CHICAGO | Economic & Business Development

[marothisu]

Some good funding news. We use them in NYC so we can get authentic Chinese food from Flushing

https://techcrunch.com/2020/07/22/in...n-restaurants/

Investors drop off $33 million for Chowbus, a delivery service for ‘mom and pop’ Asian restaurants

For Chowbus, that meant building a food-delivery business that finds restaurants whose cuisines specialize in regional cuisines from Northern and Southern China, Japan, Korea, Taiwan, Thailand and Vietnam.

It’s a strategy that has now netted the company $33 million in financing led by the Silicon Valley-based investment firm Altos Ventures and New York’s Left Lane Capital. Hyde Park Angels, Fika Ventures, FJ Labs and Silicon Valley Bank also participated in the round.

Founded four years ago in Chicago by Suyu Zhang and Linxin Wen, the company said that its goal was to connect people with authentic Asian food that’s not easy to find on delivery apps. Over the past year, the company touted significant growth in its business, a traction that can be reflected in its decision to bring on the former chief operating officer of Jump Bikes, Kenny Tsai, as its chief operating officer, and Jieying Zheng, a former Groupon product leader as its head of product.

The Chicago-based company said it would use its new funding to expand to more cities across the U.S. and add new products like a “dine-in” feature allowing diners to order and pay for their meals on their phone for a contactless experience at restaurants in cities that have flattened the curve of COVID-19 infections and are now reopening.

Chowbus pitches its lack of hidden fees, and its footprint across 20 cities in North America, including New York, Boston, Philadelphia, Chicago, Atlanta, Los Angeles, the Bay Area, Seattle, and many others. In Los Angeles, the company offers menus in Mandarin and Cantonese and allows its users to bundle in a single delivery dishes from multiple restaurants.

[SIGSEGV]

I have had good experiences with Chowbus (their delivery people never speak English, but who cares).

[SIGSEGV]

Apparently Amazon will open a distribution plant in Bridgeport, right across the tracks from the Orange Line Halsted stop:

https://www.chicagobusiness.com/comm...oy-200-or-more

This is a great location that working class city residents can easily get to.

[ardecila]

I'd rather see a major riverfront site like this become housing. It's one L stop from Roosevelt and 2 L stops from the Loop. Even at townhouse densities there is enough land for almost 1000 units, plus there would be plenty of open space.

And unlike other megadevelopments like The 78 or Lincoln Yards, this one already HAS an L stop... ridiculous to waste such a prime parcel on a low-intensity Amazon facility. Related could trade this site for the equivalent acreage at The 78 and get a better housing development at lower cost.

[SIGSEGV]

Originally Posted by ardecila

I'd rather see a major riverfront site like this become housing. It's one L stop from Roosevelt and 2 L stops from the Loop. Even at townhouse densities there is enough land for almost 1000 units, plus there would be plenty of open space.

And unlike other megadevelopments like The 78 or Lincoln Yards, this one already HAS an L stop... ridiculous to waste such a prime parcel on a low-intensity Amazon facility. Related could trade this site for the equivalent acreage at The 78 and get a better housing development at lower cost.

I suspect it might be somewhat contaminated though from whatever was there before?

But yeah, it would be a great place for a some housing, especially if an orange line entrance was built on the North side of the tracks.

[sixo1]

Illinois seems to be doing pretty well when comparing the 2015 and 2020 rankings. The previous year rankings are in parentheses. However, Illinois’ biotech strength appears to be declining.

Digital Infrastructure - #4 (moved onto top 10 list)
Manufacturing Employment - #5 (stable)
Automotive Manufacturing Strength - #9 (moved onto top 10 list)
Biotechnology Strength - #10 (down 5 places)

---

Illinois' 2020 ranking in other categories:

Installed Wind Power Capacity - #6
Film Production Leaders - #6
FDI Projects - #5
FDI Capital Investments - #7
Tech Jobs - #7
Opportunity Zones - #5

Sources: Business Facilities (2015) and Business Facilities (2020)

[sixo1]

viaPhoton, an Aurora-based company, is building a fiber optics factory in Aurora. "[The] factory represents an initial $5 million investment by the company, with hiring underway for 30 new positions initially, and a goal to hire up to 200 more companywide in the next three to five years."

Source

[ardecila]

Originally Posted by SIGSEGV

I suspect it might be somewhat contaminated though from whatever was there before?

But yeah, it would be a great place for a some housing, especially if an orange line entrance was built on the North side of the tracks.

I doubt it's more contaminated than Lincoln Yards or The 78 though. And yes, ideally they would build a pedestrian tunnel so you could come at the Orange Line from the north.

I was hoping we might get some riverfront housing near the Ashland stop, but that site got taken by Cougle Foods. The zoning around the Orange Line stops is really shameful...

[marothisu]

Originally Posted by ardecila

I doubt it's more contaminated than Lincoln Yards or The 78 though. And yes, ideally they would build a pedestrian tunnel so you could come at the Orange Line from the north.

I was hoping we might get some riverfront housing near the Ashland stop, but that site got taken by Cougle Foods. The zoning around the Orange Line stops is really shameful...

Well at least the Chinese developer is making 168 new units (with some retail I think) at 3170 S Archer not far from the Ashland stop. Some other smaller buildings also being built across the street. There's also a bunch of new SFH on the 2900 block of Hillock across the river that used to be industrial land. Maybe the same developer..i forget.

Not perfect but there are better things happening in that area with regards to this.

[IrishIllini]

Originally Posted by ardecila

I doubt it's more contaminated than Lincoln Yards or The 78 though. And yes, ideally they would build a pedestrian tunnel so you could come at the Orange Line from the north.

I was hoping we might get some riverfront housing near the Ashland stop, but that site got taken by Cougle Foods. The zoning around the Orange Line stops is really shameful...

It'd be more tolerable if we could shed the loop-centric transit system. If the brown line became the orange line south of downtown or we could get a n/s transit line west of the river, preferably on Ashland or Western. Ideally it'd have the ability to route trains downtown through the existing blue and orange lines if there were demand. That way there'd be city-wide access to jobs along the south branch which would justify the existing zoning.

[sixo1]

Auburn Gresham project wins $10 million Chicago Prize from the Pritzker Traubert Foundation. The two projects included in the winning submission were a healthy lifestyle center at 839-845 W 79th St and the nation's first renewable energy and urban farming campus at 650 W 83rd St. The Chicago Prize will fund one-fifth of the project’s estimated $52.8 million price tag, with additional funding from CARES Act allocations and other public and private backers.

Source

[emathias]

Originally Posted by ardecila

I'd rather see a major riverfront site like this become housing. It's one L stop from Roosevelt and 2 L stops from the Loop. Even at townhouse densities there is enough land for almost 1000 units, plus there would be plenty of open space.

And unlike other megadevelopments like The 78 or Lincoln Yards, this one already HAS an L stop... ridiculous to waste such a prime parcel on a low-intensity Amazon facility. Related could trade this site for the equivalent acreage at The 78 and get a better housing development at lower cost.

I don't like the City subsidizing successful companies, but this is one location I think would be well-suited to trying to get Amazon to put some of its parking on the roof, and the rest in a 2-3 level garage instead of so much surface parking. I do like that Amazon looks to be putting in a Riverfront park (or at least bike path type thing) along the River. Putting a western entrance/exit to the Orange Line at Corbett would be good, too, both for the neighborhood and for commuting workers.

It's really too bad that there hasn't been more residential stuff built around Halsted/Archer. It's a tight area, but such an easy commute to the Loop, and easy access to Midway, and despite tight lights between the River and the train tracks and the expressway, you could probably fit thousands of people in there, and maybe a decent-sized discount hotel. Say you put a 300-room extended-stay hotel there, nightly prices could be very reasonable and it'd be ideal for all sorts of business people. If that place filled out, Amazon could even develop a biggish residential tower at Halsted and the River on what is currently planned to be a parking lot. If all that land south of Archer were developed densely, with an elevated crosswalk directly across from the Orange Line, along with that industrial area to the east of the Dan Ryan, you could put another Orange Line stop at Canal and turn those buildings at Cermak and Jefferson into a nice alternate commercial district and that whole west Chinatown/east Pilsen/north Bridgeport corner could go from no-man's-land to something even more popular than the 78 and Lincoln Yards.

[ardecila]

Originally Posted by emathias

I do like that Amazon looks to be putting in a Riverfront park (or at least bike path type thing) along the River.

They don't have a choice, the Riverwalk ordinance mandates a 30' landscaped setback and path, with public access if feasible.

Pretty much the only smart regulation of riverfront development in these PMDs.

[SIGSEGV]

Zimmer (UChicago president) just announced he's going to step down:
https://news.uchicago.edu/story/univ...hancellor-2021

[tjp]

Macy's is downsizing / possibly vacating its Michigan Avenue store, per Crains. I can't access the full article.

[sixo1]

Some recent positive news regarding various Chicago-based companies. I do not have access to Crain's Chicago, so I cannot read the full details. Nonetheless,

CancerIQ, a cancer risk assessment company, raised $5 million

Fyllo, which provides software and database services for the Cannabis industry, raised $10 million

Kin, an insurance company, raised $35 million

The password manager company, Keeper Security, raised $60 million

[the urban politician]

A West Coast pharmaceutical moving its lab to the West Loop:

https://www.chicagobusiness.com/comm...lab-west-coast

Good news has been needed in these trying times!

[the urban politician]

August 26, 2020 06:10 AM UPDATED 2 HOURS AGO
Feds pick Argonne, Fermi to lead quantum computing research centers
Chicago plays a starring role in Dept. of Energy's plans to tackle the next generation of computer technology.

JOHN PLETZ

Chicago’s two national laboratories, Argonne and Fermilab, have been picked to lead national research centers for quantum computing that will receive $115 million each over the next five years.

Quantum, the next frontier of computing, involves using atomic particles, rather than traditional transistors, to transmit and process bits of information. Governments and companies around the world are racing to become leaders in quantum, which holds the promise of handling larger amounts of data faster and more securely than current methods.

“There are five centers being created. That two of the five are in Chicago is quite extraordinary,” says David Awschalom, a senior scientist at Argonne who leads the Quantum Exchange at University of Chicago, which also operates Argonne and Fermilab. “We’re at the birth of quantum technologies. We’re just beginning to visualize and imagine what they can do. It’s become a global arena.”

The Department of Energy is responsible for nearly half the federal government’s $1.3 billion National Quantum Initiative research budget. The two programs DOE is funding at Argonne and Fermi put Chicago at the center of one of the next big advances in technology, which will benefit its economy long-term. Using quantum physics to exponentially improve computing has captured the interest and funding of the banking, financial markets and pharmaceutical industries.

Tech companies such as Google, IBM and Intel have built quantum computers in recent years, but the technology is still in the experimental stages. It will take years before quantum computing becomes commercially viable. Materials and processes have yet to be standardized, as well as the devices and connections. That’s the focus of the research the Chicago labs will lead.

Awschalom will lead the Q-Next initiative, which will involve about 100 researchers from Argonne and other national labs, as well as universities, including Northwestern and the University of Illinois, and private companies, such as Boeing. It will focus on creating the standards for communication between quantum computers, as well as the basic building blocks for quantum computing, akin to the silicon used in semiconductors that power the current generation of computers and sensors.

In addition to the Department of Energy grant, Q-Next has $93 million from university and industrial partners. “It’s a significant investment,” Awschalom said.

Fermilab in Batavia will lead a research effort called the Superconducting Quantum Materials Center, which involves more than 20 partners, including Northwestern, the U of I and the Illinois Institute of Technology.

“We want to build a quantum computer that exceeds what’s been achieved so far,” said Anna Grassellino of Fermilab, who will lead the center.

It will focus on better understanding the challenges of atomic-scale computing. One of the main problems in quantum technology is the length of time that a qubit, the basic element of a quantum computer, can maintain information. Fermilab, one of the nation’s main physics labs, is a leader in particle-accelerator technology, including cryogenics—expertise that is particularly useful because quantum computers currently operate only at extremely low temperatures.

The Department of Energy is one of several government agencies funding quantum-computing research. The University of Illinois at Urbana-Champaign leads one of three $25 million quantum institutes recently funded by the National Science Foundation.

https://www.chicagobusiness.com/john...search-centers

[sentinel]

^^That is actually really great news.

[Chi-Sky21]

Nice, they are already building the countries most powerful exascale supercomputer at Argonne.