Mercat a la Planxa Gets Mixed Reviews

We haven't been there yet, but from what we've read reviews are mixed. It looks beautiful and this most recent review from the Chicagoist makes us want to go tomorrow!

Chicago Mass Transit Doesn't Stack Up

A great article and video on Medill's website comparing Chicago's transit system to Madrid's and Tokyo's. Based on the video it's pretty clear that Chicago doesn't stack up to either of these transit systems. Tokyo's system simply looks amazing!

The fact of the matters is that Chicago has the second largest mass transit system in the United States (behind New York). However, compared to many foreign cities it's pretty weak. Hopefully our new president can help change this trend, but Americans love their cars...

Stimulus Bill: Mass Transit Compromises cont.

Yesterday we spoke about some compromises that needed to be hashed out between the House and Senate in regards to Mass Transit funding. Greg Hinz at Crain's has a new post about rumors on what happened and how this will affect the Chicagoland area. Unfortunately, it sounds like the CTA and Metra won't get as much as they were asking for. Ditto for O'Hare.

According to the article the big surprises were funds allocated to High Speed Rail development and Amtrack:

The one local winner in the last-minute bargaining appears to be Amtrak.

It will get $850 million for capital grants and $450 million for security upgrades, a portion of which will end up here.

But the big money was a surprise $8 billion added for development of high-speed rail.

While President Barack Obama says the bill will contain no earmarks, word out of Washington is that Mr. Reid is in line to get that much of that money for a high-speed line from Las Vegas to Los Angeles. If so, it will be particularly interesting to see what Illinois Sen. Dick Durbin -- Reid's number two and big advocate of Midwest high-speed rail -- has to say about it.

Mr. Reid is up for re-election next year, and is facing an uphill battle to retain his seat. According to Nevada media, he last summer secured $45 million in federal funds for preliminary environmental work on teh proposed $12-billlion magnetic levitation (maglev) line.

So we will see what develops with that battle, but in the mean time here is a map detailing what the Midwest high speed rail network could look like (realize some tracks already exist, it would just be improving them to accommodate higher speed trains, among other things):

Chicago the Favorite?

According to this article by BBC Sport, Chicago is the current favorite for the 2016 Olympics:

Chicago: 11/10 odds
Madrid: 15/2 odds
Rio: 5/2 odds
Tokyo: 3/1 odds

The article also does a great job of quickly summing up each bids premise, pros and cons. They also have audio interviews with representatives of each bid talking about their respective games.

Yesterday I mentioned that Tokyo and Chicago have very similar bids in regards to 'Compactness'. One thing this article points out is that Chicago's bid is compact but also at the center of the city (which according to the interview is unique for a bid). Tokyo's bid is also compact but isn't in the heart of the city. It's in a run down, industrial portion of Tokyo that would be part of an urban revitalization (very similar to what London is doing for their games in 2012).

Stimulus Bill: Mass Transit Compromises?

Interesting post on the CTA tattler talking about the mass transit portion of the proposed Stimulus bill. The House and Senate seem to be on different sides of the table on this issue. Take a look at this chart:
We're pulling for the Senate's version. More funds need to go to high-speed rail and mass transit! Poke around the Midwest High Speed Rail Association website for more info on some proposals (hat tip: Jack Gable).

Lots of Olympic Information Floating Around

It's a big week for the 2016 Bid Cities! The final bid books are due to the IOC this Friday, February 13th. With that said, there are a lot of articles talking about each cities respective bids. So here are a couple links and our take on each one:

Chicago, Tokyo, Madrid and Rio in race for the 2016 Olympics - The Times UK
Claims Chicago is the front-runner (which is being said in many other articles). Mentions Barack Obama as a big wild card and goes on to say:

Olympic insiders say the new American president need only show up for the IOC vote in Copenhagen in October and Chicago will sweep aside rivals Tokyo, Madrid and Rio de Janeiro.

If that's the case, it looks good for Chicago since all indications we've read state that he will be in Denmark, schmoozing with the IOC.

Tokyo aiming to woo 2016 Olympics with vow to use 'green energy' - Japan Today
The more we read about Tokyo's bid the more it sounds similar to Chicago's. Both tout their compactness and efforts to provide a 'green' and 'sustainable' games. The problem for Chicago...Tokyo's bid seems to do address both attributes better. The problem for Tokyo...the 2008 games were in Beijing. Will the IOC want to go back to an Asian city so quickly?

Let the 'Games' Begin - Forbes
Surprise, surprise, the conservative magazine Forbes warns of the monetary issues associated with putting on the games. The article brings up many issues that are often cited by Olympic cynics. Prime examples are the next two scheduled Olympics in Vancouver (2010) and London (2012) which are both running into big issues as their projected costs skyrocket (mostly due to the current climate of the economy).

"Safest Choice" Madrid 2016 Presents Bid to IOC - Gamesbid.com
First we've heard this designation, but if it's true it probably is good for Madrid given the current world economy. Main problem for Madrid? The summer games will be in London in 2012. Again, will the IOC want back-to-back summer games in Europe?

Racism could compromise Madrid's bid for Olympics and World Cup - The Canadian Press
Wow, this is a pretty amazing article. Although we're not naive enough to think racism doesn't occur, it's pretty remarkable how prevalent this article makes it seem in Madrid. Will this seriously jeopardize the bid? We will see...

Support for Chicago Olympics tempered by opposition to using taxes for games - Chicago Tribune
According to a poll by the Chicago Tribune, it seems as if residents have cooled on the bid a little bit. 64% support the bid, while 28% oppose it. However, 75% say they oppose using tax payer dollars to fund the bid. Given the economy this isn't a surprise. Also, Mayor Daley has also said no tax payer dollars would be used. Will this happen? Our guess is no...we still support the Olympics, however we realize tax payers will probably have to foot a piece of the bill.

Printer's Row Condo Auction!

A sign of the times...Vetro (at 611 S. Wells) is auctioning off it's final 40 units on Saturday, March 7th. If you're in the market for high rise living and a potential deal, I would recommend taking a serious look at this opportunity. Here is a list of the units being auctioned:

Obviously it's an auction and prices will go up, but as I poked around their website most of the floorplans looked sensible and practical. I also imagine there are some great views from this building.

New CTA Entrance on Polk

Good news for Printers Row, the CTA has just opened up a new entrance for the red line Harrison stop.

The new entrance can be found at the intersection of Polk and State (point A on the map below). In our opinion, this is a great sign for the area and especially this developing corridor of the South Loop. Polk street already is a great location and place to visit with it's variety of bars, restaurants, festivals, venues and stores. This new entrance will help funnel people directly into the heart of Printer's Row and we applaud the city on this new improvement.

Buddy Guy's Legends Lives Up to it's Name

When you drive by Buddy Guy's blues mecca it's pretty unassuming. The building isn't in the best shape and it doesn't scream high profile. However, according to this article in the Lake County News-Sun, it has had it's fair share of high profile appearances and concerts:

June 1989:Buddy Guy headlines the Chicago Blues Festival; after his last song, he invites the crowd to his "new home of the blues," Buddy Guy's Legends.
July 1989: Guy celebrates his birthday at the club with guest Stevie Ray Vaughan.
1990:Willie Dixon plays a show at the club.
1992:First Bluesletter is published.
1992: "Damn Right, I've Got the Blues" wins Guy his first Grammy.
1993: First official January shows by Guy, who plays four shows in that residency.
1993: Van Morrison (left) stops in at Legends to jam with Junior Wells after a Civic Opera House gig.
1993:Derek Trucks, 13, plays a show at Legends. (In 2008, he and his wife, Susan Tedeschi, play on Guy's latest album, "Skin Deep.")
May 1994:Guy and G.E. Smith & the "Saturday Night Live" band record "Live: The Real Deal" at Legends.
November 1994: Eric Clapton plays three sold-out shows.
1996:Johnny "Guitar" Watson (right) plays his last Chicago show; just a few weeks later, Watson dies onstage in Japan.
1996: Legends is featured in the karaoke scene (above) in the Julia Roberts movie "My Best Friend's Wedding."
1996: Junior Wells' "Live at Buddy Guy's Legends" is released.
1998:Legends' Chicken and Sausage Jambalaya is one of the Top 10 foods featured at Taste of Chicago.
1999: News comes out that the club will be "closing" after the property is donated to Columbia College; the news resurfaces in 2007. The move is still pending.
2002:Mick Jagger and Ron Wood stop by after a concert to jam.
2003: Legends starts serving lunch during the week. There is live music Monday through Friday from noon until 2 a.m.
May 2003:The club throws a celebration for Delmark Records' 50th anniversary.
2004-08: Legends is the Citysearch audience winner for best blues club.
2005:Guy is inducted into the Rock and Roll Hall of Fame.
July 2006:Guy turns 70 with a big party at the club.
January 2007: Vaclav Klaus (right), president of the Czech Republic, checks out a Guy show.
2007: Johnny Winter plays his first show at Legends.
June 2008: B.B. King visits the club for the first time after his Blues Fest gig; he dines on smothered catfish.

Pretty impressive...man I would have like to see Clapton at this venue in 1994.

560 Pages of Olympics

If you've been following the Olympic Bid process then this news probably isn't surprising, but the Chicago 2016 Olympic Bid Team has officially sent in their final applicant bid book to the IOC.

Although it hasn't been released to the public, we should be able to look at it sometime next week according to team officials. I'm sure it will be 560 pages of fun!

Gigapan Technology - Chicago Style

Checkout this Chicago Tourism website.

Sweet Technology + Iconic Chicago Places = Fun Times

The Real Estate Market: Sloopin

As everyone knows, the real estate market is the great unknown right now. Credit has stopped flowing and as a result not many people are buying. The proposed federal stimulus package is trying to help potential home buyers out by offering them a $15,000 tax credit. Although I would think this would help entice people to get off the sideline and buy a place, unfortunately it's not going to help me since I bought a place last year (However I realize its goal is to help the real estate market and economy in the long run, so hopefully it will help all of us eventually). As my accountant told me when I asked about this proposed tax credit:

I am sorry to say that you're right. In retrospect, you took things into your own hands to personally jump start the Chicago South Loop real estate market without any stimulus benefits.

First off, everyone can thank me for personally taking matters into my own hands! Second of of all, I said 'my accountant' to act special, but who am I kidding it's my uncle. Regardless, it still means that I'm not getting a stimulus tax credit.

However, I did run into this 'median price heat map' chart on chicagotribune.com. According to this chart, the Sloopin area (excluding printers row) had the largest median price % gain over the past 12 months.


This makes me feel special, but something tells me that next year we could be the largest % decrease in the area. Like usual, I'm going to be pessimistic and expect the worst. However, could the South Loop be in a good position to weather the current economic storm? What do you think?

White Elephants at the Olympics

If you have ever watched the Olympics (especially the summer games) you have probably been amazed at the unique and innovative architectural designs that they produce. Two perfect examples of this phenomenon are the Olympic stadiums at the last two summer games in Beijing and Athens.

Although no one would argue that these stadiums are truly remarkable and served as a spectacular site for the Olympics, the question is what happens to these stadiums after the Olympics?

A recent article from Indiana State University begins to address some of the issues. The main point is not only did these structures cost millions to create, but they leave behind gigantic 80,000+ stadiums that often aren't conducive to hosting any other 'lower' profile events. Besides that point, to keep a structure like this pristine involves costly and meticulous maintenance that usually isn't worth the cost.

Smart planning can help alleviate some of these problems. A couple good examples of this are the Atlanta (1996) and LA (1984) Olympics. In Atlanta, their local baseball team, the Braves, got a new home once the Olympics left town. In LA, they actually renovated an existing stadium to accommodate the 1984 Olympics. Today it's the setting for USC football, other various events and a proposed home of an NFL franchise (if one ever returns to LA).

From those two examples it's pretty clear that if you can get a permanent resident for the stadium, you could solve this problem. However, the Chicago 2016 bid proposes a new model to avoid this 'White Elephant' conundrum. Chicago plans to build a temporary Olympic stadium that will eventually be condensed into a 10,000 seat amphitheater for concerts and other events. The idea is that it would produce a venue that's aligned with community needs as opposed to a huge permanent structure that isn't needed (aka a 'white elephant').

Although this approach has garnered praise from a variety of sources (including the president of the IOC), it does pose one problem; The IOC encourages and grades applicant cities on the legacy the games leave behind. Would this approach minimize the Olympic legacy if Chicago is awarded the 2016 games?

We will leave that question for the IOC to ponder, but in the mean time it's refreshing to know that Chicago most likely won't have to deal with a new 'White Elephant' within the city limits.

The India Grill: South Loop

We recently checked out The India Grill at 1112 S. Wabash to see what was cracking at this new joint. We've been by a couple times and it usually looks pretty dead, however on this Saturday night it had a decent crowd.

The menu looks to be your typical Indian fare and I can attest that the Tandori chicken is pretty tender. The prices seems comparable to most Indian restaurants (main courses are $10-20) and the wait staff was attentive and quick. They also have a daily Indian Buffet if that's your sort of thing.

The decor is nice and classy, but definitely nothing extraordinary. The one issue we had was that they have a gigantic neon red sign in the window that casts a weird glow throughout the restaurant.

So to sum it up...standard, good Indian food, but not much to write home about.

Here are the Yelp and Metromix links for additional information and reviews.

Does the Chicago Spire depend on the Olympics?

Although we realize that the Spire isn't technically in Sloopin's jurisdiction, it's probably the best and highest profile gauge on Chicago's real estate market. Two years ago all systems were go. The largest propose building in North America was under construction, a new icon would be added to Chicago's legendary skyline, and surprisingly to some sales at the Spire seemed to be doing well.
However, times changed, the bubble burst and today we're left looking at a gigantic 7 story hole at one of Chicago's most high profile and important pieces of land (at the intersection of the Chicago River and Lake Michigan).

According to a recent article in the New York Times, the Spire is on hold (which is obvious if you drive by the site). Most people probably read the writing between the lines an infer that this project is dead. However, according to Garret Kelleher (the developer) it's not over. At this juncture, Sloopin's going to take a cynical approach and hope we're proved wrong.

In the NYT article one of the most interesting quotes from Mr. Kelleher is his statement about the Chicago 2016 Olympic bid and it's impact on the Spire:

Specifically, Mr. Kelleher is waiting for next fall, when the city will learn whether it will be the site of the 2016 Olympics. “If Chicago lands the Olympics,it will certainly be a boost to the local economy,” Mr. Kelleher said.

Why is this interesting? It seems as if many people in the business world are on the edge of their seats to see what happens with the Olympic bid. As you know, we're all for the Olympics here at Sloopin, but it does raise a red flag when we hear talk like this. What happens if Chicago doesn't get the Olympic bid? Will this loss spell even more deflation in development and business in Chicago?

Conversely, winning the bid would probably help the local economy a lot (which is what Mr. Kelleher is saying). Obviously Chicago would get a lot of free international publicity which would help Mr. Kelleher sell units to across the globe.

So what do you think? Does the Spire need the Olympics to actually get built?

Funding Problems for Tokyo's 2016 Olympic Bid

According to the Manichi Daily News, proposed funding for Tokyo's 2016 Olympic Bid has encountered opposition within their government. Although this doesn't mean Tokyo is eliminated, it's not a good sign especially since the final bid books are due to the IOC next week.

Security and the Olympics

One of the biggest costs for an American city (or any city) hosting the Olympics is security. Security for the Salt Lake City Winter Olympics cost over $300M. If Chicago ends up winning the 2016 Olympics, our guess is that the security line item on the budget will be a record.

This article on Medill's website begins to address the concerns, costs, and preparations that are going on in case Chicago wins.

I've been to a fair number of large scale events around Grant Park and for the most part the City of Chicago does a pretty good job in my opinion. The best and most recent example of this prowess was the November 4th Election Night rally for Obama.



The city is rightfully touting it's ability with the Obama example, but still the Olympics are larger, longer, and of more interest to the entire world. Which also means it can be a bigger target for the crazies out there.

Will the U.S.' Olympic and World Cup bids affect each other?

My guess is no, especially since the Olympics (2016) would happen before the world cup (2018 or 2022). This blog entry on the Chicago Tribune points out some interesting examples of cities to host both events within a short span:

Mexico hosted the 1968 Summer Olympics and the 1970 World Cup, West Germany hosted the 1972 Summer Olympics and the 1974 World Cup and the United States hosted the 1994 World Cup and the 1996 Summer Olympics. Also, Brazil is hosting the 2014 World Cup and is currently in the running for the 2016 Olympics. England is hosting the 2012 Summer Olympics and is a contender for the 2018 World Cup.

As you can see above, the World Cup always followed the Olympics. My question to everyone is whether Brazil hosting the 2014 World Cup will affect Rio's chances of landing the 2016 Olympics?

Do the egomaniacs at the IOC really feel comfortable about their precious Summer Olympics following the World Cup? My guess is no, what do you think?

1720 S. Michigan

Although the real estate market is down, it's still fun to look at some of the properties around the sloop. With that said, check out this 2bed/2bath at 1720 S. Michigan. From what it looks like, it's listed at $340,000 for 1,134 sq. feet. If a highrise is your thing, then this could be yous...

Jones College Prep: New School on Hold

According to a new article in the Chicago Journal, Jones College Prep's new addition/school is temporarily on hold due to the leadership changes within the Chicago Public Schools (school chief Arne Duncan has been tapped by Obama to head the federal Department of Education).

Regardless of the fate of the new building, it sounds like the debate on whether to allow local kids to attend (without testing into the school) will rage on. Stay tuned.