CHICAGO | General Developments

[Baronvonellis]

It says it in the article, only $8.7 million is coming from Federal Historic Tax Credits, the rest is from the state and city. Considering we spent $100 million of public money for the barebones depaul arena, this is a bargin to get the Grandest Theatre ever built for only $50 million.
Yes, I think this is a great use of public money. I would gladly make an extra donation to have it renovated.

I would pay just to visit the theatre, it looks just like a palace. I don't see why they couldn't charge admission and do historic tours just like other unique
important and historic buildings, when they aren't doing shows. Or host corporate events in the grand lobby.

[sentinel]

The Old Post Office, the Old Cook County hospital and the Uptown Theater are the three buildings in Chicago that I fantasized about saving, for many years, and now, all three are (hopefully this fall for the Uptown) undergoing massive renovations. I'm elated that these buildings are being saved and carefully and thoughtfully rehabbed.

[Vlajos]

^^ Oh, wow. I'm surprised it's only $8.7Million in HTCs. I didn't see that.

[woodrow]

Originally Posted by Steely Dan

your new name is "Wet Blanket McRainy Parade".

it's like you're fundamentally incapable of happiness or something.

I love McXxxxxy names.

I also LOVE that this may happen. For those who have not been inside, flying high, dancing at a BIG GAY CIRCUIT PARTY circa late '90's, well, I feel sorry for you.

But not so much anymore, because soon you too will be able to walk around that AMAZING space

[glowrock]

Originally Posted by the urban politician

A large garage will be necessary, and I’m sure the team working on this is already planning that.

But, but, but... We shouldn't be prioritizing cars, right???

j/k

I agree completely that a large garage will be necessary as part of this restoration. Absolutely no question about it. And yes, it's worth eliminating a lot (or three) from TOD consideration for this purpose as well, in this specific circumstance. Especially given the times of many of these events, I do see many people driving, rather than using transit. Though I can also see many people using transit to get there, then using Uber/Lyft/etc. to get back as well.

Aaron (Glowrock)

[Via Chicago]

i just think its hilarious how everyone is acting like OF COURSE this is a financial slam dunk when im pretty sure half this board was adamant theres no way it was ever moving forward and to just get it over with and tear it down so that the property could be redeveloped not all that long ago

carry on

Also, does anyone have an idea of how they obtained that huge Illinois clean energy grant or what the requirements are? Is that for solar?

[sentinel]

Originally Posted by Via Chicago

i just think its hilarious how everyone is acting like OF COURSE this is a financial slam dunk when im pretty sure half this board was adamant theres no way it was ever moving forward and to just get it over with and tear it down so that the property could be redeveloped not all that long ago

carry on

I'm sorry, perhaps my memory is fuzzy, but in nearly 14 years on SSP, I don't recall any continued discussion regarding tearing down the Uptown

Did I miss that discussion? And also, read a couple of posts up regarding my position on the Uptown...which has always been my position on the Uptown, so..

[the urban politician]

Originally Posted by Via Chicago

i just think its hilarious how everyone is acting like OF COURSE this is a financial slam dunk when im pretty sure half this board was adamant theres no way it was ever moving forward and to just get it over with and tear it down so that the property could be redeveloped not all that long ago

carry on

Also, does anyone have an idea of how they obtained that huge Illinois clean energy grant or what the requirements are? Is that for solar?

Well, in the past $50 million in public financing was never announced so..... why would anyone have thought it was viable before that?

Just run the numbers. If the developers had to finance this themselves, they’d be looking at at a $50 million note. Now, as I laid out above, they may roughly be seeking only a $17 million note (or less). Without the public subsidy that’s 3 times more debt, and certainly that could kill this project’s viability.

[Via Chicago]

Originally Posted by sentinel

I'm sorry, perhaps my memory is fuzzy, but in nearly 14 years on SSP, I don't recall any continued discussion regarding tearing down the Uptown

Did I miss that discussion? And also, read a couple of posts up regarding my position on the Uptown...which has always been my position on the Uptown, so..

ive been here pretty much just as long, its absolutely been proposed over years. by who i couldnt say, my memory isnt that good either. if the Search functionality on this board was actually viable as a tool id dig up the offenders

[DePaul Bunyan]

Originally Posted by Via Chicago

This is cool and all, but still have to wonder how they plan to succeed or where they see an opening that up til now no one else has. How many acts require a 4-6k seat venue? That's insane. The vestibule alone is the size of the Riv. Very very few bands are capable of drawing those numbers, and the city already has a glut of arenas that are capable of handling the biggest acts. And you already have an established downtown theater scene that primarily caters to out of town tourists also staying in the loop (and as the article notes this is too BIG for most musicials)

And then lincoln yards wants to add 6 venues of their own? This is getting ridiculous. Do people think there's some never end well of talent, and people willing to pay for it? Something's gotta give.

It doesn't have to sell out to be profitable. The lobby is enormous and could accommodate dining venues (it's enough of a draw by itself). They could also partner with a theater chain to have tent-pole films and even host special classic screenings (think 2001 or Lawrence of Arabia in 70mm). You get a couple thousand people dropping $10-12 per ticket and buying ~$20 in food and drink and all of a sudden you're raking in $60-120k per screening. More if they go the popular route of reserved movie seating and upcharge for front-row mezzanine or other desirable seats. It's large and grand enough to attract television productions. Big comedians like Kevin Hart can average $100 or more per ticket, with concessions a sellout show from an A-lister could clear seven-figures for a single performance.

[killaviews]

Originally Posted by glowrock

But, but, but... We shouldn't be prioritizing cars, right???

j/k

I agree completely that a large garage will be necessary as part of this restoration. Absolutely no question about it. And yes, it's worth eliminating a lot (or three) from TOD consideration for this purpose as well, in this specific circumstance. Especially given the times of many of these events, I do see many people driving, rather than using transit. Though I can also see many people using transit to get there, then using Uber/Lyft/etc. to get back as well.

Aaron (Glowrock)

Wrigley Field, which is like 2 miles away manages to get 35-40k people in and out of a neighborhood. 4k people won’t be an issue. Uptown is also pretty easy to get to from the Ravenswood Metra stop. The Flats won’t be giving any tenants a space in their garage on Broadway. I’m sure they will rent spaces, which most of their residents probably won’t opt for.

[Rooster slayer]

This is fantastic to hear. Surprise of the decade.

[glowrock]

Originally Posted by killaviews

Wrigley Field, which is like 2 miles away manages to get 35-40k people in and out of a neighborhood. 4k people won’t be an issue. Uptown is also pretty easy to get to from the Ravenswood Metra stop. The Flats won’t be giving any tenants a space in their garage on Broadway. I’m sure they will rent spaces, which most of their residents probably won’t opt for.

All true, but keep in mind that the majority of events at Wrigley are held during the day. Concerts (and most events) at Uptown will be evening/night events. Just saying that there does need to be some consideration given for parking there as opposed to simply using the red line. The problem with Metra is that the trains don't run that often outside of peak hours, though I know that particular line DOES run more often than most Metra lines.

Regardless, it's a huge win for the Uptown neighborhood and an even bigger win for the historic preservation community at large. Even with the $75 million cost certain to rise to $100 million or even a bit higher.

Aaron (Glowrock)

[the urban politician]

^ I wonder who would cover cost overruns?

Probably the developers, I’m to assume

[harryc]

Liberal use of raw concrete - the original, never finished, surface. weathered for many years in the Chicago weather.

[killaviews]

5050 N. Broadway

[10023]

Originally Posted by glowrock

All true, but keep in mind that the majority of events at Wrigley are held during the day. Concerts (and most events) at Uptown will be evening/night events. Just saying that there does need to be some consideration given for parking there as opposed to simply using the red line. The problem with Metra is that the trains don't run that often outside of peak hours, though I know that particular line DOES run more often than most Metra lines.

Regardless, it's a huge win for the Uptown neighborhood and an even bigger win for the historic preservation community at large. Even with the $75 million cost certain to rise to $100 million or even a bit higher.

Aaron (Glowrock)

Why on earth would parking be more necessary for a nighttime event? That’s when you least want people to drive.

And train hours and capacities can always be adjusted for demand. If a venue or event creates more demand for Metra services at night then Metra can run more trains.

[10023]

Originally Posted by JK47

Just an FYI but the Trib's paywall is defeated by Chrome's incognito mode.

Unfortunately the Tribune organization is so incompetent that you can’t even view their website from Europe at the moment.

They couldn’t manage to meet the requirements on data collection and use mandated by the new EU GDPR legislation (which was announced 2 years ago), so they’ve had to block website access throughout the EU.

Even the Kansas City Star managed to get their shit in order. It’s pathetic.

[harryc]

June 20

[harryc]

June 12