DePaul Purchasing Riverfront Property

[LAZER]

This would be great for DePaul

http://www.chicagotribune.com/business/breaking/chi-depaul-in-early-talks-with-a-finkl-for-arena-site-20130416,0,2748263.story

[Groin_pull]

Interesting. But I can't see any new arena filling enough dates to make it viable. Does Chicago really need another arena? Yes, it would be wonderful for DePaul, but are there really enough concerts and conferences to fill the rest of the calendar? The Chicago area already has so many venues

[Dawson Rental]

Let's just say I know people who know things. This is going to happen. This isn't a "might." Barring a complete break down in negotiations, this deal will go through.

Also, I may have it mixed up in my head and we're all talking about the same thing, but my understanding is the specific property of the Morton Salt Co. is where there is already a dome shaped building. I don't think it's that empty field where all the cabs are parked. But I'm not 100% clear on that. I'll find out.

I don't think that anyone doubts DePaul would buy this property.  Getting the property just starts things.  Arenas are expensive propositions, and DePaul could always use the land for something else.

[Groin_pull]

I don't think that anyone doubts DePaul would buy this property.  Getting the property just starts things.  Arenas are expensive propositions, and DePaul could always use the land for something else.

Still very surprised they turned down that rent-free offer from the UC. Seems like a no-brainer to me. What am I missing?

[Dawson Rental]

Still very surprised they turned down that rent-free offer from the UC. Seems like a no-brainer to me. What am I missing?

Trouble getting dates scheduled around both the Blackhawks and the Bulls.  No part of concessions or parking.

[Marqevans]

Trouble getting dates scheduled around both the Blackhawks and the Bulls.  No part of concessions or parking.

Pretty sure Marquette would rather have free rent than the concessions and parking.

[🏀]

Still very surprised they turned down that rent-free offer from the UC. Seems like a no-brainer to me. What am I missing?

This site is a 15 minute walk from campus.

It's a 15-20 minute drive from the Mag Mile.

It's less than a mile from the Red Line.

It's less than half a mile from the Brown and Purple.

It's a block away from a major METRA stop.

It's three blocks from a Kennedy on/off ramp.

It is the perfect site for DePaul, and they should be excited. I am, jump on the METRA to see Marquette play there once a year. Maybe catch some other BE games as well if Marquette is out of town on the weekend.

This site will start stealing a lot of the acts that usually play Allstate Arena.

[🏀]

Pretty sure Marquette would rather have free rent than the concessions and parking.

Incorrect.

[kryza]

This site is a 15 minute walk from campus.

It's a 15-20 minute drive from the Mag Mile.

It's less than a mile from the Red Line.

It's less than half a mile from the Brown and Purple.

It's a block away from a major METRA stop.

It's three blocks from a Kennedy on/off ramp.

It is the perfect site for DePaul, and they should be excited. I am, jump on the METRA to see Marquette play there once a year. Maybe catch some other BE games as well if Marquette is out of town on the weekend.

This site will start stealing a lot of the acts that usually play Allstate Arena.

I'm am super excited about this if it pans out. I live a few blocks away and would most definitely go to quite a few games a year. The area that is being proposed is prime for a new stadium. I can see a lot of development happening on the river since all the factories located there are leaving. The area has one of the nicest views of downtown Chicago too!

[chr31ter]

FWIW, there are apparently serious environmental issues with the Finkl site.  Kind of stuff where it takes tens of millions of dollars and years of work to clean up.

[Marqevans]

Incorrect.

I thought the cost of using the Bradley Center was one of the reasons that Marquette is like second in spending the most money on their basketball team.  I think there is an old thread on this.

[🏀]

I thought the cost of using the Bradley Center was one of the reasons that Marquette is like second in spending the most money on their basketball team.  I think there is an old thread on this.

It's one of the reasons, but those numbers can't be trusted. It's an expense, so it counts to the spending number, but back in 2004 there was a discussion about how well MU does with concession revenue more than Notre Dame due to the alcohol sales which was sparked by MU playing Lewis in the Al.

[T-Bone]

FWIW, there are apparently serious environmental issues with the Finkl site.  Kind of stuff where it takes tens of millions of dollars and years of work to clean up.

I believe there's a substantial difference in what needs to be cleaned up in relation to what the land use is.  Commercial/Industrial clean up won't be as expensive as they would need to do for residential. 

http://www.epa.state.il.us/land/taco/index.html (It's in there somewhere)

Not an expert in the field, but it sounds right to me.

[icheights]

This site will start stealing a lot of the acts that usually play Allstate Arena.

I am not so sure you are right to be honest.  Depends on how many seats they put in there.  The UIC Pavilion and United Center are direct competition as well...

[🏀]

I am not so sure you are right to be honest.  Depends on how many seats they put in there.  The UIC Pavilion and United Center are direct competition as well...

Pavilion for sure. UC is just too big for some of those big, but not huge acts. Maroon 5 and NKOTB for example looking at the Allstate's calendar, being so close to downtown will be appealing with a large college campus within walking distance.

[T-Bone]

There's also the Sears Center farther out west, where MU lost to dayton a few years back.  Awful.

Currently on tap there (11k seats):
http://www.searscentre.com/events/
I don't know if HS graduations are big money makers...

To compare:
Allstate (18k seats)
http://www.allstatearena.com/calendar/default.aspx  
Which is pretty wide open.

UIC Pavillion (6,900 seats)
http://www.uicpavilion.com/pavilion/events/

If DePaul goes 13-15k, they could poach better events from Sears, Allstate, and even UIC.

[Benny B]

FWIW, there are apparently serious environmental issues with the Finkl site.  Kind of stuff where it takes tens of millions of dollars and years of work to clean up.

Not entirely true.  I'm awaiting details, but there's a good chance that most or all of the remediation is complete.

[MountainCreek19]

Not entirely true.  I'm awaiting details, but there's a good chance that most or all of the remediation is complete.

I am not sure how the remediation process is going, but the move is only about 60 percent complete.  It would be hard for all of the necessary work to be complete if the foundry is still operational.  Most of the required work in order to complete remediation is within the soil that the plant is on due to chemical runoffs (possibly) present from the forging processes.  So with buildings still standing there is a lot more work that should need to go into remediation.  Still hard to say how much that is though because it would still probably be hard to say how much harmful chemicals have infiltrated the soil in the area.  That being said.  This area is designated as a "planned manufacturing area" which means that it is slated as an area for future manufacturing businesses.  Chicago Aldermen would have to change the designation in order to convert this land to a residential development, but I am not sure what that would mean for a commercial (stadium) development.

[Benny B]

I am not sure how the remediation process is going, but the move is only about 60 percent complete.  It would be hard for all of the necessary work to be complete if the foundry is still operational.  Most of the required work in order to complete remediation is within the soil that the plant is on due to chemical runoffs (possibly) present from the forging processes.  So with buildings still standing there is a lot more work that should need to go into remediation.  Still hard to say how much that is though because it would still probably be hard to say how much harmful chemicals have infiltrated the soil in the area.  That being said.  This area is designated as a "planned manufacturing area" which means that it is slated as an area for future manufacturing businesses.  Chicago Aldermen would have to change the designation in order to convert this land to a residential development, but I am not sure what that would mean for a commercial (stadium) development.

NM -- I was looking at a different site.

[Marqevans]

It's one of the reasons, but those numbers can't be trusted. It's an expense, so it counts to the spending number, but back in 2004 there was a discussion about how well MU does with concession revenue more than Notre Dame due to the alcohol sales which was sparked by MU playing Lewis in the Al.

So you think the profit (not the sales) from concessions exceeds the rent for the Bradley Center?

[MUfan12]

$300 million- http://www.suntimes.com/20088232-761/exclusive-rahm-to-announce-300-million-depaul-stadium-plan-for-mccormick-place.html

[Aughnanure]

Good for them.

[warriorchick]

I don't think there is a chance in hell that the state is going to pony up $100 million for this.  Does Rahm not read the paper?  The state is broke.  It would be political suicide to vote to spend this money when 99% of the residents of this state don't give a crap about DePaul basketball.

[Benny B]

I don't think there is a chance in hell that the state is going to pony up $100 million for this.  Does Rahm not read the paper?  The state is broke.  It would be political suicide to vote to spend this money when 99% of the residents of this state don't give a crap about DePaul basketball.

The only political suicide in Illinois is actual suicide.

[kryza]

As a DePaul alumnus in Chicago, this sucks. Not just cause it's using taxpayer money in midst of spiraling debt problems, but the location is still over 6 miles away from the main campus (or around 60 minutes via public transportation). I was excited to see a Chicago arena for DePaul, but this location is still quite inconvenient (albeit a little less) for any student to get to.