Posts Tagged ‘Chicago Tribune’

Will Mayor Daley’s Successor Be Hit With Economic Reality When Contemplating Landmark Public Improvements?

Wednesday, January 12th, 2011

Will Mayor Daley’s Successor Be Hit With Economic Reality When Contemplating Landmark Public Improvements?As Chicago’s longest serving mayor leaves his post in May of 2011, Richard M. Daley leaves a legacy that includes the iconic Bean in Millennium Park to the flower-filled planters that ornament 85 miles of the city’s streets.  Whoever fills his post will find that budget shortfalls resulting from the Great Recession will collide with reality; the bottom line is that it will be difficult for whoever succeeds Mayor Daley to extend his vision to beautify Chicago.

Writing in the Chicago Tribune, architectural columnist Blair Kamin says that “This was a mayor with a passion to build.  By combining the roles of chief politician and chief planner, Daley became the ultimate shaper of Chicago’s cityscape.  There was no denying his authority over the cityscape — just as there is no denying the deep anxiety his departure has spawned among the city’s architects and builders.  Chicago, they worry, will go from being a city in overdrive to a city on hold.”

“I hope the intensity remains,” said Chicago developer Dan McCaffery, who is planning to turn the 580-acre former U.S. Steel plant on the southeast lakefront into a mixed-use community. “People in City Hall knew that when the mayor had endorsed something, it was aggressively pursued. You could feel the difference.  It was palpable.”  “Any new mayor has got to realize that being a green city has become a part of Chicago as much as hot dogs,” said Ben Helphand, president of the Friends of the Bloomingdale Trail, which is pushing to develop an elevated park, nearly three miles long, on a long-disused railroad spur on the city’s Northwest Side.

A 2010 survey conducted by the Trust for Public Land revealed that Chicago has a mere 4.2 acres of parkland per every 1,000 residents, according to Erma Tranter, president of the advocacy group Friends of the Parks.  “We do not have sufficient park space for a healthy community,” Tranter said.  “It’s an absolutely critical issue in neighborhoods where children don’t have places to play.  That correlates to obesity, health problems and higher costs for future health issues.  There are children who are bombarded with all these electronic games.  They don’t have land anywhere near for them to go to.”

“Daley’s done a great job and he led the city very strongly. But if we’re going to move where we need to be, we need to engage the community in a different way,” said Peter Nicholson, executive director of the Foresight Design Initiative, a nonprofit devoted to sustainability issues. “It can’t be command and control.”

Chicago Is Greening its Roofs

Monday, May 17th, 2010

The City of Chicago has more than 500 green roofs, totaling seven million SF.  Ten years after Mayor Richard M. Daley ordered a roof garden planted on top of Chicago’s City Hall, the city has 500 green roofs downtown and scattered throughout its neighborhoods.  According to Department of Environment spokesman Larry Merritt, green roofs cover approximately seven million SF, although that represents less than one-tenth of one percent of Chicago’s 500,000 buildings.

City Hall’s roof garden, for example, has more than 100 plant species, including native prairie grasses.  The Willis Tower is now sporting a partial green roof, located on the 90th floor, that is tied down with steel ropes to protect it against the wind.  One of the city’s few green roofs that is open to the public tops the 555 West Monroe Street building that serves as PepsiCo’s headquarters.  Writing in the Chicago Tribune, Pulitzer Prize-winning architecture critic Blair Kamin describes PepsiCo’s green roof as having “a swath of grass, tables and chairs, and four twirling wind turbines that are handsome enough to be kinetic sculpture.  This green roof isn’t an energy-saving toupee.  It’s integrated into the daily life of the city and the people.”

On the city’s Far North Side, an organic farm tops the Uncommon Ground restaurant at 1401 West Devon.  According to Kamin, the farm is “totally in sync with the restaurant and its embrace of the ‘locavore’ philosophy of locally produced food.”  Another green roof – visible from the CTA’s Red Line – tops an Aldi supermarket at 4450 North Broadway.  Kamin isn’t so impressed by this green roof, noting “It resembles a postage stamp.  Green roofs, it shows, can comply with the law without adding much beauty to the cityscape.”

At Long Last, Cubs Sale a Done Deal

Monday, October 12th, 2009

6a00d83451fe4669e2010536f57783970c-800wiAs a follow-up on a previous blog, the Chicago Cubs have been sold to the Ricketts family in an $800 million deal that encompasses the team, Wrigley Field and a 25 percent stake in Comcast SportsNet.  The Tribune will keep a five percent stake in the assets; this means the transaction is worth approximately $845 million, according to the Tribune.

The Rickettses, who own T.D. Ameritrade, and the Tribune reached a tentative agreement in January, but the deal stalled recently when Tribune re-opened talks with the runner-up bidding group.  The Tribune first put the franchise up for sale in the spring of 2007.  Major League Baseball gave the sale their unanimous approval.

A Win for the Cubs

Thursday, July 16th, 2009

At a time when real estate assets are moving slowly, other areas are being eyed for opportunity plays.  Bond salesman Thomas Ricketts had just about closed his bidding group’s purchase of the Chicago Cubs from the Chicago Tribune.  Documents relating to the fully financed transaction were sent to Major League Baseball over the 4th of July weekend in a deal said to be worth between $850 million and $900 million.wrigley_feature

The Tribune, which is under Chapter 11 bankruptcy protection, jump started the Ricketts family by renewing negotiations with rival bidders after the deal stalled over a disagreement about the value of the Cubs’ broadcast contracts.  Major League Baseball, the Cubs’ creditors and the Delaware judge overseeing the Tribune’s bankruptcy case still must sign off on the sale.

Then, New York investor and former Chicagoan Mark Utay threw a monkey wrench into the Ricketts deal. Utay, who is a managing partner with Clarion Capital Partners, LLC, is said to be offering a higher – though undisclosed – amount of money for the Cubs, though with less upfront cash than the Ricketts deal.

The Ricketts bid features an estimated $450 million financed with debt, with the remainder paid in cash by the Ricketts family, who are the founders of TD Ameritrade, Inc.  The Tribune wants the sale to be partially financed with debt to limit its exposure to capital gains taxes.  Once the final details are worked out, the Tribune will retain a five percent stake in the Cubs.  Wrigley Field and a 25 percent stake in Comcast SportsNet are included in the package.

“I don’t think it’s completely over yet,” said a source close to the negotiations, who asked not to be identified because the sale process is continuing.  “By the same token, Ricketts has a real edge here.”  A Major League Baseball source and a second individual familiar with the sales process said the draft agreement with Ricketts has been submitted for league review.  Nothing has been sent in for Utay, according to the league source.  Both sources said the Tribune is telling the Ricketts family that only its bid will be submitted to the court and Major League Baseball.

Just this week, the Tribune threw a curveball by suggesting that it might take the Cubs through a fast, pre-packaged bankruptcy that would protect its future owner from its creditors.