DePaul Broke Ground On New Arena Today (11/16/15)

[Tugg Speedman]

Photos: Here comes the DePaul arena
http://www.chicagobusiness.com/article/20151116/BLOGS04/151119894/photos-here-comes-the-depaul-arena#utm_medium=email&utm_source=ccb-breakingnews&utm_campaign=ccb-breakingnews-20151116



The McCormick Place Event Center construction site in the shadow of the convention center's west building.



The agency that runs McCormick Place and DePaul University officially kicked off construction of a new 10,000-seat arena on the convention center's north side.

Mayor Rahm Emanuel joined Metropolitan Pier and Exposition Authority (McPier) CEO Lori Healey and DePaul President Dennis Holtschneider among officials at the ceremonial groundbreaking of what is currently dubbed the McCormick Place Event Center.

Work on the $164 million building got underway in recent weeks with a projected two-year construction schedule.

The facility, which will be the new home of DePaul men's and women's basketball, is slated to be done in time for the Blue Demons' 2017-18 basketball season.

McPier and DePaul evenly split the cost of the building, though it will be owned and operated by the agency. DePaul, which will use it for events such as commencement in addition to basketball, will be the building's primary tenant and pay $25,000 in rent for every men's basketball game and $15,000 for every women's basketball game held there. The school will also be selling naming rights to the building.

Here are some photos from the groundbreaking event:


Construction of the new $164 million arena began last month and is expected to take two years to complete.


The construction site, with renderings of the planned arena in the foreground.


DePaul women's basketball coach Doug Bruno, left, and men's basketball coach Dave Leitao, center, were on hand for the ceremonial groundbreaking.


DePaul University President Dennis Holtschneider speaks during the groundbreaking ceremony. The school is paying $82 million toward the project.


Mayor Rahm Emanuel kicks off the groundbreaking with McPier officials and Ald. Pat Dowell (3rd).


Mayor Emanuel, McPier and DePaul officials hold a ceremonial groundbreaking.



The McCormick Place Event Center, left, and Marriott Marquis hotel are under construction on either side of Prairie Avenue along Cermak Road.


A rendering of a concert usage of the new arena, which will be owned by McPier.

[JWags85]

Jean Lenti Ponsetto was not present as she was busy writing emails to kickstart a more concerted effort to support a new Women's Cricket program, which she feels could be the jewel of the athletic department.

[chapman]

Mayor Emanuel, McPier and DePaul officials hold a ceremonial groundbreaking.

More progress for their basketball program in this picture than in the past decade.

[GooooMarquette]

Can't wait until it actually opens for the 2025-26 season.

[ChitownSpaceForRent]

So the city and Rham can find money for a new stadium for a mediocre at best (generous) basketball team, but can't find it within the budget to support teachers more? Huh, weird.

[Chicos' Buzz Scandal Countdown]

So the city and Rham can find money for a new stadium for a mediocre at best (generous) basketball team, but can't find it within the budget to support teachers more? Huh, weird.

Good point. Product of CPS yourself?

McPier and DePaul evenly split the cost of the building, though it will be owned and operated by the agency.

The additional tax revenue for the city will help shore up budget deficits.

[ChitownSpaceForRent]

Good point. Product of CPS yourself?

McPier and DePaul evenly split the cost of the building, though it will be owned and operated by the agency.

The additional tax revenue for the city will help shore up budget deficits.

Missed that, when I saw Rham there I assumed. Yup, CPS product all the way from Kindergarten to senior in high school. Both parents are CPS teachers as well so there's an admitted bias.

[Tugg Speedman]

Good point. Product of CPS yourself?

McPier and DePaul evenly split the cost of the building, though it will be owned and operated by the agency.

The additional tax revenue for the city will help shore up budget deficits.

Anyone seriously believe this?

It will be the opposite.

[Chicos' Buzz Scandal Countdown]

Anyone seriously believe this?

It will be the opposite.

I get it that you're implying the city spends more each year, but additional revenue does, by definition, result in a lower deficit versus the alternative of no additional revenue.

[tower912]

Their teams for the last decade are providing the bricks. 

[MU Fan in Connecticut]

DePaul using blue demon laser lights to stun their opponents?

[source?]

Their teams for the last decade are providing the bricks.

 

[Tugg Speedman]

I get it that you're implying the city spends more each year, but additional revenue does, by definition, result in a lower deficit versus the alternative of no additional revenue.

Additional revenue from what?  Concerts?

Chicago has an almost endless number of venues for events like concerts.  The only way this venue is getting in with Jam productions or any of the other promoters is to offer this venue at a loss. 

Chicago does not need another 10,000 seat stadium.  It would be like Milwaukee building the Arena right now with the Bradley Center and a new stadium coming.  It serves no purpose (other than Rahm needs to pay off some cement contractors.)

[Chicos' Buzz Scandal Countdown]

Additional revenue from what?  Concerts?

Chicago has an almost endless number of venues for events like concerts.  The only way this venue is getting in with Jam productions or any of the other promoters is to offer this venue at a loss. 

Chicago does not need another 10,000 seat stadium.  It would be like Milwaukee building the Arena right now with the Bradley Center and a new stadium coming.  It serves no purpose (other than Rahm needs to pay off some cement contractors.)

Your position is that there will be zero increase in amount of taxes collected?

Some low-hanging fruit:
- Taxes on concessions from DePaul games which were previously not in Chicago
- Increased property tax with new construction

[ChicosBailBonds]

Construction Officially Underway On DePaul's New 10,000-Seat Multi-Purpose Arena

Published November 17, 2015 Font Size   Resize Small Resize Normal Resize Large   |  Print  |  Share  |     


DePaul will contribute $70M toward construction of the $173M Chicago venue

DePaul yesterday held a groundbreaking ceremony on a 10,000-seat arena that "would double as an 'event center'" for the university, according to Fran Spielman of the CHICAGO SUN-TIMES. Mayor Rahm Emanuel joined officials from DePaul and the McCormick Place Event Center to "turn a symbolic first shovel on a massive project expected to generate 7,400 construction jobs [and] 2,500 permanent jobs." DePaul President Dennis Holtschneider said, "We’re happiest of all that Blue Demon basketball is coming home to Chicago. This brings a whole new meaning to home-court advantage. Our Blue Demons and our fans will have state-of-the-art facilities -- facilities which members of our community can take advantage of and enjoy.” Spielman notes the agreement "calls for DePaul to contribute" $70M toward $173M "in construction costs and pay an annual rent of $25,000 a game for men’s basketball and $15,000 a game for women’s." DePaul will also "get first right of refusal on available dates" (CHICAGO SUN-TIMES, 11/17). In Chicago, Danny Ecker noted work on the building "got underway in recent weeks with a projected two-year construction schedule."

The facility is" slated to be done in time" for the '17-18 basketball season. The Metropolitan Pier & Exposition Authority and DePaul will "evenly split the cost of the building, though it will be owned and operated by the agency." The school will also be "selling naming rights to the building" (CHICAGOBUSINESS.com, 11/15).

[GooooMarquette]

Your position is that there will be zero increase in amount of taxes collected?

Some low-hanging fruit:
- Taxes on concessions from DePaul games which were previously not in Chicago
- Increased property tax with new construction

 

I'm sure there will be increased tax revenues.  The better question is whether there'll be enough to cover the construction and operating costs.

[GGGG]

Spielman notes the agreement "calls for DePaul to contribute" $70M toward $173M "in construction costs and pay an annual rent of $25,000 a game for men’s basketball and $15,000 a game for women’s."

That is quite the deal they have negotiated there.

As opposed to the decade of free rent being offered by the United Center.  And while I realize that ten years of free rent isn't a forever deal, is spending $70M really worth having preferential scheduling somewhere?  Why would you spend $70M and not really own it?

[Tugg Speedman]

 

I'm sure there will be increased tax revenues.  The better question is whether there'll be enough to cover the construction and operating costs.

No

$173 million stadium for a team that plays 15 home dates a year and gets 3,000 to 5,000 paying fans.

It will be like everything else Chicago does, overrun on costs, revenues will be smaller than expected and the over/under on indictments for bribery, racketeering and corruption in getting the stadium built is 5.

[JWags85]

Additional revenue from what?  Concerts?

Chicago has an almost endless number of venues for events like concerts.  The only way this venue is getting in with Jam productions or any of the other promoters is to offer this venue at a loss. 

Chicago does not need another 10,000 seat stadium.  It would be like Milwaukee building the Arena right now with the Bradley Center and a new stadium coming.  It serves no purpose (other than Rahm needs to pay off some cement contractors.)

Disagree.  Not saying there is an urgent need, but to compare it to the Arena is silly.  If the current Arena was in Pewaukee, not next to the BC, then maybe.  Comparable venues, I would think the new Depaul arena would be a no brainer over Allstate for concerts and lesser events that cant fill 20K+ like the United Center.  I could see this potentially stealing events from the UIC arena as well.  UIC is the only venue fitting more than 5K in the city, besides the UC.

As for corruption, going over costs, and delays?  Well, you are not wrong about that.

[Chicos' Buzz Scandal Countdown]

 

I'm sure there will be increased tax revenues.  The better question is whether there'll be enough to cover the construction and operating costs.

Neither are city expenses. It's a private facility.

[Benny B]

Mayor Emanuel, McPier and DePaul officials hold a ceremonial groundbreaking.

Too many traditionals on that team.

[GooooMarquette]

Neither are city expenses. It's a private facility.

Yes, "privately" operated by a municipal corporation created by the Illinois general assembly.  Still don't think the funds are finding there way there from Illinois taxpayers' pockets?

[Brewtown Andy]

1) I like that the date is in the title of this thread for future reference.
2) Why was Doug Bruno at this event?  DePaul can't possibly be thinking about moving the women's team to the arena, can they?

[warriorchick]

1) I like that the date is in the title of this thread for future reference.
2) Why was Doug Bruno at this event?  DePaul can't possibly be thinking about moving the women's team to the arena, can they?

I do recall seeing somewhere that yes, the women were playing there as well. 

[GGGG]

I do recall seeing somewhere that yes, the women were playing there as well. 

You mean like in the original post in this thread?

[warriorchick]

You mean like in the original post in this thread?

Yeah, that could be it.

[warrior_rugby15]

Well it there have been reports that the corruption has already begun.

http://chicagoist.com/2014/04/09/rahm_emanuel_kenneth_griffin_citade.php

[Benny B]

Well it there have been reports that the corruption has already begun.

http://chicagoist.com/2014/04/09/rahm_emanuel_kenneth_griffin_citade.php

Wow.... my congratulations to the author who now possesses the ability of solo-fellatio after the amount of stretching he had to do for that article.

[Chicos' Buzz Scandal Countdown]

Wow.... my congratulations to the author who is now possesses the ability of solo-fellatio after the amount of stretching he had to do for that article.

braVO!

[warriorchick]

Wow.... my congratulations to the author who now possesses the ability of solo-fellatio after the amount of stretching he had to do for that article.

Maybe you fellas need to find out who his yoga instructor is.

[ChicosBailBonds]

That is quite the deal they have negotiated there.

As opposed to the decade of free rent being offered by the United Center.  And while I realize that ten years of free rent isn't a forever deal, is spending $70M really worth having preferential scheduling somewhere?  Why would you spend $70M and not really own it?

I suspect that was the only way they were getting a new home.

http://chicago.suntimes.com/politics/7/71/169007/depaul-arena-plan-advances-with-a-change-to-keep-alderman-happy