The Ricketts family recently completed the purchase of three rooftop buildings from two property owners. During Saturday’s session at the Cubs Convention, Tom Ricketts confirmed the family bought the buildings and the properties will continue to be run as rooftop clubs.
The family purchased two properties on Sheffield Avenue and one on Waveland Ave.
According to a report from Danny Ecker, the Ricketts family purchased the property at 3639 N. Sheffield on Jan. 9 for $4.2 million. The property was previously co-owned by Jim Lourgos.
The other two properties the family purchased at 3643-3645 N. Sheffield and 1032-1034 W. Waveland Avenue were owned by George Loukas. According to the report from Crain’s Chicago Business, “the sale price of the two properties was not immediately available through Cook County records.”
George Loukas also owns The Cubby Bear and when the Cubs held Joe Maddon’s press conference at the bar across the street from Wrigley Field it was obvious the family was moving closer to purchasing his two buildings.
The Ricketts family reportedly purchased the three properties under a LLC, separate from the Chicago Cubs.
- Full Report from Crain’s Chicago Business
- Full Report from the Tribune
Several rooftop club owners filed another lawsuit against the city 10 days ago claiming the Cubs revised plan for the outfield signage was done to block views of rooftop buildings the Ricketts family was not on the verge of buying. The rooftop owners claim the Cubs moved the signs in order to clear sightlines for the buildings the Ricketts family would eventually own.
The Cubs said the tweaks to the outfield signs were made to earn a federal tax credit essential to funding the project to restore and expand Wrigley Field.
On December 4, the Commission on Chicago Landmarks, by a vote of six to one, approved the team’s revised plan.
The approval included the reduction of number of outfield signs from seven to six with the removal of a script sign in left centerfield. The video board in right field was reduced from 2,400 square feet to 2,250 square feet and moved closer to the foul pole. By moving the right field board closer to the foul pole, it will be set lower. The sign that was planned for the same location was moved closer to the other side of the video board and closer to the centerfield scoreboard. The video board in left field was moved 30 feet closer to the iconic centerfield scoreboard. The video boards will be a mix of gray and green, metallic and feature horizontal and vertical support posts.
The other approvals last month included raising the height of two light standards beyond the bleachers to be even with the grandstand roof level. Two elevators were added to the left and right field bleachers and slight modifications to a new planned western gate that opens into the triangle property adjacent to the park.