Take Me Out to the Ballpark - The Wrigley Field 1060 Project Renovations

Anyone watching the Pittsburgh Pirates play the Chicago Cubs at the end of April may have noticed a couple things missing from the outfield bleachers at the friendly confines of Wrigley Field.  Fans.  Seats.  At first glance, you may not have noticed the massive renovations currently ongoing at Wrigley Field, but upon further inspection, it’s difficult to miss the renovations and expansion known as the 1060 Project (approximately 5,000 outfield seats missing).  The four-year plan, which will include major structural developments, bleacher expansion, new video boards, clubhouse and bullpen renovations and additions of retail and entertainment areas, is expected to carry an approximately $300 million dollar price tag.

Additionally, the ownership group of the Cubs, the Rickett’s family, is investing another $275 million dollars in a neighborhood development plan, which will include an open-air plaza, an office building, and conference meeting space, retail shops and a hotel.  The $575 million investment represents the largest investment ever by a Chicago sports team and does not utilize direct tax dollars to support the improvements and additions.  The project expects to create approximately 2,100 jobs, including 800 construction jobs.  The general contractor on the project is Pepper Construction, a Chicago-based contractor with experience on large projects.

The 1060 Project also boasts certain green and sustainability initiatives for the renovations and construction, including reducing water use, recycling construction debris, utilizing recycled materials, using locals suppliers and manufacturers to reduce transportation emissions, using energy-efficient appliances, fixtures, water systems and heating and air-conditioning and using low-volatile organic compound paints, carpets and flooring to improve air quality in the ballpark.

For comparative purposes, PNC Park, built by the construction consortium of Barton Marlow and Dick Corporation was an approximately two-year project with a $262 million cost.  Since its opening in 2001, PNC Park has historically ranked in the top 5 best ballparks in America, with a price tag that is less than half of the total bill footed by the most expensive ballparks, led by Yankee Stadium (no surprise) at $1.5 billion.  Pirates fans can also enjoy their stadium at a reasonable value.  A 2015 Team Marketing Report had the Pirates Fan Cost Index at $176 (23rd in the MLB), while the average Cubs family of four dropped $301 (3rd highest in the MLB) to head over to Wrigley to catch a game.  You probably shouldn’t expect that to decrease with the renovations at Wrigley over the next four years, but Cubs ownership commits to much-needed upgrades while preserving the charm and historic appeal of one of the great American ballparks.

Contact us with questions regarding 1060 Projects and visit our Construction Services Industry Group page to learn more about our practice group.

Source:  http://chicago.cubs.mlb.com/chc/restore-wrigley

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2020 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on

Construction is Open for Business in PA – Are You Ready?
Construction in a New PC World
The Future of your Business - Natural Resources and Construction
How to Maximize PPP Loan Forgiveness
State of the Construction Industry – What President Trump’s Potential Infrastructure Bill Might Mean for Pennsylvania
New Revenue Recognition Standard Disclosure Examples for Construction Companies

Register to receive our weekly newsletter with our most recent columns and insights.

Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us

contact us

Map of Pittsburgh Office

One PPG Place, Suite 1700
Pittsburgh, PA 15222

p:412.261.3644     f:412.261.4876

Map of Columbus Office

65 East State Street, Suite 2000
Columbus, OH 43215

p:614.621.4060     f:614.621.4062

Map of Washington Office
Washington, D.C.

1660 International Drive, Suite 600
McLean, VA 22102