sigcho Lopez, who represents Chicago’s 25th Ward, says he was “surprised” that such a move would be made without discussing it with the city or the state.
“I am very surprised that an equity firm has gotten involved without meeting with the governor’s office, without meeting with the mayor’s office. So, I remain skeptical,” he said.
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