DePaul to receive $300 million McCormick Place Arena

[Demon22]

http://www.suntimes.com/20088232-761/ex ... place.html

Mayor Rahm Emanuel is expected to announce plans this week for a $300 million, 12,000-seat arena for DePaul University at McCormick Place — a proposal that will call on $100 million in taxpayer dollars, sources tell the Chicago Sun-Times.

[Moliva]

Congrats.

$300 Million, huh? The state of Illinois must be flush with cash.

[Jet915]

Seems like it's still about 6 miles away from the campus and alot of fans think it is still too far away, oh well, if you can hoodwink the taxpayers into 100 million dollars in Chicago, why not eh?

[Demon22]

Not sure anyone's getting hoodwinked, here.

McPier has $100 million in bonding authority that's already been approved. The new building will be a dual-purpose arena/convention hall so that McCormick Place can attract more conventions.

[EPJr]

DePaul to receive $300 million McCormick Place Arena in Chicago

Plans are in the works for a $300 million, 12,000-seat arena for DePaul University to be built near downtown Chicago, according to a Sun Times report.

Mayor Rahm Emanuel is expected to make a formal announcement later this week, according to the report. The proposal would mandate a third of the cost come from taxpayers, a third from the school itself, and the final $100 million would come from a naming rights deal.

The Blue Demons, which currently play in Rosemont, Illinois -- about 15 miles west of the university's campus -- have played at Allstate Arena since 1980. The new arena could prove more alluring to both fans and recruits, alike. The far-away arena is often cited as a reason for such little fan support at games.


http://www.cbssports.com/collegebasketball/blog/eye-on-college-basketball/22230661/report-depaul-to-receive-300-million-arena-in-chicago

http://www.nbcchicago.com/blogs/ward-room/DePaul-Building-300-Million-McCormick-Place-Arena-Report-207271071.html

[Dew]

Will DePaul be the primary tenant and get first selection of dates?

[yorost]

Congrats.

$300 Million, huh? The state of Illinois must be flush with cash.

Not sure anyone's getting hoodwinked, here.

McPier has $100 million in bonding authority that's already been approved. The new building will be a dual-purpose arena/convention hall so that McCormick Place can attract more conventions.

This.

My impression is that this is a coming together or interests, not a hand out to DePaul based on bringing money into the city during games. You can look at it as DePaul helping foot the bill for something the city wants and has already collected money for. DePaul gets something it wants in return.

[ArmyVet]

It's going to be in the same development as a new casino too. Looking forward to the road trip.

[Demon22]

It's going to be in the same development as a new casino too. Looking forward to the road trip.

Well, I'm not sure it'll be part of the same development, but Emanuel views the revitalization of the South Loop as his potential legacy. He wants an arena, casino, McCormick Place, and several new hotels all within walking distance of each other. (It's even been suggested that they could all be connected via sky bridges.) That's why the Green Line is being extended into that neighborhood. That should eventually attract higher end restaurants/bars/clubs.

If it works, it could really be something else.

And from a DePaul perspective, it could end up being one of the more unique college basketball game day experiences in the country.

[admin]

Not exactly a ringing endorsement:

Marc Ganis, a Chicago-based sports business consultant, said he’s “stunned” by the mayor’s decision. A domed stadium attached to a convention center makes sense, he said. A basketball arena attached to McCormick Place is financial folly, he said.

“There’s not a single example around the country where the two go together, much less go together successfully,” said Ganis, who has worked on two dozen successful sports facility developments, including the new Yankee Stadium.

“Not only is it ridiculous having an 18-event anchor tenant, but it’s an anchor tenant that can barely sell 10,000 seats a game. It’s not like it’s a professional sports team or a well-established college basketball power. It’s neither of those two. That’s why there has to be something else going on. Because on its face, it’s a foolish proposition.”

http://www.suntimes.com/news/cityhall/2 ... swers.html