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  #81  
Old Posted Nov 5, 2016, 10:02 PM
Justin_Chicago Justin_Chicago is offline
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The city gets a short term public morale boost and some national attention. No new jobs are getting created from this win. You have to ask yourself if this is a temporary or permanent difference in local consumption. Permanent is what counts and that only occurs if the Cubs increases tourism to the city indefinitely. It seems like we are taking a time value of money argument here with the inflow of spending. I can see a lasting benefit if the city has a one-time budget surplus and either 1) pays down debt/pension liabilities = lower cost of financial distress or 2) reinvests the surplus in schools/education = improves the education and global competitiveness of the future work force.

Speaking of public morale, the Chicago Bulls has a new public campaign to highlight local kids during game time outs... but each announcement starts with the 600+ murders on the big scoreboard. That is an easy way to diffuse any Cubs uplift. Air leaves the arena once they publicize it. This is why I don't buy the city humming argument. It is very easy to feel down about the current state of things. Maybe people outside the city can feel good when they do not deal with despair in the local news on a daily basis.

Cubs winning is not going to force TheUrbanPolitician to move into the City or spend 10% more money here permanently. I eagerly await TUP to become a +1. Maybe when he becomes an empty nester. Commit my friend!

Last edited by Justin_Chicago; Nov 5, 2016 at 10:45 PM.
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  #82  
Old Posted Nov 6, 2016, 12:52 AM
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Originally Posted by bnk View Post
I think this is a very good point. The positive PR is almost never measured by economic experts that love to poo poo the economics of professional sport teams.
...
And this. This is what I'm talking about. No matter how fleeting it may be, positive associations are being made with this city ...

From The Guardian
Quote:
Ireland clinch first ever win over New Zealand to end All Blacks’ record streak

In a week where the Chicago Cubs finally put the curse of the Billy Goat to bed, there was no shortage of people here who thought Ireland were about to do something similar with the monkey on their back. In Ireland’s case that creature is all black, for New Zealand are the only team they had played but never beaten. This confidence was based not on anything as tangible as form, rather on the unique atmosphere that has gripped this city since the Cubs’ World Series win on Wednesday night. The question was not why, but why not?
From The Independent
Quote:
In Pictures: The best images from Ireland v New Zealand in Chicago


When was the last time that Chicago made positive mention in either of these countries' media?
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  #83  
Old Posted Nov 6, 2016, 4:02 AM
LouisVanDerWright LouisVanDerWright is offline
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Was at the All Blacks and Ireland game today, the crowd was probably more than 50% foreign, mostly Irish, but I heard a lot of different accents (Again a shit ton of Irish accents) and the group in front of me in line to go through the metal dectors came down from Canada for it. The atomusphere got pretty awesome as the Irish team held strong towards the end and then ground out a last try to ice the game.

Again, it's not a "permenant difference in local consumption", but if you have a rugby game that results in a historic victory for Ireland and let's say 500,000 diehard Ireland fans watch it or are at the game, if even 5% of them are motivated to swing through Chicago some day, that's a huge boost. But nothing ever happens in vacuum, if you have 10,000 more people visit Chicago over the next five years, that can become 10,000 people each recommending Chicago to their friends in turn. Again, not necessarily a concrete capital improvement directly resulting from a single event, but the positive ripples from such things add up quickly in my opinion.

Also the group I was with was a development authority from Ireland's government that recently opened a new office here because they've noticed Chicago has become the emerging hub for back office functions for massive tech companies in much the same way as Dublin. They've had offices in NYC and SF for years, but have decided to open a non-costal office because of what they've heard of Chicago's tech scene and consolidation of large corporate HQ's.
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  #84  
Old Posted Nov 6, 2016, 2:31 PM
Justin_Chicago Justin_Chicago is offline
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I agree there is some future benefit that is hard to analyze. Great news all around. Hopefully Cubs or Blackawks bring another championship in 2017 so we have consistent positive PR. We can observe some impact based on O'Hare or Midway traffic, international flights additions, hotel construction, and CTA/Metra ridership reports.

Thank you for posting the guardian article. I was wondering what was going on yesterday when I saw a lot of people in green walking on Michigan Ave.

A 20,000 seat Chicago Fire venue in the City would be perfect and can attract many more events like this that are too small for Soldier Field. I do not follow MLS, but with player salaries approaching $5-6 million, the league seems to be picking up popularity. Chicago should take advantage of it before the next World Cup.

It should be interesting to see what events take place at DePaul Stadium since there are only 14-18 college basketball home games. 10,000 seats seems a little short sighted. I probably would have designed 12,000-14,000.

Last edited by Justin_Chicago; Nov 6, 2016 at 2:47 PM.
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  #85  
Old Posted Nov 6, 2016, 2:47 PM
the urban politician the urban politician is offline
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Originally Posted by Justin_Chicago View Post
Cubs winning is not going to force TheUrbanPolitician to move into the City or spend 10% more money here permanently. I eagerly await TUP to become a +1. Maybe when he becomes an empty nester. Commit my friend!


You guys always make fun of me for being a suburbanite but the older forumers here know that I was very much a subway riding, renting, car-lite resident of east coast cities for years. Truth is, I BADLY want to live in Chicago. But I just can't, the jobs in my industry in Chicago suck--they pay less and the lifestyle is worse. And that is a very important consideration. I would totally raise my kids in the city. I already own property in the city and I intend to own more.

Plus my wife, once a lover of city life, is starting to become a suburbanite. So it's an uphill battle for me!
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  #86  
Old Posted Nov 6, 2016, 3:51 PM
Kngkyle Kngkyle is offline
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Originally Posted by Justin_Chicago View Post
A 20,000 seat Chicago Fire venue in the City would be perfect and can attract many more events like this that are too small for Soldier Field. I do not follow MLS, but with player salaries approaching $5-6 million, the league seems to be picking up popularity. Chicago should take advantage of it before the next World Cup.
I believe the Chicago Fire entered into a long-term contract at their current location with strict terms not allowing them to move to another stadium. At one point the club was trying to break the contract but nothing has come of it. They also have a terrible record the past few years - last place in MLS and one of the lowest attendance records in the league. There really needs to be new ownership to revive the club and invest in a new stadium that is actually in the city. Their current trajectory has them filling the Cubs shoes as biggest losers.

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  #87  
Old Posted Nov 6, 2016, 4:24 PM
Justin_Chicago Justin_Chicago is offline
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Chicago Fire has two designated player slots open and the third draft pick, right? The team should improve dramatically this summer with that firepower available. This table shows me that an average team can bring in 20,000+. Maybe bring the MLS team in the city and give Bridgeview the minor league NASL or USL team. One can wish. I am sure ownership or prospective owners are figuring things out as popularity grows.
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  #88  
Old Posted Nov 6, 2016, 4:38 PM
Kngkyle Kngkyle is offline
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Originally Posted by Justin_Chicago View Post
Chicago Fire has two designated player slots open and the third draft pick, right? The team should improve dramatically this summer with that firepower available. This table shows me that an average team can bring in 20,000+. Maybe bring the MLS team in the city and give Bridgeview the minor league NASL or USL team. One can wish. I am sure ownership or prospective owners are figuring things out as popularity grows.
They just restructured the whole team last year, and the year before, with new (cheapish) designated players and each year have been at the bottom of the charts. Ownership doesn't seem to want to invest in quality play. They do have some good players now but not enough. The new coach and manager are taking things in the right direction though, so I do remain somewhat optimistic. They'll never truly be a 'Chicago' team until they are actually in the city with easy access to public transit. The 62-acre Related-owned site would be a good location for an urban stadium.
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  #89  
Old Posted Nov 7, 2016, 9:47 PM
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^ Or they could extend the Orange Line 5 miles to the site. There's a utility corridor running through Bedford Park, they could build an at-grade line similar to the Skokie Swift for ~$10M/mile.

All the grade crossings are pretty low-traffic industrial park things. Assuming 3 miles at grade and 2 miles elevated, that's $270M. Not crazy when you consider that the Toyota Park site could be used for remote airport parking or park-and-ride to the city. Hell, a new stadium near downtown would cost that much easily when you factor in all the parking, infrastructure, etc going into it.
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Last edited by ardecila; Nov 8, 2016 at 5:34 AM.
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  #90  
Old Posted Nov 7, 2016, 10:44 PM
Justin_Chicago Justin_Chicago is offline
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World Series spending not big boon to local economy, experts say

http://chicago.suntimes.com/news/wor...y-experts-say/
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  #91  
Old Posted Nov 8, 2016, 1:56 PM
Justin_Chicago Justin_Chicago is offline
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Number of cranes at work in Chicago hits 8-year high

There truly is an extraordinary number of cranes in the air above downtown Chicago. Currently, 33 are busy constructing high-rise buildings, the largest number since the 2008 recession brought development to a halt.

Besides 33 buildings using cranes now, seven others are awaiting permits to begin this year, according to the city's Department of Buildings. Among them are the Wanda Vista hotel and condo at 363 and 401 E. Wacker Drive, a hotel at 854 W. Randolph St., apartment and retail buildings at 1136 S. Wabash Ave. and 935 W. Altgeld St., and the multiphase Riverline development involving a 28-story apartment building and 452 condos at 720 S. Wells St..

The cranes in the air show "confidence in the city," said Emanuel. He noted that for every crane, 800 to 1,200 people are working on a building.

Among 48 downtown Chicago projects this year, 31 have been residential and there have been six office and six hotel towers.

article: http://www.chicagotribune.com/busine...107-story.html
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  #92  
Old Posted Nov 10, 2016, 4:20 AM
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HowardL HowardL is offline
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Just had a 43 million plus day at CME Group. That means that two entire additional, 24-hour day's worth of trading happened in one Chicago trading day today.

Three days worth of risk management trading in one day. Those are some damn good systems.

Still need to check on the VIX over at CBOE.
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  #93  
Old Posted Nov 11, 2016, 1:46 AM
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HowardL HowardL is offline
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The final count for CME volume was 44.5 million trades on Wednesday and 31 million today.

That means the big exchange did 5 solid days of work in 48 hours.

Pretty good.
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  #94  
Old Posted Nov 20, 2016, 12:51 AM
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Launching an open-outcry trading floor? How very 21st century
Quote:
Box Options Exchange is building the first new trading floor in Chicago in decades, bucking a trend of shrinking and shuttering pits nationwide.

Over the past 20 years, major exchanges such as Chicago operators CBOE Holdings and CME Group have closed pits in favor of more efficient and transparent electronic systems. “Many people would like to see less floor trading rather than more, and I wouldn't rule myself out,” says Ed Boyle, CEO of parent Box Holdings Group. “But the fact of the matter is, there are some types of trades that are better suited to the floor.”...
Interesting. Had never even heard of these cats.

The adoption of electronic options trading and migration of trading firm order entry from pit to data center has consistently lagged futures trading. Options are not for the faint of heart.
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  #95  
Old Posted Nov 20, 2016, 7:38 PM
CastleScott CastleScott is offline
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Just a quick question for you Chicago guys. Do some of you believe that 150 story project just off Lake Shore Drive near where the Chicago River flows into the lake will ever be built (it was proposed to be about 2000ft tall)? I recall seeing a huge deep hole with some water near the bottom a few yrs ago when I was there visiting friends.

Thanks guys..
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  #96  
Old Posted Nov 20, 2016, 9:48 PM
Emprise du Lion Emprise du Lion is offline
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Originally Posted by CastleScott View Post
Just a quick question for you Chicago guys. Do some of you believe that 150 story project just off Lake Shore Drive near where the Chicago River flows into the lake will ever be built (it was proposed to be about 2000ft tall)? I recall seeing a huge deep hole with some water near the bottom a few yrs ago when I was there visiting friends.

Thanks guys..
That's the former Chicago Spire site. The developer that owns it now is expected to announce what their intentions for the site are the first half of next year.

I highly doubt it'll be a 2000 ft tall building though.
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  #97  
Old Posted Nov 21, 2016, 4:52 PM
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Oops - It's small consolation that Chicago is not alone in this:

http://www.nytimes.com/2016/11/21/bu...l?ref=business
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  #98  
Old Posted Nov 22, 2016, 1:52 PM
Justin_Chicago Justin_Chicago is offline
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Korean software maker relocates HQ to Chicago

The company, which has about 900 employees worldwide, most of them in Seongnam, South Korea, set up shop in Chicago about a year ago after opening offices in San Francisco and New York.

Chicago was the company's U.S. headquarters. Now it's the business address for the entire company, even though most of its staff and founder remain in South Korea.

TmaxSoft recently moved to 230 W. Monroe St., where it's building out 9,000 square feet, having outgrown a 2,000-square-foot space at 101 N. Wacker Drive. It now has about 20 employees, primarily in sales and marketing.

Yulish says he expects headcount to hit 50 to 100 within two years. Eventually, Tmax Soft will add engineering talent for support and training.

“We're always talking about whether we expand R&D,” Yulish says. “Chicago and Silicon Valley are the two places we'd look. But Chicago is by far the better option. Costs are definitely part of it. There's a lot more loyalty from a workforce perspective. The proximity to customers is also important. There are a lot of Fortune 500 companies here, but you can get to both coasts easily. And O'Hare is one of the most connected hubs globally.

Article: http://www.chicagobusiness.com/artic...ago-from-korea
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  #99  
Old Posted Nov 23, 2016, 4:58 AM
marothisu marothisu is online now
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Awesome news about TMaxSoft. I would love if some of the people from South Korea move here

Here's another quote:

Joshua concluded: “As a city that is central to markets across the US and all of North America, Chicago represents the perfect base from which we can drive our presence in the US and beyond. I am determined to take this new challenge head on and help drive TmaxSoft forward to become one of the world’s preeminent international software companies.”

http://www.tmaxsoft.com/us_en/2016/1...bal-ceo-us-hq/
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  #100  
Old Posted Nov 23, 2016, 3:10 PM
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Originally Posted by Justin_Chicago View Post
Korean software maker relocates HQ to Chicago

The company, which has about 900 employees worldwide, most of them in Seongnam, South Korea, set up shop in Chicago about a year ago after opening offices in San Francisco and New York.

Chicago was the company's U.S. headquarters. Now it's the business address for the entire company, even though most of its staff and founder remain in South Korea.

TmaxSoft recently moved to 230 W. Monroe St., where it's building out 9,000 square feet, having outgrown a 2,000-square-foot space at 101 N. Wacker Drive. It now has about 20 employees, primarily in sales and marketing.

Yulish says he expects headcount to hit 50 to 100 within two years. Eventually, Tmax Soft will add engineering talent for support and training.

“We're always talking about whether we expand R&D,” Yulish says. “Chicago and Silicon Valley are the two places we'd look. But Chicago is by far the better option. Costs are definitely part of it. There's a lot more loyalty from a workforce perspective. The proximity to customers is also important. There are a lot of Fortune 500 companies here, but you can get to both coasts easily. And O'Hare is one of the most connected hubs globally.

Article: http://www.chicagobusiness.com/artic...ago-from-korea
Excellent news - the area that I bolded REALLY struck out at me
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