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  #21  
Old Posted Sep 26, 2017, 6:17 PM
k1052 k1052 is offline
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Ald. Hopkins holding up the sale of city property to Sterling Bay in North Branch:

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As Mayor Rahm Emanuel salivates over the chance to lure Amazon's second headquarters to the city, an alderman has thrown a wrench into a deal that would create one of the city's best potential landing spots for the online retail giant.

On hold is the $105 million sale of the city's 18-acre Fleet & Facility Management site along the North Branch of the Chicago River to developer Sterling Bay. Ald. Brian Hopkins, 2nd, yesterday helped block an ordinance that would have sent the deal to the City Council for final approval next month.

Hopkins cited a lack of transparency in the sale process and highlighted a bid that was higher than Sterling Bay's for the highly sought-after parcel. He convinced the Committee on Housing & Real Estate to table the ordinance until he and city residents have a chance to review details of all bids to buy the site.

"We're going to have to vet this sale with all the appropriate scrutiny that a $100 million-plus transaction deserves," said Hopkins, whose ward includes the North Branch site and who has been a vocal critic of certain aspects of the city's plan to open the North Branch Industrial Corridor to residential, office and other commercial uses.
http://www.chicagobusiness.com/reale...anch-land-deal
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  #22  
Old Posted Sep 26, 2017, 7:43 PM
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^ DO NOT F THIS UP, Alderwhores. We citizens cannot afford even the slightest hiccup.
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  #23  
Old Posted Sep 26, 2017, 7:53 PM
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Originally Posted by Skyguy_7 View Post
^ DO NOT F THIS UP, Alderwhores. We citizens cannot afford even the slightest hiccup.
Zoning should be kept far out of aldermanic hands. Get rid of 40 of these chumps and then I might be ok with them having a say.
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  #24  
Old Posted Sep 26, 2017, 8:06 PM
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Read the article. The hang up isn't over zoning
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  #25  
Old Posted Sep 26, 2017, 8:06 PM
west-town-brad west-town-brad is offline
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Originally Posted by Skyguy_7 View Post
^ DO NOT F THIS UP, Alderwhores. We citizens cannot afford even the slightest hiccup.
Like the rush to sell the parking meters... I think we left $1 Billion or more on the table? No need to rush the sale of city assets.... unless an insider is getting some sort of benefit.
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  #26  
Old Posted Sep 26, 2017, 8:18 PM
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highlighted a bid that was higher than Sterling Bay's
this is a legitimate concern

chicago dosent exactly have a great track record with its sales of assets.
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  #27  
Old Posted Sep 26, 2017, 8:57 PM
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Maybe this is a ploy to get Sterling Bay to cough up more money?
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  #28  
Old Posted Sep 26, 2017, 10:18 PM
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not sure what they are thinking - it will forever be called "Goose Island"

Maybe mash it up... Gooseland Yards


regarding express - didn't know it but we already have one (albeit no quite from the loop). I have been on the blue once (and seen one fly by Division Station once) when it went from Cali to O'hare - zero stops. Was awesome, took 12 minutes. Seems rare, but even the signage on the train switched to "Express" - anybody know about this or if they are scheduled?
I'd imagine they'd run into some legal issues with the brewesry if they tried to brand the development "Goose Island". They might be able to get away with Lincoln Yard at/on Goose Island, but that's a mouthful.
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  #29  
Old Posted Sep 26, 2017, 11:12 PM
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Originally Posted by bcp View Post
not sure what they are thinking - it will forever be called "Goose Island"

Maybe mash it up... Gooseland Yards


regarding express - didn't know it but we already have one (albeit no quite from the loop). I have been on the blue once (and seen one fly by Division Station once) when it went from Cali to O'hare - zero stops. Was awesome, took 12 minutes. Seems rare, but even the signage on the train switched to "Express" - anybody know about this or if they are scheduled?
This is north of Goose Island.
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  #30  
Old Posted Sep 26, 2017, 11:24 PM
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Originally Posted by Via Chicago View Post
this is a legitimate concern

chicago dosent exactly have a great track record with its sales of assets.
Onni Group's bud was $10 million higher, but they said they'd close the deal in 12-17 months. Sterling Bay said they'd close it within 120 days. While $10 million less, Sterling Bay's offer was a much safer play
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  #31  
Old Posted Sep 26, 2017, 11:33 PM
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Originally Posted by Randomguy34 View Post
Onni Group's bud was $10 million higher, but they said they'd close the deal in 12-17 months. Sterling Bay said they'd close it within 120 days. While $10 million less, Sterling Bay's offer was a much safer play
Considering Amazon's time frame for HQ2, this is definitely the safer play. I'm pretty sure even the aldermorons can figure that out, considering what is possibly at stake here. It would be pretty tough to win reelection if you are the reason Amazon skipped Chicago for another city. Then again, I might be putting too much faith in the electorate of our fair city
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  #32  
Old Posted Sep 27, 2017, 2:22 AM
the urban politician the urban politician is offline
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Considering Amazon's time frame for HQ2, this is definitely the safer play. I'm pretty sure even the aldermorons can figure that out, considering what is possibly at stake here. It would be pretty tough to win reelection if you are the reason Amazon skipped Chicago for another city. Then again, I might be putting too much faith in the electorate of our fair city
I just don't see this as the prime contender for HQ2 for reasons we have discussed before at length. But if we insist on this being such, then Rahm can pull a Daley and steamroll the Alderman in order to get the votes he needs to push this through.

How badly he pushes for this would be a good indicator of whether he sees this as a fitting site for Amazon and whether Amazon takes interest in it.
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  #33  
Old Posted Sep 27, 2017, 2:46 AM
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Originally Posted by the urban politician View Post
I just don't see this as the prime contender for HQ2 for reasons we have discussed before at length. But if we insist on this being such, then Rahm can pull a Daley and steamroll the Alderman in order to get the votes he needs to push this through.

How badly he pushes for this would be a good indicator of whether he sees this as a fitting site for Amazon and whether Amazon takes interest in it.
Personally I think that the OPO is the best option for HQ2, but its not going to be what Rahm, you or I think is the best site. Bezos is going to choose in the end. Its much better to offer him multiple excellent sites in the city, instead of putting all our eggs in one basket.

Get the property into the hands of a seasoned developer that knows whats at stake and knows how not to fumble a development of this scale. The rest is then up to forces outside our control.
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  #34  
Old Posted Sep 27, 2017, 2:32 PM
west-town-brad west-town-brad is offline
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wouldn't selling to an adjacent property owner demand a higher price tag, not lower? I've always heard that continuous property control has a higher value, not less.
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  #35  
Old Posted Sep 27, 2017, 2:57 PM
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Originally Posted by west-town-brad View Post
wouldn't selling to an adjacent property owner demand a higher price tag, not lower? I've always heard that continuous property control has a higher value, not less.
It's important to keep in mind that any sealed-bid process is going to have some randomness and strategic behavior (this wasn't a strategy-proof sealed-bid second-price auction, after all), so we cannot necessarily infer bidders' private values from their bids.
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  #36  
Old Posted Sep 27, 2017, 8:28 PM
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Originally Posted by the urban politician View Post
Read the article. The hang up isn't over zoning
As much as I like competitive bidding, I think the public wins here when the city is able to coordinate planning with a single master developer.

City planners are expecting Sterling Bay to take the lead in funding and building new infrastructure for the area. Currently it seems like SB's plan includes a new north/south bridge linking Southport to Throop, and another pedestrian bridge at Wisconsin. If the 2FM site goes to another developer and not to Sterling Bay, what incentive does Sterling Bay have to pay for infrastructure that enriches their rival?

The end result would be two isolated pods of development on opposite sides of the river, with no new infrastructure linking them or easing traffic on the choked streets in this area.
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  #37  
Old Posted Nov 21, 2017, 9:29 PM
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Well this is encouraging news

United Soccer League expansion team coming to North Side site proposed for Amazon's HQ2
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By Ryan Ori
A new professional soccer team plans to begin playing on Chicago’s North Side within three years, at one of the sites proposed for Amazon’s second headquarters.

Developer Sterling Bay has bought a United Soccer League expansion team to play in its planned sports and entertainment stadium along the Chicago River, with the goal of beginning play in the 2020 season, Sterling Bay Managing Principal Andy Gloor said. Sterling Bay and other investors will own and operate the USL team, Gloor said.

It remains to be seen how the USL, a professional league one level below Major League Soccer, will fare in Chicago. But there is a passionate soccer fan base within the city, and many supporters of the sport have lamented the MLS Chicago Fire’s location in southwest suburban Bridgeview, as well as the team’s struggle to stay relevant in a market that includes teams in each of the major sports.

“There are a lot of cities that have two soccer teams,” Gloor said. “New York and Los Angeles have two MLS teams. They can co-exist in a city the size of Chicago.”

Specific details of the Skidmore, Owings & Merrill-designed stadium are still being fine-tuned, but the venue is expected to have a retractable roof and about 20,000 seats. Gloor said. A retractable roof will allow the stadium to be used for events year-round, potentially including international soccer matches, college football and basketball games, concerts and other events, Gloor said.
http://www.chicagotribune.com/busine...121-story.html

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  #38  
Old Posted Nov 21, 2017, 9:59 PM
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This new soccer team looks primed to eat the Fire's lunch. Hopefully its successful and kick jumps the Fire to move back into the city from the industrial suburb they play in now.
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  #39  
Old Posted Nov 21, 2017, 10:46 PM
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The Fire's contract with Bridgeview/Toyota Park is so jaw-droppingly bad that I can't see any upside to this development or the prospect of finding a separate, closer site for that organization. I'm honestly just rooting for the USL team to suck up the Fire's attendance so much that they fold, leaving the MLS to invite the USL club in. I don't think it's likely we see anything other than A) an extremely financially troubled Bridgeview Fire, B) a Fire that sustains popularity under a mountain of debt after relocation, or C) they gone.
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  #40  
Old Posted Nov 21, 2017, 10:48 PM
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I'm assuming this is being privately financed? Sterling Bay must be feeling pretty confident about the area if they're buying a franchise and building them a stadium...
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