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  #301  
Old Posted Nov 10, 2021, 3:56 PM
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This will fall apart if tax money isn't involved. This project will never happen!
Kinda like Hudson Yards in NY
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  #302  
Old Posted Nov 10, 2021, 5:12 PM
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Kinda like Hudson Yards in NY
This is NOT Hudson Yards. Ridiculous comparison.
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  #303  
Old Posted Nov 11, 2021, 3:14 AM
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Dunn doesn't have a site. He only has air rights. If the state doesn't build him a platform, he's got no place to put a casino.
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  #304  
Old Posted Nov 14, 2021, 3:12 AM
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This is NOT Hudson Yards. Ridiculous comparison.
How is it different exactly? Projects built over active tracks with a transit component only possible through taxpayer funding.
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  #305  
Old Posted Nov 15, 2021, 3:18 AM
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How is it different exactly? Projects built over active tracks with a transit component only possible through taxpayer funding.
Let's not conflate Hudson Yards, the Related development over the MTA railyards, with Hudson Yards, the neighborhood on the West Side of Manhattan. Most of NYC's taxpayer investments in this area (like the 7 train extension, Bella Abzug Park, High Line, etc) benefit the neighborhood at large. Many developers are taking advantage of the city's investments in that area, not just Related. That won't happen in the South Loop, because the area around One Central is already built-up with townhouses and condos that will be there long after I'm dead and buried.

Also, Hudson Yards is 2 blocks away from the busiest train station in the Western Hemisphere. It's simply good planning for the city to build out further infrastructure that allows a big, dense office district there within walking distance of the city's biggest commuter and intercity train station. The Chicago equivalent would be something like the Old Post Office or the deck plaza at River Point.

Lastly, the city investment in Hudson Yards (the Related development, benefiting only Related) is $2.2 billion. Dunn is asking for almost four times that amount at One Central.
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Last edited by ardecila; Nov 15, 2021 at 3:34 AM.
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  #306  
Old Posted Nov 15, 2021, 1:18 PM
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[QUOTE=ardecila;9451028]Let's not conflate Hudson Yards, the Related development over the MTA railyards, with Hudson Yards, the neighborhood on the West Side of Manhattan. Most of NYC's taxpayer investments in this area (like the 7 train extension, Bella Abzug Park, High Line, etc) benefit the neighborhood at large. Many developers are taking advantage of the city's investments in that area, not just Related. That won't happen in the South Loop, because the area around One Central is already built-up with townhouses and condos that will be there long after I'm dead and buried.

Also, Hudson Yards is 2 blocks away from the busiest train station in the Western Hemisphere. It's simply good planning for the city to build out further infrastructure that allows a big, dense office district there within walking distance of the city's biggest commuter and intercity train station. The Chicago equivalent would be something like the Old Post Office or the deck plaza at River Point.

Lastly, the city investment in Hudson Yards (the Related development, benefiting only Related) is $2.2 billion. Dunn is asking for almost four times that amount at One Central.[/QUOTE

You beat me to the punch. Excellent answer.
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  #307  
Old Posted Nov 15, 2021, 2:12 PM
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[QUOTE=The Pimp;9451135]
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Originally Posted by ardecila View Post
Let's not conflate Hudson Yards, the Related development over the MTA railyards, with Hudson Yards, the neighborhood on the West Side of Manhattan. Most of NYC's taxpayer investments in this area (like the 7 train extension, Bella Abzug Park, High Line, etc) benefit the neighborhood at large. Many developers are taking advantage of the city's investments in that area, not just Related. That won't happen in the South Loop, because the area around One Central is already built-up with townhouses and condos that will be there long after I'm dead and buried.

Also, Hudson Yards is 2 blocks away from the busiest train station in the Western Hemisphere. It's simply good planning for the city to build out further infrastructure that allows a big, dense office district there within walking distance of the city's biggest commuter and intercity train station. The Chicago equivalent would be something like the Old Post Office or the deck plaza at River Point.

Lastly, the city investment in Hudson Yards (the Related development, benefiting only Related) is $2.2 billion. Dunn is asking for almost four times that amount at One Central.[/QUOTE

You beat me to the punch. Excellent answer.
And the public pork for One Central is linked to appeasing Another corporate welfare entity in The Bears. And we haven't seen the estimate on the cta rail extensions required for this project. The public welfare being sought is mainly for the decking and roads and utilities. And as if any more nails are needed for this coffin.... It is going to be a Casino and we now have many superior options for that project.
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  #308  
Old Posted Nov 21, 2021, 3:18 AM
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Lastly, the city investment in Hudson Yards (the Related development, benefiting only Related) is $2.2 billion. Dunn is asking for almost four times that amount at One Central.
That's crazy, at the end of the day it would be nice to see a project like this come to fruition but just at a much smaller, more realistic scale. Instead of a handful of massive skyscrapers maybe just one or two then a few high-rises to accompany them, a budget of a billion or so may suffice.
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  #309  
Old Posted Mar 27, 2022, 5:15 PM
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On Hard Rock Chicago's website, they said there will also be housing and job investments on the South Side. Looks like some of the locations for investments would be on 71st St, US Steel, and Pullman

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  #310  
Old Posted Mar 27, 2022, 6:21 PM
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On Hard Rock Chicago's website, they said there will also be housing and job investments on the South Side. Looks like some of the locations for investments would be on 71st St, US Steel, and Pullman
This is the kind of thing their SouthSideWorks Economic Opportunity project presentation describes.

https://www.onecentralchicago.com/

But am not clear how this is supposed to work:

"Leverage investment at ONE Central to create a gateway to a
broader Illinois growth corridor to the South of Chicago’s Central Area"
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  #311  
Old Posted Mar 27, 2022, 7:45 PM
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The figure I've seen quotes is $6.5 billion over 20 years. Not sure the terms but discounted to present value dollars it's probably less but still massive and some of it unnecessary. There will definitely be some serious economic impact over that 20 years as well including taxes on property and entertainment/hospitality/vendors, so there's certainly some public price tag that makes 'sense' and could theoretically be net positive tax dollar wise. It's a deal that I think can be done with multiple parties co-operating, but a massive ask in a city and state not exactly known for it's prowess for honesty and deal-making.

I like to think the success of the Riverwalk and it's financing can serve as a good example although it was one on a smaller scale. The Riverwalk took a loooong time to coordinate and has been a huge success. My understanding is that the bonds that were sold to fund some of it are being paid off by a fraction of revenue from the vendors there - and it's coming in higher than expected. I would think/hope that that a combination of retail/hospitality/vendor/dining/bars with a special surcharge for the 'entertainment district' modeled after the Riverwalk could be a way to get some of the financing done. Does anyone know about if some surcharge like this on entertainment district revenue has been discussed,?

I think an entertainment district like 1Central is a megaproject that could garner the city national/international attention if done right on par with the success of Millenium Park.

Last edited by rivernorthlurker; Mar 27, 2022 at 9:51 PM.
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  #312  
Old Posted Mar 27, 2022, 9:27 PM
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So if the upfront construction will surely be paid off by the rents . . . then just go talk to a REIT or pension fund or Saudi prince. In an era of near-zero borrowing cost, why is any public financing needed?
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