DePaul Purchasing Riverfront Property

[chr31ter]

Which El stop?  The closest would be Cermak/Chinatown or possibly 35th on the Green Line.  Shuttle service would be required.

http://www.chicagojournal.com/blogs/near-loop-wire/10-14-2011/New_CTA_Green_Line_station_slated_for_Cermak_in_South_Loop

From the city's perspective, I think they're looking two or three high-rise hotels, McCormick Place, a casino, and a new DePaul Arena all within walking distance of each other.  Maybe even connected to each other via a series of pedestrian bridges.

The casino could use the arena to attract shows and/or concerts.  McCormick Place has needed a convention hall in addition to an exhibition hall for quite some time.

For all that?  I could see the City of Chicago figuring it was worth the sale of $100 million in bonds to attact the casino and the hotels, not to mention the extra convention spending.

[warriorchick]

http://www.chicagojournal.com/blogs/near-loop-wire/10-14-2011/New_CTA_Green_Line_station_slated_for_Cermak_in_South_Loop

From the city's perspective, I think they're looking two or three high-rise hotels, McCormick Place, a casino, and a new DePaul Arena all within walking distance of each other.  Maybe even connected to each other via a series of pedestrian bridges.

The casino could use the arena to attract shows and/or concerts.  McCormick Place has needed a convention hall in addition to an exhibition hall for quite some time.

For all that?  I could see the City of Chicago figuring it was worth the sale of $100 million in bonds to attact the casino and the hotels, not to mention the extra convention spending.

If this is the scenario, I think it would be idiotic for DePaul to agree to provide 1/3 of the money to build this thing.  For 18 dates a year, when you have an offer on the table to use another facility for free?  What benefit is it for them to have skin in this game?

If it is true that Rahm will get this done one way or another, DePaul should hang back and let other entities fund it, then offer to rent it at market rate for basketball games.

[damuts222]

Which El stop?  The closest would be Cermak/Chinatown or possibly 35th on the Green Line.  Shuttle service would be required.

 

  I recall discussions on this board in the past saying if this goes through the CTA will install a new red/green line stop near McCormick place.  Also, how do you get to Bears games??  If you don't pay $60 to park near Soldier field and you park in the South lots your a mile away right there and thats when you drive to the stadium.  The fact that they are looking to build this complex at this location tells me that they have some transportation idea or just don't give two craps about it.

[T-Bone]

http://www.chicagojournal.com/blogs/near-loop-wire/10-14-2011/New_CTA_Green_Line_station_slated_for_Cermak_in_South_Loop

Thank you for the link. 

I recall discussions on this board in the past saying if this goes through the CTA will install a new red/green line stop near McCormick place.  Also, how do you get to Bears games??  If you don't pay $60 to park near Soldier field and you park in the South lots your a mile away right there and thats when you drive to the stadium.  The fact that they are looking to build this complex at this location tells me that they have some transportation idea or just don't give two craps about it.

Roosevelt stop works great and hits 3 El lines with easy transfers to the rest.  Shuttle from parking garages and the 146 bus all work reasonably well if you don't want to hoof it. 

I've never been crazy on the casino idea in Chicago.  It seems a shortsighted solution to the much larger problems we have.  So let the unions have their way with hugely lucrative contracts and continue to run business as usual.

OT:  Does anyone have any info on how Pottawatomie has helped for Milwaukee fiscally?  Judging from Google maps it doesn't appear to have sparked development in the area.

[Coleman]

 

  I recall discussions on this board in the past saying if this goes through the CTA will install a new red/green line stop near McCormick place.  Also, how do you get to Bears games??  If you don't pay $60 to park near Soldier field and you park in the South lots your a mile away right there and thats when you drive to the stadium.  The fact that they are looking to build this complex at this location tells me that they have some transportation idea or just don't give two craps about it.

This. There will be an L stop a block away when all is said and done. Plus metra is right there. There are some reasons this is stupid but transportation accessibility is not one of them.

[nycwarrior]

http://chicagotonight.wttw.com/2013/05/14/sun-times-depaul-stadium-planned-mccormick

[🏀]

This. There will be an L stop a block away when all is said and done. Plus metra is right there. There are some reasons this is stupid but transportation accessibility is not one of them.

South side Metra is right there. There's not too many DePaul fans coming in from Homewood, unless Jerel wants to watch his alma mater against DePaul.

I'm not against the plan, just selfishly hoped it would have been on the northside.

[DegenerateDish]

As a state of Illinois taxpayer, I am infinity percent against this plan. If the city wants to use their own money, fine, I don't care. As a Kane County resident, I expect to contribute zero dollars and zero cents to this proposal, and I live in the suburbs. Quinn's up for re-election next year, after saying "no way will I raise state income taxes" during his last campaign (for those that don't live in the state, income taxes went up 66% literally minutes before the incoming state legislature for 2011 was coming in), there is no way he will offer state money for this. Good luck trying to convince anyone south of I-80 to support this.

[warriorchick]

As a state of Illinois taxpayer, I am infinity percent against this plan. If the city wants to use their own money, fine, I don't care. As a Kane County resident, I expect to contribute zero dollars and zero cents to this proposal, and I live in the suburbs. Quinn's up for re-election next year, after saying "no way will I raise state income taxes" during his last campaign (for those that don't live in the state, income taxes went up 66% literally minutes before the incoming state legislature for 2011 was coming in), there is no way he will offer state money for this. Good luck trying to convince anyone south of I-80 to support this.

+1

Downstaters are still mad about the state paying for White Sox Park, and I don't blame them one bit.

[GGGG]

Are these bonds tax supported?  Or are they supposedly going to be paid with the proceeds of whatever they do with the site?

[Dr. Blackheart]

Lol...government already has your tax money for this deal.   McPier already floated the bond before they were privatized.  Navy Pier has almost $80mm to spend of this public money with ideas like a lake iceberg sculpture or a small, unprofitable hotel. The state needs to approve infrastructure funds and the casino and those entertainment taxes for more of the feeding frenzy, This is all Olympics money long approved and legislated. Now it is time to spend it all!

[Benny B]

This is all Olympics money long approved and legislated. Now it is time to spend it all!

Let the games begin...

[mugrad2006]

South side Metra is right there. There's not too many DePaul fans coming in from Homewood, unless Jerel wants to watch his alma mater against DePaul.

I'm not against the plan, just selfishly hoped it would have been on the northside.

Yup that Metra really isn't convenient if you come from anywhere north. It starts at Randolph near millennium park, which isn't connected to any of the other Metra lines. The Metra runs a lot less frequently than the L outside of commuter hours (~once an hour) and you can't transfer between the L and Metra, meaning you'd have to buy two tickets each way coming from Depauls campus.

There's just not a good public transit option in place now by train, and bus lines from DePaul would take as long as getting to Allstate arena.  

[GGGG]

Lol...government already has your tax money for this deal.   McPier already floated the bond before they were privatized.  Navy Pier has almost $80mm to spend of this public money with ideas like a lake iceberg sculpture or a small, unprofitable hotel. The state needs to approve infrastructure funds and the casino and those entertainment taxes for more of the feeding frenzy, This is all Olympics money long approved and legislated. Now it is time to spend it all!

The modern Olympic movement in a nutshell.

[SaintPaulWarrior]

As someone who grew up across the street from DePaul I thought I was going to read something factual about the stadium situation.  I will date myself here and let you know that the neighborhood around DePaul when I was growing up was a ghetto just like MU was when I went there.  Completely different now around DePaul.  

I understand the feeling about Illinois/suburbs vs. Chicago.  I grew up with that.  As the great Mike Royko said "If it wasn't for Chicago, Illinois would be just an Indiana or an Iowa."

As far as the suburbs that are in Cook County they do contribute to Chicago and vice versa in tax dollars.

Naperville a suburb?  That is hilarious.

The machine controls the city and the state so "why can't we get along" because the man is in control.  

Also most of the "man's" who led the state are now in jail.

And one more point about "Chicago White Sox Field".  Not a fair comparison to DePaul since the team/White Sox and the White Sox PLAYERS have paid a significant amount of state income tax over the last 23 years that probably have paid for the stadium and then some.  DePaul players are not paying income tax as far as I know.

And why would these so called "Downstaters" be upset?

Owner: Illinois Sports Facilities Authority
Cost: $167 million
Public financing: $167 million, or 100 percent, mostly from a 2 percent tax on hotels in Chicago

Off to New Orleans for the weekend with no computer....the only way to go.

[JoBo2756]

Sorry, late to this city v. suburbs party, but can someone share a link to a story about DePaul?

[🏀]

  It's getting to be more official.

http://www.chicagobusiness.com/article/20130515/BLOGS02/130519849?template=mobile&X-IgnoreUserAgent=1

Only $140 million. DePaul is kicking in half and retains naming rights.

[kryza]

I guess it's official, what a crock...

Here's the email I just received from the DePaul president;

Last year, DePaul University's strategic plan, Vision 2018, articulated the university's goals for the next six years. One goal—bringing men's basketball back to Chicago—created a flurry of speculation about possible sites for a new DePaul basketball arena.

Today, I am thrilled to tell you that Mayor Rahm Emanuel has just announced the city's plans for a large-scale tourism and economic development project near McCormick Place—one that will include a new 10,000-seat events center that will serve as home to DePaul basketball.

The center will bring together the large and diverse community of DePaul students, alumni and fans from Chicago and its suburbs. In addition to hosting home games for DePaul basketball teams and serving as a practice facility, the venue will support other high-profile functions for both DePaul and the Metropolitan Pier and Exposition Authority (MPEA)—including DePaul commencement ceremonies and Chicago's convention-related business. Our hope is to play the 2016-17 season in our new home.

DePaul's investment in this partnership with the city will amount to $70 million. Funding will come from ticket sales, naming rights, and revenues generated by DePaul athletics and the BIG EAST Conference. We also plan to generate funds from those most committed to our athletic programs. We expect we can complete this project without affecting tuition.

DePaul makes this investment for several compelling reasons. Most immediately, this partnership provides a rare opportunity to bring DePaul basketball back to the city at a reasonable cost while helping the City achieve its goals of rejuvenating Motor Row. College basketball presents invaluable opportunities to shine a light on DePaul's excellent academic reputation and its commitment to its community. This first-class events center and its more central location will help us build on the momentum our basketball program has enjoyed in recent years from hiring first-rate coaches and staff. Alumni will find the broadened name recognition a help when competing for jobs nationally. Ultimately, this new facility will create a tide that will lift the entire DePaul community on many fronts.

This project builds upon a decade of sustained strategic investment that has resulted in great gains in DePaul's visibility and academic excellence. In July, DePaul will open major new buildings for our College of Education and The Theatre School. The university is nearing completion of architectural plans for a new building for the School of Music. These follow numerous facilities improvements over the past six years. In addition, new partnerships with Rosalind Franklin University Medical School, Cinespace Studios, the Chicago History Museum, Catholic Theological Union, Facing History and Ourselves, Gordon Tech College Prep and Lake View High School demonstrate DePaul's commitment to the larger community and its value as a strategic partner for many respected institutions.

This reinvention of DePaul has been accomplished through the vision and hard work of the entire DePaul community, including the many alumni and friends who have supported The Many Dreams, One Mission Campaign. Through the efforts of so many of you, the Campaign has generated $283 million in funds to date for student scholarships, academic programs and faculty support. This truly is an inspired community that cares deeply for the future strength of our university.

Your commitment to DePaul makes this exciting next step in our history possible. Without your dedication and support, DePaul would not be what it is—the kind of institution that makes us a leader in higher education and an attractive partner for important projects like these.

God bless you,

Rev. Dennis Holtschneider, C.M.
President

[jmayer1]

Funding will come from ticket sales....

DePaul has fans that buy tickets?!?

[StillAWarrior]

DePaul has fans that buy tickets?!?

He was talking about Marquette fans.


"We expect we can complete this project without affecting tuition."  I would certainly hope so.

[StillAWarrior]

Funding will come from...naming rights...

What do you think it'd cost to name the arena the "Real Chili Warrior Dome"?

[Coleman]

We should dip into the endowment for Marquette University Arena

[Ellenson Guerrero]

We should dip into the endowment for Marquette University Arena

Are you crazy? I don't want MUs good name associated with DePauls brand if basketball without a 20 point margin of victory...

[🏀]

We should dip into the endowment for Marquette University Arena

It will likely be the McGrath ... whatever.

I think the casino is going to happen as well in the lobby of the hotel next door.

One more location from Pot. Hope that can hold off the  Kenosha casino or they will be hurting.

[WI inferiority Complexes]

The arena is good news for the NBE overall.