By Field Level Media
Sep 05 (Field Level Media) – A company controlled by minority Chicago White Sox owner Justin Ishbia revealed plans for a potential new stadium near the location where a previous plan failed to move forward.
The current Amtrak rail yard south of the downtown Chicago “Loop” and along the west bank of the Chicago River would be repurposed to become a White Sox stadium to help anchor a massive redevelopment in the area. The mixed-use plan currently is being dubbed “The Railyards.”
The MLS’s Chicago Fire already have broken ground on a new $750 million stadium in the same area on the east side of the Chicago River. That project is on a parcel of land where current White Sox chairman Jerry Reinsdorf had envisioned a ballpark that did not come to pass.
“The Railyards is about turning idle land into opportunity,” Ishbia said in a release. “… This is a Chicago project, built by and for Chicagoans, and we are excited about its potential.”
Ishbia is in line to take over as White Sox principal owner after reaching an investment agreement with Reinsdorf last year. Reinsdorf has the option to sell his controlling interest to Ishbia at any point between 2029 and 2033. By 2034, Ishbia will gain the right to acquire the controlling interest, with brother Mat and father Jeff also on board as investors.
Ishbia’s Shore Capital Partners already has entered into a contract to purchase the 47-acre Amtrak rail yard just south of Roosevelt Road. Ishbia also has contributed a reported $125 million to help move the current Amtrak facility to nearby Bridgeport, with the Federal Railroad Administration recently awarding $572 million in grants for the estimated $900 million project.
Renderings of the potential new White Sox ballpark were revealed this week by Canal Edge, a company owned by Ishbia.
The American League club has been in its current ballpark, Rate Field, on Chicago’s South Side since 1991. Its previous stadium, Comiskey Park, was located across 35th Street and was in use from 1910-90.
(–Field Level Media)
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