New DePewl Arena !!!

[ahunte1]

That's what I thought at first, and the Sun Times article was a little unclear, but then I read elsewhere that the hotels could be $400 million each. Also, if DePaul, the state, and a supposed name sponsor are putting up $100 million each, it stands to reason that it's all for the arena. I guess we'll find out. Either way, it's crazy.

[GoRamblers]

We won't know until the document comes out, but I heard that the $300 million didn't account for anything from DePaul...$100 from TIF, $100 from State, $100 from naming rights. So in that sense, it sounds like $300 million is for the arena alone, but as you pointed out...that doesn't make much sense.

Just as a quick look, the United Center cost $175 million to build ($271 in current dollars).

[Rambleon8390]

seems to me that if this ever happens, it is just another municipal arena, not close to campus, that depaul will have to share with the circus, concerts, who knows what else! Sounds like a 2013 version of the rosemont horizon!! Give me the Gentile Arena!!

[brot4britu]

Lordy That's approaching ridiculous-- FOUR HUNDRED MILLION !!!!!! One hundred mill from state --Cripes , from what I read Illinois is just about broke--Can the tax payers afford this ??? Faggedaboutit !!!!!!

Gentile is just fine thank you--AND I am told it can be expanded if warranted !! GO RAMBLERS !!

[Scream]

I'd love to hear Tom Ricketts' honest opinion of this development. The Bulls, Bears, Hawks, and now DePaul will all be earning money from public investments, and he can't even rebuild his own park with his own money. Expect the next big news to be that Madigan has sold the naming rights to the pension crisis.

[LU Rambler12]

With Rahm’s DePaul plan, we’ve entered a new arena of stupidity (Catchy title!)

http://www.suntimes.com/sports/20113457 ... idity.html

"Something smells. Something’s afoot, something we peons know nothing about. Maybe it’s gambling, owned by the city, a casino right at McCormick Place. In Las Vegas, the big casinos make serious money off arenas for boxing, mixed martial arts, contests people can bet on."

I think this is the only rational explanation...

[Rambler63]

In fairness, Loyola has also benefited from TIF funds, amidst a lot of controversy.

http://thenorthcoast.blogspot.com/2009/ ... hting.html

http://www.chicagoreader.com/chicago/pu ... oid=921129

[Mike Angelitis05]

Money from a bankrupt state so this arena can compete against a nearby state built arena at UIC ?

[lusuperfan]

In fairness, Loyola has also benefited from TIF funds, amidst a lot of controversy.

http://thenorthcoast.blogspot.com/2009/ ... hting.html

http://www.chicagoreader.com/chicago/pu ... oid=921129

Interesting. I know that the building pictured is now Bellarmine Hall. Loyola renovated it and opened it up either this year or last year. That parking lot is now full of higher rent town-homes that Loyola owns. As for the businesses down on the corner of Sheridan and Albion, they're still a vacant lot. And the rumor is that Loyola wants to turn that (and the old Carmen's and probably Bruno's too) into a hotel.

To me, it seems that at least Loyola did something constructive and profitable with them. DePaul is asking for a.) way too much money from a bankrupt state and b.) a project that probably would hemorrhage money as well.

[LU Rambler12]

According to more recent reports, $300 million was an exaggerated figure. It will actually cost (approximately) $173 million. DePaul will invest $70 million and the rest will come from city and state special tax funds.

Pretty decent article from the Chicago Tribune.
http://www.chicagotribune.com/business/ ... 6533.story


The more I read about this, I'm starting to think it may be a good idea...as long as it is part of a larger initiative to develop the area. Besides, DePaul will still have to pay rent...