CHICAGO — Billionaire investor Justin Ishbia is on the verge of buying an Amtrak rail yard southwest of downtown and just across the Chicago River from The 78, a new mixed-use development still eyed as a possible future home of the Chicago White Sox.

Ishbia, the founder and managing partner of Chicago-based private equity firm Shore Capital Partners, forged an agreement last year with White Sox owner Jerry Reinsdorf to acquire a controlling interest in the team, perhaps as early as 2029. That deal is fueling speculation the Amtrak property could become part of a new South Loop ballpark.

The potential deal for the 47-acre rail yard was first reported by Crain’s Chicago Business.

“This is a very smart move by Justin Ishbia,” said Marc Ganis, a Chicago-based sports marketing consultant, comparing it to the Chicago Bears’ 2023 acquisition of Arlington Park as a possible site for a new football stadium. “Even if the site is not used for the White Sox, it could be an option. One of Justin’s great advantages as an owner is liquidity, and the ability to create options for the team when he owns it, or even when Jerry Reinsdorf still owns it.”

Securing the approvals needed for a new baseball stadium and arranging financing for what could be a more than $1 billion project will take years. Ishbia’s firm confirmed the Amtrak deal, but so far it’s mum about the possibility of a replacement for the South Side’s Rate Field, and instead touted a potential partnership with one of the city’s leading hospitals.

“Shore Capital Partners is under contract to acquire the Amtrak rail yard and has begun early planning for a mixed-use development on the site,” said Sarah Hamilton, a spokesperson for Ishbia. “As part of the vision for the district, Shore is exploring with Northwestern Medicine a potential healthcare facility and medical innovation hub.”

Northwestern Medicine said making a final decision on such a large project is a long way off, but a South Loop site could play a role in the health care system’s long-term strategy to further expand services beyond its flagship Streeterville locations.

“We are in the early stages of discussions about a potential health care facility as part of this development,” said Northwestern Medicine spokesperson Christopher King. “Consistent with our recent expansions in neighborhoods such as Bronzeville and Old Irving Park, we continue to explore opportunities to bring world‑class, compassionate care closer to where our patients live and work. This potential project would allow us to further expand our footprint in the South Loop.”

Amtrak would need to relocate it operations on the rail yard in order for redevelopment to take place. “Amtrak is pursuing all available opportunities to deliver a larger and improved Midwest maintenance facility that would bring rail assets into a state of good repair, enable faster train turnarounds, and enhance on‑time performance,” spokesperson Marc Magliari said in a statement.

Ishbia has an estimated net worth of nearly $6 billion, according to Forbes. In 2023, he and his brother bought a majority stake in the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury. Ishbia also owns lakefront property in Winnetka, where he is building a 68,344-square-foot mansion. The project was initially opposed by some village residents, who claimed Ishbia’s original plan would have cut off public beach access.

Reinsdorf has explored several possible options for a new White Sox home, including a publicly financed stadium at The 78, a 62-acre riverfront site between Roosevelt Road and 16th Street. The team published renderings of their vision for a new riverfront stadium at The 78 in 2024, but although the design won a lot of praise, Gov. JB Pritzker and many state legislators balked at the possible $1 billion cost to taxpayers.

That reluctance was a big disappointment for developer Related Midwest, which controls The 78. Plans to transform the vacant former rail yard into Amazon’s HQ2 headquarters fell through, and the developer struggled for years to find tenants. It finally secured an agreement in June with Joe Mansueto, the founder and executive chairman of Chicago-based investment research firm Morningstar, to build a privately financed, $750 million stadium for the Chicago Fire soccer team on the north end of the property. Mansueto bought the team in 2019.

The Fire broke ground earlier this month on the 22,000-seat stadium. That could make it even tougher to fulfill Reinsdorf’s original vision, as Ald. Pat Dowell, 3rd, has criticized proposals to squeeze another stadium onto Related Midwest’s riverfront site.

White Sox officials said they are still focused on securing a stadium deal at The 78, and whatever Ishbia ends up building on the other side of the river would complement the team’s new home.

“If we’re lucky enough to get the ballpark at The 78 and all of a sudden you have over 100 acres of entertainment district, that’s great for White Sox fans, and that’s great for the economic engine of Chicago,” said White Sox Executive Vice President Brooks Boyer.

Ganis said it’s still possible to squeeze a new White Sox stadium into The 78, or into the 47 acres currently owned by Amtrak.

“That’s plenty big enough,” he said. “Contiguous sites like this in a major metro area do not come around often, and you would have the most beautiful view of the city from behind home plate.”

———

Andrew Carter contributed.

©2026 Chicago Tribune. Visit chicagotribune.com. Distributed by Tribune Content Agency, LLC.