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Chicago’s Newest Stadium Battle

Justin Ishbia, the man slated to take over majority ownership of the White Sox, shared his vision over the weekend for a brand-spanking-new baseball stadium in South Loop. “The Railyards” would sit just across the river from The 78, where the Chicago Fire stadium is currently under construction. It's the latest in the Sox’s efforts to develop an exit strategy before its lease on publicly-owned Rate Field expires in 2029.

What’s in the plan? As envisioned, the riverside stadium and multi-use development would stretch over 47 acres from Roosevelt Road to 18th Street and from Canal Street to the South Branch of the Chicago River. It would include retail, housing, and healthcare facilities.

Isn’t it just an idea of a plan? Yes. Developer Canal Edge (remember this name) said in a statement the project is in very early stages, and they’re beginning a feasibility study to assess transportation, environmental impact, and other issues.

But Ishbia already has his hands in several moving parts. His private equity firm, Shore Capital Partners, has the 47-acre Amtrak property under contract. Meanwhile, his development and investment firm, Canal Edge (there’s that name again), is building and financing the creation of Amtrak’s new digs right next to Rate Field, with construction slated to begin this fall. Many Bridgeport and Chinatown neighbors aren’t too keen on the idea, particularly since the project has already received permission from the feds to skip environmental assessments.

Where would the money come from? Ishbia has said he plans to pay for the new ballpark himself, but like the Chicago Fire stadium, it would likely still require some public funding for nearby infrastructure improvements. Ald. Nicole Lee (11th) and Cook County Commissioner John Daley have already said that they’d oppose any requests for tax breaks or TIF dollars.

Meanwhile, the Federal Railroad Administration has already earmarked more than $600 million to help Amtrak make the move.

Who is this Ishbia guy? Billionaire Justin Ishbia is a private equity mogul and heir apparent to the White Sox throne. He has a deal with White Sox Chairman Jerry Reinsdorf to potentially take over the team sometime between 2029 and 2034. Winnetka residents also might remember him as the guy who tried to buy park district property to include in his multi-million-dollar lakefront estate. That plan was ultimately thwarted by local residents.