The developer Canal Edge said the company already has the riverfront property near Roosevelt and Canal streets under contract.
The proposal says the new district would "combine transit-oriented residential, commercial, and retail development; a potentially viable new ballpark option for the Chicago White Sox; and potential healthcare offerings by Northwestern Medicine."
Canal Edge Controlling Shareholder Justin Ishbia said the company has an agreement with White Sox Chairman Jerry Reinsdorf that includes an option to purchase the franchise following the 2034 season.
"The Railyards" location sits directly across the river from the Chicago Fire's new McDonald's Park.
Ishbia said the concept of the Sox moving to the South Loop is still in its early stages.
The proposal also includes an outpatient care center for Northwestern Medicine.
"The South Loop presents an opportunity to create something bigger than a healthcare facility or a stadium. It's an opportunity to strengthen an entire community," said Howard Chrisman, MD, president and chief executive officer, Northwestern Memorial HealthCare. "When Northwestern Medicine invests in a community, we are investing in health, jobs, opportunity and Chicago's long term future."
Twenty-eighth Ward Ald. Jason Ervin released the following statement:
"I look forward to engaging with the White Sox, 28th Ward residents, and my colleagues in the City Council about a development that has the potential to create good-paying jobs for Chicagoans, improve our transportation infrastructure, and provide a long-term home for one of our city's storied franchises."
"At the same time, Chicago faces significant fiscal challenges, and any proposal must protect taxpayers and demonstrate that the public benefits justify any public investment. I will approach these discussions with an open mind and a clear focus on what is in the best interests of the 28th Ward and the City of Chicago."