The City of Chicago and baseball's Chicago Cubs on Sunday announced an agreement to perform $300 million in renovations to the ball club's 99-year-old Wrigley Field and develop $200 million in hospitality, office and retail space on parcels adjacent to the iconic structure.
Though plans must be formally submitted to Chicago's City Council, Planning Commission, and Landmarks Commission, the deal effectively ends years of negotiations between the city and Cubs management to upgrade Wrigley Field, the nation's second-oldest ball park, while providing additional sources of revenue to the Cubs franchise.