The Cubs announced Wednesday they signed a letter of intent with Chicago Athletic Clubs that would add a 40,000 square-foot state of the art gym to the proposed boutique Sheraton hotel across the street from Wrigley Field. The gym would be the largest tenant in the hotel development, leasing two floors. The Cubs and the Chicago-based health club also announced that as a part of the sponsorship deal, the fitness club would stage outdoor activities and programs in the Cubs proposed plaza adjacent to the stadium according to the report from Crain’s Chicago Business.
Crain’s Chicago Business and the Sun-Times reported that the project is still contingent on the team and the city reaching an agreement on how to resolve certain restrictions and outside business interests blocking the Cubs from generating the revenue to pay for the Wrigley Field restoration project and the hotel.
As part of the statement released by the team, Tom Ricketts said, “Renovating Wrigley Field, creating a plaza for fans and neighbors, developing a boutique hotel including a Chicago Athletic Club, will deliver an additional $94 million annual impact on top of the nearly $640 million Wrigley Field and the Cubs produce today for our city and state. All of this can happen if we can reach a common-sense solution that allows us to run our business.”
The Cubs are looking for a resolution with the Wrigleyville Rooftop Association in order to be able to move forward on the $500 million project … $300 million for Wrigley Field and $200 million for the boutique hotel .
The Cubs and the Rooftop Club Owners have yet to come to an agreement on the Wrigley Field sign restrictions or allowing the team to add more night games in order to increase revenue to help pay for the projects. Mayor Emanuel said in January there is an agreement to be had between the two parties, all that is needed “is a little leadership and a little will.”
According to the Sun-Times, “if the health club announcement was supposed to be a pressure tactic, it failed miserably with Mayor Rahm Emanuel.”