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Originally Posted by marothisu
Originally I was the most for the Tribune site until I saw The 78. The more I read and re-read, the more I am equally for the Tribune site. As Chicago sheds it's very industrial past and goes towards the future, I find this just as important. These parts of the city near the expressway are weird in an industrial way. Especially as these companies move elsewhere. This is a prime location. Traffic concerns apart from this, I might be becoming more pro Tribune site now.
The 78 is going to happen regardless of this casino or not. But the Tribune site may lay dormant for another decade if the casino does not go there. It might be more attractive to actually not have a casino at the 78 TBH because of DPI. A high pct of residents are against it so thr alderman may side with them anyway.
The city will go with what makes the most economic sense which might be the Tribune site. Only way I see Hard Rock happening is if there's a legit deal struck with the Bears to keep them in the city. Otherwise I think the Tribune site will be chosen.
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From the commission document
Quote:
Further explanation of the proposed construction costs
is needed from Hard Rock Chicago. The Hard Rock Chicago
proposal is to build the casino in a phase I of the “Entertainment
District” of the broader ONE Central development. The original
RFP submission estimated the total cost of the casino
construction was $1.7 billion and an additional estimated
$550 million civic build. The $550 million is Landmark’s
estimates of the phase I costs of the $3.8 billion civic build
for the total One Central development. The City does not have
enough information to determine the reasonableness of this
$550 million estimate. As a part of the City’s evaluation
process, Hard Rock Chicago communicated that it found
cost savings which now allows it to fold these civic build
costs into the same $1.7 billion in construction costs.
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Quote:
At this point, no City public investment for infrastructure has
been asked for or committed toward this project. However, the
ONE Central project has been actively seeking $3.8 billion in
financing from the State through a P3 agreement repaid through
state sales tax revenues subordinate to the State’s Build Illinois
bonds. As noted earlier, Hard Rock Chicago would commit
that the estimated $550 million of the $3.8 billion will be built
regardless of the status of the P3 agreement. This doesn’t
preclude Landmark from continuing to seek the P3
agreement and state funding for the project.
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Quote:
Hard Rock Chicago would secure a completion guarantee for
its lenders and agrees to fund its equity upfront when the
financing closes.
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Sounds pretty enticing (too good to be true?) if Hard Rock is just gonna foot a half a billion dollars for the first part of the One Central Development. How true this is in practice might be a different story probably based on factors I don't totally understand.
I am the same feeling the 78 will happen regardless. The Tribune Site is too juicy too that it will happen regardless, yes in 5 to 10 years maybe (the casino isn't suppose to open until 2026 anyway). The One Central Development is very much in doubt. If this is a catalyst for that to happen, then I'm for it.
Additionally living close to the Tribune Site, I sort of think it's a bit of a disaster access wise. The Ontario and Ohio ramps are nightmares basically every day of the week at rush hour already. There's not direct access from the highway and you'll have to do a bit of driving around some ultra congested streets on weekends. Additionally I'm not a fan of a casino being plopped so close to low income housing on Chicago between Larabee and Hudson. I suppose it will create jobs but it just feels a bit icky to introduce gambling to a low income area like that.
I haven't seen it mentioned, but lake access would be pretty sweet with the Hard Rock. I can imagine day cruise all the way from Indiana to Wisconsin that take you to the casino and back, not to mention Navy Pier as well. Though I suppose that's still possible with the Tribune Site.