DePaul to receive $300 million McCormick Place Arena

[admin]

An update today:

The new arena — officially dubbed an event center — will cost $140 million, plus $33 million for land acquisition. That's substantially less than the $300 million figure that had been whispered in recent months. A spokesman for Mr. Emanuel says the arena will create 10,000 construction and 3,700 permanent jobs.

DePaul's board has approved an agreement in principle to hold its men's and women's basketball games there, as well as some other events such as graduation ceremonies, Mr. Koch said. The school, which now plays its basketball games in Rosemont, will finance half the cost of the new building (or $70 million) and, according to Mr. Reilly, it will pay “market rate” rent of $25,000 per men's game, $15,000 for women's, which attract a smaller crowd.
DePaul will get naming rights on the facility, and it is believed the school has lined up a major donor. The timetable calls for the Blue Demons to begin playing there in the 2016-17 session.

Read more: http://www.chicagobusiness.com/article/ ... z2TSle6ZrH

[admin]

My take away from the above story is that it seems strange that DePaul is footing $70M of the construction costs for the new arena but is still paying $25000 a game to rent it.

[yorost]

Tough to tell without knowing the negotiations.

[BillEsq]

Didn't DePaul just build a new on campus basketball arena for the women's team? why would they move them off campus?

[yorost]

Having the negotiated price doesn't mean all the games will be there. We don't know details, all we know is that there's a set price. Maybe they do want a bigger place, though, DePaul does look like they have good attendance for women's basketball. Their games are pushing and exceeding capacity at their current home.

[BillEsq]

Yeah, I always thought it was odd that you would tear down a stadium to build a 3,000 seat one. I couldn't figure out what DePaul was doing when they did it. The school just made a series of odd athletic related decisions at the turn of the century.

Oh well as you say until we see something concrete its all really speculation. And in Chicago politics.. nothing is sure until it is built.

[PMThor]

The NCAA has got to have some serious questions if they are considering attaching a casino in any way to a college basketball venue. That's gotta set off some red flags (if it comes to fruition, which I doubt but was wondering anyway)

[yorost]

Marquette plays soccer and other sports across the street from a casino.

http://goo.gl/maps/00qul

[PMThor]

But is that considered the same complex? I don't think so, but would the NCAA be ok with a casino in the same complex as an NCAA venue?

[yorost]

Would the casino be considered the same complex? Sky bridges don't make two places the same complex, not does being built as part of the same project. I don't see where the NCAA could say anything unless the arena was in the casino.