Justin Ishbia's Shore Capital Partners to buy South Loop land that could be used for new White Sox stadium
The White Sox may have taken the first step to securing land that could be home to a new stadium.
On Wednesday, owner-in-waiting Justin Ishbia’s private equity firm, Shore Capital Partners, was in the process of buying a 47-acre rail yard in the South Loop. Justin's brother, Mat, owns the NBA's Phoenix Suns.
The piece of land is located across the Chicago River from The 78, where the Sun-Times reported the Sox were considering building a new stadium in 2024. Crain’s Chicago was first to report on Ishbia’s firm buying the rail yard in the South Loop.
The rail yard could also be used for a new health care facility.
The Chicago Fire recently broke ground on a $750 million privately funded stadium in early March. There have been discussions about the Sox building a new stadium on that land, but there are concerns that the The 78 would be too narrow for a baseball stadium.
The Sox’ lease at Rate Field runs through 2029. Ishbia has the option to purchase controlling interest in the Sox from owner Jerry Reinsdorf from 2029-33.
“Our White Sox focus has been and continues to be solely on the potential of a new ballpark at The 78," the team said in a statement.