CHICAGO | Economic & Business Development

[ardecila]

Definitely good news for the jobs, but it's disappointing that they're going to a greenfield site instead of a brownfield. It would be much better if they cleaned up a toxic site and reinvested in an existing community, instead of going to the rural fringe.

Their site doesn't have rail access either, so the parts for all those clean buses and trucks have to arrive on huge polluting semis.

Actually I take this back, there are rail spurs nearby if Lion wants to extend them onto their property. They'll probably use truck deliveries anyway but

https://goo.gl/maps/81YLY3Y7CMEp9SNJ9

[the urban politician]

Originally Posted by ardecila

Definitely good news for the jobs, but it's disappointing that they're going to a greenfield site instead of a brownfield. It would be much better if they cleaned up a toxic site and reinvested in an existing community, instead of going to the rural fringe.

Their site doesn't have rail access either, so the parts for all those clean buses and trucks have to arrive on huge polluting semis.

Actually I take this back, there are rail spurs nearby if Lion wants to extend them onto their property. They'll probably use truck deliveries anyway but

https://goo.gl/maps/81YLY3Y7CMEp9SNJ9

Would you build an industrial development in a job-starved Chicago brownfield site when you potentially have to deal with this:



Source

It used to be jobs. Now, fuck jobs, it's environmental justice!

[jpIllInoIs]

Originally Posted by ardecila

Definitely good news for the jobs, but it's disappointing that they're going to a greenfield site instead of a brownfield. It would be much better if they cleaned up a toxic site and reinvested in an existing community, instead of going to the rural fringe.

Their site doesn't have rail access either, so the parts for all those clean buses and trucks have to arrive on huge polluting semis.

Actually I take this back, there are rail spurs nearby if Lion wants to extend them onto their property. They'll probably use truck deliveries anyway but

https://goo.gl/maps/81YLY3Y7CMEp9SNJ9

Im glad you retracted that Ardecila. Lion will enjoy access to 3 national carriers, BNSF, UP and CN. An autoracking facility could be built nearby and finished vehicle would be shuttled to the racking yard. Similar to Ford's Torrance Ave plant. Not unusual to have the auto warehousing and racking offsite.

and the racking yard doesnt take up much room -just a spur with 8 -12 rows. As seen in Belvidere IL Stelltanis (Chrysler) Plant.

[Klippenstein]

Originally Posted by the urban politician

Would you build an industrial development in a job-starved Chicago brownfield site when you potentially have to deal with this:



Source

It used to be jobs. Now, fuck jobs, it's environmental justice!

I’m sure you’re just being hyperbolic, but that doesn’t change the fact that you are wrong. People on the South East side do want jobs and they are fighting and organizing for good jobs. How many jobs was General Iron bringing? Most of the industrial sites on the South East Side are being used for storage and shipping, which bring very few local jobs. In General Iron’s case I’m pretty sure they would keep the same employees they had. I can’t believe you would even joke about this when the cancer and asthma rate in these communities is significantly higher than average.

Or does it only make sense that people on the North branch want to kick out polluters and bring clean, sustainable development to their community?

[the urban politician]

^ Good point, because it’s not hyperbolic at all to protest an industrial company opening an industrial operation on industrial zoned land. No, that’s a perfectly sensible position.

And it recycles scrap metal. Recycling is a good thing.

[LouisVanDerWright]

The problem is General Iron is a literally a garbage business, unfortunately centrally located scrap yards are a necessity in large cities like Chicago.

The issue is that we have decided to clear all industry out of the wealthy area on the North side of the city and dump these uses on the poorer quarters. That's really the problem here.

[Randomguy34]

Originally Posted by the urban politician

^ Good point, because it’s not hyperbolic at all to protest an industrial company opening an industrial operation on industrial zoned land. No, that’s a perfectly sensible position.

For a community that has significantly higher cancer and asthma rates, and has been treated as the city's dump yard for a century, protesting is a perfectly sensible position.

[glowrock]

Originally Posted by LouisVanDerWright

The problem is General Iron is a literally a garbage business, unfortunately centrally located scrap yards are a necessity in large cities like Chicago.

The issue is that we have decided to clear all industry out of the wealthy area on the North side of the city and dump these uses on the poorer quarters. That's really the problem here.

Wow, a situation where you and I are in agreement??? Amazing!

In all seriousness, while it's true that operations like this need to be somewhere within the greater city in all large metro areas, shoving everything like this into one area, of course a poorer area, certainly has the appearance of economic classism to say the very least.

I see nothing wrong with a company bringing plenty of jobs to an economically-depressed area, no matter what type of business it is, but this doesn't appear to be an operation requiring many people to run it. Seems like a neighborhood eyesore for a relative pittance of jobs.

Aaron (Glowrock)

[ardecila]

Originally Posted by jpIllInoIs

Im glad you retracted that Ardecila. Lion will enjoy access to 3 national carriers, BNSF, UP and CN. An autoracking facility could be built nearby and finished vehicle would be shuttled to the racking yard.

I think Lion's vehicles are too big for autoracking (buses, box trucks, etc), that's why I was focused on parts deliveries.

Originally Posted by the urban politician

Would you build an industrial development in a job-starved Chicago brownfield site when you potentially have to deal with this:

Who said anything about Chicago? Joliet and other south suburbs have plenty of brownfields to re-use, and do not have anywhere near this level of activism. Not to mention that this isn't really a heavy polluting use, and it has the left-wing catnip of "green jobs". The only political consideration is whether the jobs would be union, but this would apply equally to greenfield or brownfield sites.

[marothisu]

If the concerns are actual valid - down to health - then I'm sorry but they are more than valid. It's not a concern that these areas have higher than normal rates of conditions and diseases that lead to a decreased quality of life and even life expectancy? Jobs are great, but not at the expense of peoples' health to this type of degree. There's a point where the amount of jobs at the expense of the people becomes a concern. There has to be a balance, not necessarily one extreme or another. Perhaps put yourself in the shoes of someone who lives there for themselves or their kids who have developed issues as a result of some less than ideal air quality in the immediate area.

My father is pretty fiscally conservative, but he also grew up in LA in the 1950s and 1960s with crazy pollution levels, which led him to develop decently bad asthma. Thank god he's been a great athlete most of his life, and extremely fit for a guy in his 70s, but others aren't as lucky. When he was not retired, he'd always have to turn down business trips to places like China due to his asthma, and cannot even travel to various cities/countries because of it. This type of thing has made him into a conservationist and partial environmentalist (within reason - not one of those crazy people out there) who happens to be fiscally conservative, for jobs, and for low-ish or medium at most taxation.

I'm with him on that. Going to one extreme or another in my opinion is stupid and short sighted. You need a population to actually support the jobs, but in 2021 in America, most people aren't desperate enough like they were 80-100+ years ago for jobs that would basically kill them or lead to a much lower quality of life. If this was 1920, then we'd be talking about a different story. It's 2021 in America, a first world (mostly) country where for the most part, people aren't desperate enough to live in an area where their children will develop some sort of quality of life decreasing condition so they can take some low or low-ish paying job. And even if they were, do we really want our country to be known as the type of place where people are desperate enough to put themselves through something like this?

You can look at the Salton Sea in California, and the ecological disaster that it has become, along with residents even 30 miles away having bad health problems down to how it went from a thriving area down to a mere ghost town today with almost no residents anymore due to these issues....and California sitting on their hands doing next to nothing about it while people in the nearby cities are developing issues and moving away as a result.

[marothisu]

Home insurance startup Kin raises $64M

https://www.bizjournals.com/chicago/...aises-64m.html

Kin, a Chicago startup that's changing the way people buy homeowners insurance, hauled in more funding this week as it looks to take on legacy insurance companies with its direct-to-consumer approach.

Kin announced that it has raised $64 million in new funding co-led by Senator Investment Group and Hudson Structured Capital Management.

Sean Harper, founder and CEO of Kin, said in an interview with Chicago Inno Tuesday that the Series C will ultimately be between $70-$75 million as a few more investors are expected to join the round.

..

"Kin is going after a huge market," Harper said. "It's actually growing pretty fast, too. The reason why it's growing fast is we’re putting more money into our homes, and at the same time the weather is getting worse and worse because of global warming."

Founded in 2016, Kin's insurance platform allows it to make underwriting decisions quickly based on data from satellite images, public records and other sources. Kin sells insurance directly to homeowners, rather than through outside agents. Removing the middleman offers Kin the ability to price its insurance plans at lower rates. Its product is currently available in California, Florida and Louisiana.

Kin said in April that it surpassed $100 million in annual run rate, and Harper said the startup is growing 300% year-over-year.

The startup has grown to around 225 employees, with plans to add another 100 by the end of the year, Harper said.

--

High-tech mini golf company from the founders of Topgolf raises $60M

https://www.bizjournals.com/chicago/...aised-60m.html

A tech-infused mini golf concept from the founders of Topgolf is gearing up for an expansion after raising $60 million in fresh funding.

Puttshack, a Chicago-based company with offices in the U.K., announced this week that it's bringing its high-tech mini golf courses to more cities after raising $60 million in funding led by Promethean Investments. The company, founded in 2017, operates three venues in the U.K. and opened its first U.S. location in Atlanta last month.

The company is planning to open a location in suburban Oak Brook this fall, along with new courses in Miami, Nashville and other U.S. cities.

Puttshack has redesigned the mini golf experience, bringing a more modern approach to a game that's been around for more than a century. Puttshack uses its patented technology, called Trackaball, to keep score for you as you play, allowing you to ditch the pencil and paper scorecard. Courses also feature interactive leaderboards and a digital prize wheel.

..

It's an experience not unlike Topgolf, which brought food, drinks and a high-tech approach to the driving range.

..

Topgolf's founders, Steve and Dave Jolliffe, are behind Puttshack, along with fellow co-founder Adam Breeden, who co-founded Flight Club, Ace Bounce and All Star Lanes.

The company said it will expand into multiple new U.S. locations in 2022.

--

Fishing startup Catch Co. reels in $38M

https://www.bizjournals.com/chicago/...-series-b.html

Catch Co. has raised a sizable round of funding as demand for its lures and other fishing equipment continues to grow.

The company announced Friday that it raised a $38 million Series B round led by Silicon Valley-based True Ventures, with participation from TechNexus, a Chicago-based VC firm.

To date, Catch Co. has raised $56 million. It last raised $6 million in 2020.

Originally founded in 2012 only selling its monthly fishing tackle subscription, the Mystery Tackle Box, Catch Co. has evolved into a full e-commerce platform with a full line of fishing gear, as well as offering video content and a tackle insurance program, which replaces up to four lost tackle products per year for free.

..
During the pandemic, Catch Co.’s business took off as interest in fishing and other outdoor activities picked up. The company says it saw nearly 100% year-over-year revenue growth in 2020. Last year, Catch Co. also gained increased attention when several NBA players used its lures while fishing in Orlando at the NBA bubble in Disney World.

In 2021, Catch Co. expects to ship more than 3 million Mystery Tackle Boxes this year.

The new funding will be used to hire new employees, launch new products and expand its library of video content.

[Kngkyle]

My employer is negotiating a new office lease of probably around 100k sqft. Not sure where exactly yet but personally hoping for the Old Post Office.

[SIGSEGV]

https://www.chicagobusiness.com/greg...ip-destination

not a bad spot... but "Land of the Road Trip" is not super catchy.

[marothisu]

Pittsburgh freight-tech company to hire 100 here

https://www.chicagobusiness.com/john...-hire-100-here

A Pittsburgh-based freight broker plans to hire 100 people in Chicago in the next year.

Elite Transit Solutions leased 9,000 square feet of office space in the West Loop at 600 W. Fulton Market. The company currently employs about 140 people, but is making a push to expand nationally with offices in Chicago and Charlotte, N.C. Elite says it uses proprietary software to automate logistics tasks for shipping customers.

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Silicon Valley law firm opens Chicago office to get closer to city's growing tech scene

https://www.bizjournals.com/chicago/...ice-to-ge.html

A Silicon Valley law firm that specializes in venture capital financing and IPOs for startups has opened a Chicago office.

Cooley, founded in 1920 in San Francisco, is launching in the Windy City with 10 partners, some of which it has plucked from local law firms. Lawyers are joining Cooley’s office from firms like DLA Piper, Latham & Watkins and Winston & Strawn, and Cooley said it intends to hire more lawyers soon.

The Chicago office is Cooley’s 17th global outpost. The firm said it chose Chicago because the city and the Midwest in general have growing startup and venture capital industries. The office will be located at 444 W. Lake St., where law firms like McDermott Will & Emery and DLA also have offices.

Cooley’s 1,200 lawyers help startup clients with everything from raising venture capital when they're growing startups to identifying exit strategies, such as mergers, acquisitions and IPOs.

“As the financial and innovation hub of the Midwest and home to many of our game-changing clients, including high-growth, disruptive companies, venture capitalists fueling the market and established Fortune 500 companies, we look forward to opening an office in a city and region where we have loved to work for decades,” said Cooley chairman and CEO Joe Conroy in a statement.

..

Cooley said it has more than 6,000 startup and corporate clients, including more than 35% of the country’s “unicorn” companies, a term describing startups worth $1 billion or more. Recently the firm has established itself as a leader is SPAC and deSPAC transactions.

Sister publication Silicon Valley Business Journal ranked Cooley as the No. 2 law firm in the Greater Bay Area.

In the US they have offices in Boston, Denver, LA, NYC, 2 in the Bay Area, 2 in the DC area, San Diego, and Seattle, Outside of the US they have offices in Beijing, Hong Kong, Shanghai, London, Singapore, and Brussels.

[ardecila]

Originally Posted by SIGSEGV

https://www.chicagobusiness.com/greg...ip-destination

not a bad spot... but "Land of the Road Trip" is not super catchy.

Seems like a waste of money. Illinois sucks, the only parts worth visiting are at the corners of the state (Chicago obv, Jo Daviess/Galena, and Shawnee area).

The rest is oppressively flat and endless. And if you like the Driftless Area landscape around Galena, you find way way more of it across the border in Wisconsin. Literally any neighboring state has more interesting road trip destinations.

[the urban politician]

Chicago has another unicorn, a Fintech company:

https://www.bizjournals.com/chicago/...oming-chi.html

[Handro]

Originally Posted by ardecila

Seems like a waste of money. Illinois sucks, the only parts worth visiting are at the corners of the state (Chicago obv, Jo Daviess/Galena, and Shawnee area).

The rest is oppressively flat and endless. And if you like the Driftless Area landscape around Galena, you find way way more of it across the border in Wisconsin. Literally any neighboring state has more interesting road trip destinations.

Ahem... Iowa and Indiana would like a word...

[marothisu]

Originally Posted by the urban politician

Chicago has another unicorn, a Fintech company:

https://www.bizjournals.com/chicago/...oming-chi.html

Amount raises $100M at $1B valuation, becoming Chicago’s newest unicorn

A fintech startup that spun out of Chicago-based Avant has raised a mega-round of funding, valuing it at $1 billion and making it Chicago's latest "unicorn" company.

Amount announced Tuesday that it raised $100 million in a Series D round led by WestCap, a VC firm that has also made notable investments in technology businesses such as Airbnb and StubHub.

..

Founded in 2018 originally as the tech arm of Avant, a digital consumer lending company, Amount has built tech-powered lending products for banks, who wanted to significantly enhance their digital capabilities.

Last year, Amount announced that it officially spun off of Avant and is now led by Hughes, who was previously the president and chief operating officer at Avant.

..

Amount currently has 10 clients, including Barclays U.S. Consumer Bank, which is also an investor in Amount. Other clients include BBVA, HSBC, TD Bank, Regions, Banco Popular and of course, Avant.

The new funding will be used for research and development, hiring more workers, and merging with or acquiring other fintech companies.

“There’s a ton of M&A opportunity out there,” Hughes said.

Amount has 400 employees, 350 of which are in Chicago at its 80,000-square-foot office at 222 N. LaSalle St. Amount is offering a hybrid workplace, allowing employees to work at the office and remotely.

[the urban politician]

^ Awesome, more $$ for its workers to buy homes in Schaumburg and work in their pajamas!

We might see a few extra Lotus Evora GT’s driving on Golf Rd in Hoffman Estates

[marothisu]

Originally Posted by the urban politician

^ Awesome, more $$ for its workers to buy homes in Schaumburg and work in their pajamas!

We might see a few extra Lotus Evora GT’s driving on Golf Rd in Hoffman Estates

Whatever makes you sleep at night. Meanwhile, there's more properties in the city that have sold at or above their list price in the first 17 days of March than the first 68 days of the year combined in the city. But apparently everyone is still looking at the suburbs only.

Meanwhile in apartments in the city..

https://urbanize.city/chicago/post/d...s-roaring-back

"Velocity is also off the charts. From the first quarter of 2020 to the first quarter of 2021, leasing is up 60 percent," added Galvin. "It's recovering much faster than we anticipated."

In the South Loop, the 800-unit NEMA Chicago skyscraper has experienced a 37 percent year-over-year increase in new renter leads in the first quarter of 2021 and a 14.5 percent increase in renter applications. The building has also seen an unprecedented number of existing renters asking to move from studio units to one- and two-bedrooms for more space.

..

"Starting in the second half of last year, we saw people were coming back to Chicago and getting better deals," Galvin said. "We saw a 30 percent increase in long-term leases of 18 to 24 months. People are getting great value, but if they didn't want to live in downtown Chicago they wouldn't have committed for that long a term."

..

A new study released by MyAffordableLuxury.com found the number of renters searching for luxury apartment rentals recently hit an all-time high. Google searches for high-end rental residences were up 46 percent year-over-year and Chicago ranked 9th among cities with the most interest.

With so much pent-up demand, Chicago's downtown market could even face a shortage of high-end apartments in the coming year.

https://www.bisnow.com/chicago/news/...l-sheet-108819

Chicago-based developer Fifield Cos. hit several leasing milestones with its two newest Chicago apartment buildings. Logan Apartments, its 220-unit development in Logan Square at 2480-2522 North Milwaukee Ave., reached full lease-up, and Westerly, a 188-unit mixed-use apartment building at 740 North Aberdeen St. in River West, is two-thirds leased.

https://www.bisnow.com/chicago/news/...l-sheet-108907

Wolf Point East, a new 698-unit luxury apartment building in River North, now is 90% leased, according to Luxury Living Chicago Realty, which leases the tower.

https://urbanize.city/chicago/post/l...pment-panorama (from April)

Power Construction managed to complete the Panorama project in December, roughly three months ahead of schedule, said Blitz. Leasing kicked off in January and after less than three months the building is already 70 percent leased.

Let's not forget a Naperville company building 2 residential high rises right now in West Loop. City appears to be coming back strong of late with sales, leasing, etc. Suburbs been doing well, just like every metro area since the start of the pandemic. Its a good thing to see both appearing to do well now and not just 1 or the other.