Tuesday, November 3, 2009

Recession Rocks McCormick Place

At the South end of the South Loop sits the huge McCormick place complex, home of many conventions and events. In prosperous times, this is a huge cash cow, but in this time of the recession it's hurting.

Chicago Tribune outlines their issues in this article.

(Hat Tip: Nikki D!)

18 comments:

gillmanfan2000 said...

This venture grew too big, too fast, Gambled and lost. Somehow taxpayers will be on the hook for this I'm sure. Maybe we are already.

Anonymous said...

It did not grow too big too fast. By having the West Building in the south loop, this has become a defining agenda issue on Mayor Daley's plate to make sure new restaurants, rooftop bars & hotels come to the area. I do agree that they need to make things cheaper for companies to have conventions here. They are not only competing with Vegas & Orlando, but the Rosemont Convention & Sears Centre.

Carl said...

Right now, it seems like they're not competing with anyone.

It's just like Daley & Co. to strong-arm a project based on little or no market analysis (or running completely contrary to trends) only to wind up with some big money pit.

Anonymous said...

" this has become a defining agenda issue on Mayor Daley's plate to make sure new restaurants, rooftop bars & hotels come to the area".

Patently false. McCormick place at one time not too long ago owned many of those buildings to the west, but sold them. While working on their master plan, they have done nothing to work to encourage destination anchors, instead worrying about their own 2nd hotel, which is actually hurting development because no one else wants to take the chance if Hyatt is going to add another 1000+ rooms. The need to crap or get off the pot.

If McCormick Place and the Mayor cared about hotels and restaurants they would not be turing a blind eye to the ridiculous butt-ugly proposed McHugh Data Center proposed next door that would take-up two blocks and kill retail or street-scape for the area.

Anonymous said...

I wrote the "this has become a defining agenda issue on Mayor Daley's plate to make sure new restaurants, rooftop bars & hotels come to the area". I agree with everything you said, but there still will be street retail along Cermack (Lexington Condos) and there will be Restaurants/Rooftop Bars on S.Michigan. Believe me, I wish they stepped up to the plate a long time ago, but 2009 really put people, including McPier in a bad situation. I still have my fingers crossed that the right people get involved in developing the area.

Anonymous said...

IMO it'll be 10+ years before you see that kind of activity dow in that area IF you see it at all. It's just not a destination and it's too far away from any established sectors or landmarks. You'll see the area just south of Roosevelt really boom first and there are still tons of vacant empty properties there.

Someone else said it before but I see this as a time where the area actually contracts as people leave the city.

Anonymous said...

McCormick Place & ChinaTown are the two sectors/landmarks that we are talking about. McCormick itself needs boutique hotels, restaurants & bars near it AND they want to create a nice path between McCormick Place and CHINATOWN.

Anonymous said...

You're kidding yourself if you think this area is going to get turned around any time soon.

Anonymous said...

Why would anyone want to open retail and/or dining along the stretch between Chinatown and McCormick Place? There are still three Ickes buildings remainig, the Hilliard Homes aren't going anywhere, and the projects at/near Cullerton and Michigan are beginning to bust @ the seams. What are you going to do, open another currency exchange? Another white castle? More cheap liquor stores? Just think of the quality/type of foot traffic you would be stuck with! Would you want to replace your windows every few weeks after they get tagged? So NOT worth it! That stretch is a pit. There's a reason such a high-profile area has languished for so long.

Anonymous said...

I agree with the last anon. It's very sketchy along that strip between McCormick (which is becoming more of a white elephant every day now that major shows are heading elsewhere en masse) and Chinatown. Every time I drive that way to get onto the Ryan I have to dodge countless Ickes and Hilliard residents standing all over the street. What is the deal with these people - never heard of a crosswalk?!

FGFM said...

Every time I drive that way to get onto the Ryan I have to dodge countless Ickes and Hilliard residents standing all over the street. What is the deal with these people - never heard of a crosswalk?!

So, you can tell where someone lives just by looking at them? I don't see why these racist anons should be allowed to use this site as a platform to spread their bigotry.

Anonymous said...

NOBODY mentioned race, until FGFM piped in.

Anonymous said...

FGFM is a classic projector and antagonist. If it wasn't for "racism," who would people like FGFM blame for all their problems and shortcomings?

Nickname unavailable said...

I do tend to feel like the "these/those people" comments are thinly veiled racism.

Anonymous said...

FGFM is a race-baiter. People like FGFM are the reason why 'racism' will never go away.

FGFM said...

FGFM is a classic projector and antagonist.

Heh.

Anonymous said...

FGFM, you need to learn the difference between racism and bias BIAS - 3 a : bent, tendency b : an inclination of temperament or outlook; especially : a personal and sometimes unreasoned judgment.

If you have ever spent reasonable time in the area, statistically, the problem on Cermak and State with idiots crossing the street dangerously without regard, has a Bias or tendency to involve local residents of those buildings. It is the behavior of individuals. The fact that the race of these individuals is statistically overwhelming to favor one one race is not germane to the conversation.
So once again your claims if racism ring hollow yet again. Thanks for playing.

Anonymous said...

"Nickname unavailable": don't confuse racism with reality.