MillerCoors selects Chicago HQ

MillerCoors1 is moving headquarters from Milwaukee to Chicago:

A River never forgets
[Chicago River just south of Jackson]

MillerCoors announced Wednesday that it has signed a 15-year lease agreement for nearly 130,000 square feet of office space for its new headquarters location at 250 S. Wacker Drive in downtown Chicago.

In July, following the closing of a transaction to combine the U.S. and Puerto Rico operations of Milwaukee-based Miller Brewing Co. and Coors Brewing Company of Golden, Colo., the newly formed MillerCoors selected Chicago as the home city for its corporate headquarters.

MillerCoors selected the West Loop high-rise office building because of its “dynamic environment for employees and visitors, access to public transportation, green space, and surrounding amenities,” MillerCoors management said.

The new location provides a unique opportunity to establish MillerCoors identity as a beer company in downtown Chicago, MillerCoors chief executive officer Leo Kiely said.

“We are a beer company and you’ll know that as soon as you walk through the doors of our Chicago headquarters,” said Kiely. “The offices will showcase our brands and create a work environment that inspires our employees’ passion for beer.”

MillerCoors will be the largest tenant in the building housing nearly 400 employees on eight floors. The headquarters will house a majority of MillerCoors senior executives, as well as marketing, human resources, legal, finance, information technology and communications divisions.

Chicago-based architecture and interior design firm VOA has been selected for the interior design and construction of the headquarters.

As part of the project, VOA will develop sustainable and environmentally responsible designs.

[From MillerCoors selects Chicago headquarters site – The Business Journal of Milwaukee: ]

(h/t Colonel Tribune’s twitter feed)

Minor quibble, I consider the Chicago River the demarcation between the Loop and the West Loop, and 250 S. Wacker is on the east of the river, not the west.


View Larger Map

Chicago River Taxi is Yellow
[Chicago River, near Jackson and Wacker]

Footnotes:
  1. what a lame-o name []

Yet More Development in the West Loop

Received this letter in the mail the other day.

In accordance with the requirements for an amendment to the Chicago Zoning Ordinance, please be informed that on or about September 3, 2008, the undersigned will file an application for a change in zoning from DC-12 Downtown Core District to a DX-12 Downtown Mixed-Use District and then to a Residential-Business Planned Development on behalf of JRC 108 Jefferson LLC, whose address is 401 North Michigan Avenue, Suite 1300, Chicago, Illinois 60611 (the “Applicant”), for the property located at 108 North Jefferson Street, Chicago, Illinois (the “Property”). The Property is owned by the Applicant and JRC Jefferson DAS, LLC, JRC Jefferson JJO, LLC and JRC Jefferson EMP, LLC. …

The Property is currently improved with a non-accessory surface-level parking lot. The Applicant proposes to construct a 41-story building on the Property containing ground floor business uses, five floors of office space, accessory off-street parking spaces and 311 dwelling units, which must be processed as a Planned Development pursuant to the Chicago Zoning Ordinance.

108 North Jefferson
[108 North Jefferson, Chicago, IL 60661]

Oh boy, more people are moving in, Ma. Where does all the cash come from to convert every single parking lot into a 40 story high rise? I thought real estate development was in a down-turn? There is the Catalyst, right across the street from this newly proposed building, R+D 659, the Emerald, and probably others. An amazing boom happening in my zip code.

Yankees screw New Yorkers

Surprising to nobody, really, sports stadiums are one of the biggest swindles of the 21st century.

New York Assemblyman Richard Brodsky, D-Westchester, released a report Tuesday that said the city of New York played games with the assessed value of the new Yankee Stadium to get tax breaks for the team.

A legislative report says the public is paying up and getting nothing in return but higher ticket prices. City and team: It’s not true

The report, by the Assembly Corporations, Authorities and Commissions Committee, which Brodsky chairs, also says the city promised the stadium project would create 1,000 permanent new jobs in order to win approval for massive public subsidies, and that the actual number of permanent new jobs being created is 15.

The report says the taxpayer price tag for building the stadium is somewhere between $550 million and $850 million. In exchange, Brodsky points out, the Yankees have raised ticket prices by orders of magnitude, something the city has made no effort to stop.

“The price of tickets to the new Yankee Stadium is a matter of legitimate public concern, given the enormous public subsidies involved,” Brodsky wrote.

[From Yankee Stadium shocker: Taxpayers fleeced? – King Kaufman’s Sports Daily – Salon]

The swindle works so well because there is always a second-string city somewhere who can be used as leverage (like when the Seattle Sonics got moved to BFE Oklahoma ). If city governments stood strong, the owners of the teams would end up financing the stadiums: the owners want to own a team, owners shouldn’t depend upon taxpayer largesse to fund the team’s building.

In this case, Mayor Bloomberg (and Rudy 9-11 before him) and the Yankees made all sorts of grandiose claims that the stadium would be a boon to the economy, and of course, it isn’t, and won’t be much different than the previous stadium, other than making more money for the owners.

Sin will find you out

[Sin Will Find You Out, somewhere near 54th Street, Hells Kitchen, who really remembers anymore. Scanned 35mm print, circa 1995]

I like this quote too:

Denny Hocking, who was an all-talk, no-hit utility infielder for the Minnesota Twins in 2002 when Forbes magazine published a report calling into question the claims of commissioner Bud Selig that Major League Baseball was losing money hand over fist.

“Gee,” Hocking said, “should I believe a magazine that spends 365 days a year researching finances, or a guy who has zero credibility?”

Some of the principals have changed in this case, but the principle is the same.

Throw me a bone

Nice. I suspect there was some shady doings when our building was turned into Condo, circa 1997. Over the years, we’ve discovered all sorts of not-to-code problems (wrong size electrical conduit, faulty plumbing, etc.), I would be curious to see who the inspector was who signed off on the obvious not-code elements.

A one-time City of Chicago plumbing inspector testified Tuesday that he took bribes “almost daily” from contractors and passed a cut of some of the payoffs to his supervisor in the Buildings Department.

Travis Echols, testifying at the trial of the supervisor, Gregory Toran, told a federal jury how Toran reacted when he was promoted and became an office-bound boss unable to conduct inspections in the field.

“He said, ‘Throw me a bone,’ ” testified Echols, adding that meant to cut Toran in on bribes Echols would receive to sign permits that landed on Toran’s desk.

Toran went on trial Tuesday at the Dirksen U.S. Courthouse on charges of attempted extortion, accused of pocketing hundreds of dollars in bribes that Echols told him was coming from contractors who wanted subpar work overlooked. Turning a blind eye to violations was just part of the job and meant hundreds of dollars in extra cash, Echols said.

[From Former city inspector testifies he took bribes and gave a portion to his supervisor — chicagotribune.com]

Skull and Concrete
[Skull and Concrete]

No wonder the housing market is in such flux.

Chicago as Houston

Houston is famous for having a patchwork quilt of zoning regulations, and a subsequent crazy mess of an urban jungle. If Chicago Aldermen don’t watch out, we’ll end up in the same dire predicament: having a city without rhyme or reason, loved by nobody except developers, and their politician puppies.

In the ongoing “Neighborhoods for Sale” series, the Tribune has documented an insiders’ game in which aldermen rake in millions of dollars in campaign cash from developers, zoning lawyers and architects while often overriding the concerns of homeowners and city planners. Out-of-scale buildings leave existing homes in their shadows, the result of nearly 6,000 council-approved zoning changes in the last 10 years that have transformed neighborhoods.

The results of this patchwork approach to development have been jarring, with mini-mansions replacing modest bungalows and condo blocks rising over increasingly traffic-choked streets.

The Tribune has found that zoning rules have been ignored or changed to make it easier for developers and harder for residents to have a meaningful say in what gets built on their streets.

Developers commonly fail to put up signs required by law to notify neighbors of proposed zoning changes. Neighbors frequently don’t get letters notifying them of nearby projects.

And if they manage to learn of pending proposals and attend the City Hall hearings, they may find themselves prohibited from asking questions of developers and aldermen.

For a street-level view of how the code really works, look at the 50th Ward and the story of the proposed seven-story senior housing complex the City Council recently approved at the behest of Ald. Bernard Stone.

[From Who calls the shots in your back yard? Not you. — chicagotribune.com]

Catholic Charity aged
[A now-destroyed building, replaced by a 20 story residential building, still being constructed, called R+D 659]

There are rumors that a a large building1 is being planned on the NW corner of Jefferson and Randolph: large enough that the historic Crane’s Alley might be appropriated. Our Alderman, Brendan Reilly, claims to know nothing about it. We shall see.

Journey to the Underworld

Footnotes:
  1. either a hotel, or a 40 story structure, I’ve heard both []

Demographic Inversion

Jason Kottke pointed out an intriguing analysis about the changing demographics of Chicago and similar cities, discovered in a periodical I usually avoid, The New Republic1.

Vulcan
[Vulcan, a steel-worker working on a building being constructed in The Loop]

In the past three decades, Chicago has undergone changes that are routinely described as gentrification, but are in fact more complicated and more profound than the process that term suggests. A better description would be “demographic inversion.” Chicago is gradually coming to resemble a traditional European city–Vienna or Paris in the nineteenth century, or, for that matter, Paris today. The poor and the newcomers are living on the outskirts. The people who live near the center–some of them black or Hispanic but most of them white–are those who can afford to do so.

Developments like this rarely occur in one city at a time, and indeed demographic inversion is taking place, albeit more slowly than in Chicago, in metropolitan areas throughout the country. The national press has paid very little attention to it. While we have been focusing on Baghdad and Kabul, our own cities have been changing right in front of us.

[From Trading Places]

We can see that in our own neighborhood (So-Fu). In the eight years (and counting) I’ve lived in the West Loop, there have been at least 12 new high-rise condominium developments just within visual range, dozens more nearby, and even more in the South Loop. Literally tens of thousands of new family units have moved downtown, and there’s space for many, many more. Not to mention places like Logan’s Square (mentioned in the above referenced article), Pilsen, Wicker Park, Uptown, yadda yadda. The prices are not astronomical compared to Manhattan prices, but certainly not cheap.

Construction Season Rag
[Construction Season Rag, West Loop]

If you feel that way, you might want to ride an elevated train going northwest, to the lesser-known Logan Square, a few miles beyond the Loop. Whatever Logan Square might be, it is not downtown chic. It is a moderately close-in nineteenth-century neighborhood with a history fairly typical for a city that A.J. Liebling once called “an endless succession of factory-town main streets.” Logan Square was developed primarily by Scandinavian manufacturers, who lived on the tree-lined boulevards while their workers, many of them Polish, rented the cottages on the side streets. By the 1970s, nearly all the Poles had decamped for suburbia, and they were replaced by an influx of Puerto Ricans. The area became a haven for gangs and gang violence, and most of the retail shopping that held the community together disappeared.

Logan Square is still not the safest neighborhood in Chicago. There are armed robberies and some killings on its western fringe, and, even on the quiet residential streets, mothers tell their children to be home before dark. But that hasn’t prevented Logan Square from changing dramatically again–not over the past generation, or the past decade, but in the past five years. The big stone houses built by the factory owners on Logan Boulevard are selling for nearly $1 million, despite the housing recession. The restaurant that sits on the square itself sells goat cheese quesadillas and fettuccine with octopus, and attracts long lines of customers who drive in from the suburbs on weekend evenings. To describe what has happened virtually overnight in Logan Square as gentrification is to miss the point. Chicago, like much of America, is rearranging itself, and the result is an entire metropolitan area that looks considerably different from what it looked like when this decade started.

Of course, demographic inversion cannot be a one-way street. If some people are coming inside, some people have to be going out. And so they are–in Chicago as in much of the rest of the country. During the past ten years, with relatively little fanfare and surprisingly little press attention, the great high-rise public housing projects that defined squalor in urban America for half a century have essentially disappeared. In Chicago, the infamous Robert Taylor Homes are gone, and the equally infamous Cabrini-Green is all but gone. This has meant the removal of tens of thousands of people, who have taken their Section 8 federal housing subsidies and moved to struggling African American neighborhoods elsewhere in the city. Some have moved to the city’s southern suburbs–small suburbs such as Dixmoor, Robbins, and Harvey, which have been among the poorest communities in metropolitan Chicago. At the same time, tens of thousands of immigrants are coming to Chicago every year, mostly from various parts of Latin America. Where are they settling? Not in University Village. Some in Logan Square, but fewer every year. They are living in suburban or exurban territory that, until a decade ago, was almost exclusively English-speaking, middle-class, and white.

What More Can I Say
[What More Can I Say – condo building, South Loop]

Footnotes:
  1. what a crappy sentence, and yet, here it remains because I’m too pressed for time to write a better, clearer sentence. Well, and I’m lazy []

IndyMac Plans Chapter 7 Filing

More news about the holder of our mortgage: a Chapter 7 liquidation sale. I guess our re-finance plans are to be delayed (and our appraisal becomes worthless too)

Soon after the FDIC seized the company, it was disclosed that the firm was under scrutiny by the Federal Bureau of Investigation for possible mortgage fraud.

The Office of Thrift Supervision, which regulated IndyMac, said “the immediate cause” of the failure of the bank was statements made by New York Democratic Senator Charles Schumer.

Sen. Schumer, who publicly raised concerns about the bank’s solvency in late June, said he may have caused some depositors to withdraw their money but said he wasn’t responsible for the bank’s downfall. He said IndyMac’s lending practices and lax federal regulation are to blame for the failure of the thrift.

[From IndyMac Plans Chapter 7 Filing – WSJ.com]

Jam buys Uptown for $3.2M

Finally. I truly hope Jerry Mickelson does restore the building, I’ve always had a certain fondness for it.

Uptown Theatre
[Click image for full view]

Without any drama, a venture led by concert promoter Jam Productions Ltd. bought the historic Uptown Theatre on Tuesday for $3.2 million in a court-ordered foreclosure sale.

Jam principal Jerry Mickelson was the high bidder for the long-vacant theater at 4816 N. Broadway. The sale price was essentially a “credit bid” that covers repayment of about $1.8 million owed on a first mortgage and $1.4 million owed on a second mortgage that’s held by Mr. Mickelson’s group.

The only other bid came from the holder of the first mortgage.

Mr. Mickelson, who has said he plans to restore the Uptown, declined comment on the sale.

[From Chicago Business News, Analysis & Articles | Jam buys Uptown for $3.2M | Crain’s ]

I’m not even sure if I’ve ever been inside, I just like vintage theater buildings.

Jam competitors Live Nation Inc. and Madison Square Garden Entertainment both looked into buying the 1925 building, which was originally constructed as a movie palace. Jam in 2006 bought the Riviera Theatre down the street and also owns the Park West in Lincoln Park and the Vic Theatre in Lakeview, all music venues.

Green Merchandise Mart

Green Exchange
Cool1. I’ve always meant to take a photo of this building. Now I have more reason to – I think this is a great idea.

Green light goes on at old Cooper lamp factory | Crain’s Chicago Business :

A Chicago real estate developer aims to turn the former Frederick Cooper Lamp Co. factory in Logan Square into a green Merchandise Mart, with showrooms featuring eco-friendly products and services.
After churning out lamps for 35 years, the 250,000-square-foot building alongside the Kennedy Expressway would become the Green Exchange, housing a building supply business, a furniture maker, a printing company and other environmentally conscious businesses, says developer David Baum, who bought the property with his brother Douglas last year. The companies will have greater marketing power under one roof than they would apart, he says.
“If you’re a customer that wants to buy paint that has no toxins, you may also have interest in using a green architect and investing in a socially responsible mutual fund,” David Baum says. “I think we’re hitting a tipping point in environmentalism and it’s becoming mainstream.”

He says he won’t seek city subsidies for the project. Several businesses have signed non-binding “letters of interest” to lease space in the building, including Consolidated Printing Co., which uses an environmentally sustainable printing process, and Greenmaker Supply, which sells eco-friendly building supplies.

(H/T)

Website www.greenexchange.com

and another repost2 : We wrote about this previously, the Tribune has more details.

Going green: Project envisions eco-friendly shopping center :

When David Baum decided last year to convert the old Cooper Lamp factory in Logan Square into a one-stop shopping center of green businesses, he knew it would be a risky and expensive proposition.

“Wind turbines don’t necessarily make economic sense today, but we want to engage the imagination,” said Baum, who plans to spend more than $30 million renovating the sprawling yellow brick structure where craftsmen once turned out custom-made lamps. “We do still plan to make a profit, albeit a small one.”

Baum is aiming to tap into the growing consumer demand for eco-conscious merchandise and services. Dubbed the Green Exchange, he wants his project to become one of the first places in the nation to offer an entirely green space for entirely green work.

Baum envisions places like an organic restaurant, an environmentally friendly building supply store, green-friendly architects and eco-design firms. There could even be a sustainable clothing store, a bicycle shop and a car showroom, he said.

The project would be three times larger than The Jean Vollum Natural Capital Center in Portland, Ore., where roughly 20 tenants, including Patagonia, offer sustainable goods and services in a 70,000-square-foot facility.

Continue reading “Green Merchandise Mart”

Footnotes:
  1. Reposted from my old blog to house a new photo []
  2. combining two entries into one []

Esquire Blues Redux

The Esquire in the Gold Coast has been shuttered for a few years. The last film I saw there was Fahrenheit 9/11, so obviously it’s been a few years. Still, I’ve always liked having a theater there, regardless if I used it or not.

Esquire Blues

M Development has withdrawn plans to build a boutique hotel on the site of the shuttered Esquire Theater on Oak Street and instead will scale down the project to a two-to-three story structure housing about a half dozen luxury retailers.

Efforts to redevelop the historic Gold Coast movie house have been in flux since the theater shut down in September 2006. M Development, the Chicago-based owner of the property, originally proposed a mixed-use complex consisting of a 100-room hotel and retail shops to replace the theater and some adjacent property it also owns.

The hotel portion of the project, which would have risen about 10 stories, encountered resistance from residents worried about traffic congestion and about losing the intimate European character of the tony street, home to Jimmy Choo, Prada, Barneys, Harry Winston and Hermes.

[From M Development cancels plans to build Oak Street hotel — chicagotribune.com]

So now what to do? Alderman Reilly, whose district encompasses this location, eventually decided against allowing the hotel to be built.

Putting a relatively tall building in the middle of the block of European graystones “violates basic urban planning principles,” Reilly added in the letter. Most of the buildings on the street are about three stories high.

He also said the proposed hotel would burden the neighborhood’s infrastructure, in particular an alley off of Bellevue Place (a residential street one block north of Oak Street) heavily used by a condo building and Sutton Place Hotel.

The one block street in the Gold Coast has a storied history. After the Chicago Fire of 1871, prominent Chicagoans established the block as an enclave for the wealthy, hiring European-trained architects to build their mansions. Many of those buildings remain, although they now house $1,500 handbags and $150,000 diamond necklaces.

Jeffrey Shapack, president of M Development, said the firm decided to forego the hotel and concentrate on the few floors of retail in order to get the project off the ground.

“Based on numerous factors and considerations, we made the decision to move forward with a retail-commercial-only development on Oak Street with plans to begin development in 2009,” said Shapack. “This development has generated a lot of interest from luxury national and international retailers who like the prospect of having their own branded facade in a new building on Oak Street.”

M Development is also redeveloping Barneys New York down the street from the Esquire.

Plans are to turn the Barneys building at the corner of Oak and Rush Streets into a retail and restaurant complex and move the existing Barneys across the street into a new, bigger building.

What alternative sites were explored?

The Chicago Children’s Museum claim they looked into 37 alternative sites, even though the firm doing the searching wasn’t hired until April. Something fishy: corporations like Jones Lang LaSalle don’t usually work pro bono.

Opponents of Mayor Richard Daley’s plan to build a $100 million Chicago Children’s Museum in Grant Park demanded Tuesday that the museum release three years of records to prove it seriously considered more than three dozen alternative sites.

Last week, the Children’s Museum released a list of 20 existing buildings and 17 new construction sites it says it considered for the museum’s new home in a three-year search before zeroing in on Daley’s controversial favorite.

Residents of high-rises surrounding the Daley Bicentennial Plaza site and their alderman, Brendan Reilly (42nd), responded by questioning the veracity of the list.

On Tuesday, with a city council committee vote just two days away, they turned up the heat and demanded that the museum release the records of its board meetings and meetings with the real estate consulting firm that released the list of alternative sites.

The museum’s zoning application shows that the firm, Jones Lang LaSalle, did not begin its work for the Children’s Museum until April, so it could not possibly have conducted the search for alternatives, critics say.

Opponents of the Grant Park move also said museum officials spent the past year insisting that the “only location seriously considered” was Grant Park.

“Somebody’s not telling the truth here,” said Peggy Figiel, co-founder of Save Grant Park.

[From Museum foes demand proof of alternative sites :: The SouthtownStar ]

Tons of back story on this if you are interested.

Operation Crooked Code

EveryBlock is making a very cool news-related mapping project:

In May 2008, 15 people — including developers, contractors and city inspectors — were arrested on bribery charges as part of a federal probe called “Operation Crooked Code.” These people were involved with exchanging cash and other benefits in return for various Chicago permits and city services, acccording to U.S. Attorney Patrick J. Fitzgerald.

Following our philosophy of identifying news near your block, we at EveryBlock have identified the specific addresses mentioned in Fitzgerald’s complaints and mapped them here, for your exploration. Included are the locations of the buildings in question and where alleged bribes occurred.

[From Special report: Operation Crooked Code | EveryBlock Chicago]

Side note: I strongly suspect our building also involved crooked City of Chicago Building Inspectors – too many non-compliant code items have been discovered (electrical conduit wrong size, unmarked electric boxes, non-compliant plumbing, air-conditioning not installed, roof installed sans insulation, yadda yadda) – unfortunately, our building was rehabbed in 1996, and I don’t know how to track down those kinds of historic city records.

Individual entries read like a bad movie

On the morning of June 6, 2007, CW1 met with agents at the briefing location. Agents gave $500 cash to CW1 to pay a bribe to VALENTINO for the Garfield project.5 The money was photocopied and placed in an envelope in the presence of agents. An audio recording device was placed on CW1. At approximately 9:30 am, CW1 was driven by agents to the Dunkin Donuts located at Washington and Wells to meet with VALENTINO. At approximately 9:35 am, surveillance agents videotaped VALENTINO entering the Dunkin Donuts. Due to the location of VALENTINO and CW1 inside of the store, surveillance agents were unable to observe CW1 and VALENTINO during the meeting. Surveillance agents were not able to videotape VALENTINO leaving the Dunkin Donuts following the meeting due to their position but did videotape VALENTINO walking down the street away from the Dunkin Donuts a short time after the meeting. At the conclusion of the meeting, CW1 was picked up by agents and taken to the briefing location. CW1 informed agents at the debriefing that CW1 had delivered the envelope containing $500 cash to VALENTINO for the favorable zoning inspection for the Garfield property. The meeting was audiorecorded, and I have reviewed the recording. The conversation was brief and primarily personal in nature.

My Pie to Close

or My ∏ as it says on the sign. When I lived on Belden, I ate at My Pie quite frequently. Not spectacular food, but good and cheap enough, with a decent salad bar, another vestige of a previous time. I probably have a photo somewhere, I’ll have to look.

My Pie, which has been a fixture in the Lincoln Park area (and a crucial part of my collegiate dining options) for 31 years, closed its Clark Street location over the weekend. Rich Aronson, part of the family that started the My Pie pizzeria mini-chain a generation ago, says the unavailability of an affordable lease led to the restaurant’s demise. “We knew it was coming,” he said. “They [the landlords] had different plans for the place, and the rent was skyrocketing by four, five times. We want to do something else in the neighborhood, but it’s just difficult to find anything.”

[From My Pie closes its Lincoln Park location, hopes to reopen]

Lincoln Park continues to transform into yuppie heaven. I’m sure the building owners want to sell to a condo developer – that’s where one gets enough money to retire to Florida.

Harry’s Hot Dogs in city’s meat grinder

Harrys Hot Dogs

Sounds like a politically motivated use of eminent domain to benefit a local developer to me.

Elephants at Showman's League

Hot dog joint in city’s meat grinder :: CHICAGO SUN-TIMES :: Metro & Tri-State:
It’s the City of Chicago vs. the hot dog vendor. And vs. the carnival workers. And a Giordano’s restaurant. And throw in a travel agency too.

All have operations in buildings at 300-308 W. Randolph that City Hall wants to see torn down. The Daley administration wants to replace the three low-rises with a small park that would enhance a 46-story office building the John Buck Co. will put up next door.

All have operations in buildings at 300-308 W. Randolph that City Hall wants to see torn down. The Daley administration wants to replace the three low-rises with a small park that would enhance a 46-story office building the John Buck Co. will put up next door.

Buck has tried to buy the Randolph properties but has been unable to reach a deal. Tuesday, the city’s Community Development Commission gave the Daley administration authority to acquire the properties by force.

The hit list includes an unusual sliver of a building at 300 W. Randolph owned by the Showmen’s League of America. Notable for the elephants on its facade, the building contains the league’s offices and has a ground-floor business that’s been around more than 50 years, Harry’s Hot Dogs.

All the businesses involved, including a Giordano’s and Greaves Travel LLC, would have to close or relocate to accommodate the city’s will.

Connie Buscemi, spokeswoman for the city’s Planning Department, said the Daley administration was acting on long-term plans to beautify Randolph Street. She denied the city was doing favors for the Buck firm

Uh, yeah, ok.

Jonathan Fine, president of the group Preservation Chicago, said protecting the businesses is the last thing on the city’s mind. Fine said the city is trying to force the creation of a plaza that benefits Buck.

Tearing down the Showmen’s League building destroys “a little piece of history at the same time,” Fine said.

A fraternal group for itinerant carnival workers, the league was founded in 1913 and chose William “Buffalo Bill” Cody as its first president. Executive Secretary Rick Haney did not return calls Tuesday.

Harry’s Hot Dogs is owned by Harry Heftman, who wouldn’t comment about the condemnation. Said by acquaintances to be “in the vicinity” of 98 years old, Heftman is a slightly built man who still comes to work every day, making sure the lunchtime rush gets moved along.

I’m all for the City of Chicago adding more green space, but this isn’t the right place to do so.

(h/t Phule)

Elephants detail at Showman's League

Harrys Hot Dogs Help Want Ed

WaMu and Bankruptcy Reform

Reserved Light

Atrios linked to this news tidbit about how Blowback’s a bitch

Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills.

The largest U.S. savings and loan didn’t count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank.

“Be careful what you wish for,” Westbrook said. “They wanted to make sure that people kept paying their credit cards, and what they’re getting is more foreclosures.”

Washington Mutual, Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits, according to the Center for Responsive Politics, a non-partisan Washington group that tracks political donations.

The banks are still paying for that decision. The surge in foreclosures has cut the value of securities backed by mortgages and led to more than $40 billion of writedowns for U.S. financial institutions. It also reached to the top echelons of the financial services industry.
[From Bloomberg.com: Exclusive]

Prior to the 2005 reforms, if one had to choose between defaulting on a credit card and defaulting on a mortgage, the choice was pretty obvious. Not so much anymore. I wonder which of the 75 Senators who voted Yea would change their vote now? (Hillary Clinton abstained for some reason)