Ricketts: New Wrigley Field 'Great Deal' For Chicago's Economy

A plan to renovate 99-year-old Wrigley Field broke new ground this week as Chicago Cubs owner Tom Ricketts revealed new details of the estimated $500 million project proposal during a speech to the City Club of Chicago.

"In these kinds of sideways economic times, it's really a nice boost for the city. We're talking about 2,100 jobs. We're talking about hundreds of millions of dollars in economic development," Ricketts told CNBC's "Squawk Box" on Wednesday.

The renovation plan includes several key upgrades for players (including an improved clubhouse) as well as many improved amenities for fans (including a giant outfield video board and enhanced entertainment offerings).

If the plan is approved, construction could begin at the end of the 2013 season.

(Read More: Collins' Bold Move Could Spur 'First-Out' Boost)

Charles Cook | Lonely Planet Images | Getty Images

Wrigley Field in Chicago, Illinois, home of the Cubs.

"We're already the third largest tourist attraction in the state. Hopefully, we'll maybe get to second if we improve the park a little more," said Ricketts. "It's a great deal for the city's economy, and it's a great deal for our fans, and a great deal for the neighborhood."

In addition to updating the facility for fans and players, Ricketts hopes that the renovation will not only "take the park and restore it to what it looked like," but also "enhance it with the kind of revenues that we [the Cubs] need to be competitive."

Read More: (Whoooosh! Baseball Goes High-Tech)

—By CNBC's Brian Beers; Follow him on Twitter @Brian_Beers