(CBS) Cubs’ ownership today said they plan to build a hotel on the property they own across the street from Wrigley Field.

The hotel will be built on the land the Cubs acquired from McDonald’s more than a year ago.

The development, however, is contingent on a deal with local governments to renovate Wrigley Field.

“Once we know how we can save Wrigley Field, the Ricketts Family is looking forward to the opportunity to build a hotel across the street.  It could complement the neighborhood and its establishments while also serving fans and tourists,” said family spokesman Dennis Culloton.