CHICAGO | Economic & Business Development

[the urban politician]

Ahh come on. Vegas is the ultimate center of decadence. Love it or hate it, it's got that pinned down.

[LouisVanDerWright]

Originally Posted by the urban politician

Ahh come on. Vegas is the ultimate center of decadence. Love it or hate it, it's got that pinned down.

Vegas is a steaming pile of crap, I have no desire to ever go there. Most half decent ski resorts are more "decadent" than Vegas. Vegas is a Disneyland resort where people with no or new money can go to pretend to be rich for a weekend. At the end of the day everything there is a veneer and there is no true luxury or "decadence". Prostitution in Nevada is a great example of this, it's what you do when you can't get a wife or girlfriend who is that attractive (and more importantly decent of a human being where you aren't constantly at your wits end). Vegas pales in comparison to true centers of wealth the world over.

[the urban politician]

^ Have you ever even been there? Anyhow, I never said Vegas is a real place, nor did I say you need to like it. Hell, hate it for all I care. Pretentiousness, wistful, and hedonistic pleasures are encouraged in Vegas. It's all temporary, but in the end there is no place that does this better than Las Vegas.

Staying on topic, its this party atmosphere that ultimately may steer some conventions away, and by being a real city Chicago theoretically should have the upper hand in the convention/trade show business.

[marothisu]

^ I've been to Vegas. It is definitely a steaming pile of crap. I've been to clubs and lounges where people advertised it as really nice and luxury and it was some of the cheapest stuff I've ever seen with terrible drinks on top of it all. Like they apparently would spend a certain amount of money on one thing, but not the rest. It's like the guy who buys a really nice shirt but his pants and shoes are crap still - he still doesn't look good even with a good shirt. Some of the hotels are nice, but there's many that are pretty average.

Vegas is essentially full of people who live in areas where they can't live out X and Y fantasy, and they think Vegas is the only place to do it. There is almost nothing amenity wise, except gambling, that Vegas offers that no other major US city like NYC, LA, or Chicago doesn't offer. Even clubbing wise, I'd rather be in Southern Florida where there are plenty of beaches around.

Also, I like to gamble but most of the casinos there are crap. Every casino I've been to in Asia beats the ever living shit out of 75% of the casinos I've been to in Vegas.

[the urban politician]

But competing with a "steaming pile of crap" is exactly what Chicago has to do. I've also told this to the LA forumers: you can't out-snob your problems.

[rgolch]

Originally Posted by marothisu

^ I've been to Vegas. It is definitely a steaming pile of crap. I've been to clubs and lounges where people advertised it as really nice and luxury and it was some of the cheapest stuff I've ever seen with terrible drinks on top of it all. Like they apparently would spend a certain amount of money on one thing, but not the rest. It's like the guy who buys a really nice shirt but his pants and shoes are crap still - he still doesn't look good even with a good shirt. Some of the hotels are nice, but there's many that are pretty average.

Vegas is essentially full of people who live in areas where they can't live out X and Y fantasy, and they think Vegas is the only place to do it. There is almost nothing amenity wise, except gambling, that Vegas offers that no other major US city like NYC, LA, or Chicago doesn't offer. Even clubbing wise, I'd rather be in Southern Florida where there are plenty of beaches around.

Also, I like to gamble but most of the casinos there are crap. Every casino I've been to in Asia beats the ever living shit out of 75% of the casinos I've been to in Vegas.

I mean.... you're right and you're wrong about Vegas.....

Some of those casinos cost in the billions to build. And they are dazzling in a certain kind of a way. I don't think they're trying to be "classy." More in your face glitzy and over the top. But miniature Eiffel Towers and volcanos on the strip... a bit cheesy to say the least.

But there are some really great things about Vegas. One big one is how contained the experience is. Your plane lands, and you're literally checking into your hotel 20 minutes later. You can get amazing hotels that are basically 5 star quality for about 60% of the price as something like The Peninsula in Chicago. And honestly, I don't think I've ever had a bad meal on the Strip (of course, I usually choose good restaurants). Will they be winning any Beard awards? No. But they're really good nonetheless.

My personal opinion is Vegas is fun with a group of friends for 2-3 days. As long as you don't do it more than every several years. Beyond that.... it's a bit nauseating.

[Steely Dan]

i over-indulged on vegas in my 20s.

haven't been there for over a decade.

and now have no desire to ever return.

[tintinex]

Originally Posted by rgolch

I mean.... you're right and you're wrong about Vegas.....

Some of those casinos cost in the billions to build. And they are dazzling in a certain kind of a way. I don't think they're trying to be "classy." More in your face glitzy and over the top. But miniature Eiffel Towers and volcanos on the strip... a bit cheesy to say the least.

But there are some really great things about Vegas. One big one is how contained the experience is. Your plane lands, and you're literally checking into your hotel 20 minutes later. You can get amazing hotels that are basically 5 star quality for about 60% of the price as something like The Peninsula in Chicago. And honestly, I don't think I've ever had a bad meal on the Strip (of course, I usually choose good restaurants). Will they be winning any Beard awards? No. But they're really good nonetheless.

My personal opinion is Vegas is fun with a group of friends for 2-3 days. As long as you don't do it more than every several years. Beyond that.... it's a bit nauseating.

My problem with Las Vegas a convention city is that I can be very expensive for companies to send their employees there. My company sent me to a conference at the Venetian, and the hotels are so huge that the only option is for me to stay there or walk for 45 minutes from the hotel across the street. Even from my room at the hotel it was a 20 minute walk to where I needed to be, and the rooms were $700 a night. For a small/medium company sending a couple of people, that adds up

[marothisu]

Originally Posted by rgolch

I mean.... you're right and you're wrong about Vegas.....

Some of those casinos cost in the billions to build. And they are dazzling in a certain kind of a way. I don't think they're trying to be "classy." More in your face glitzy and over the top. But miniature Eiffel Towers and volcanos on the strip... a bit cheesy to say the least.

But there are some really great things about Vegas. One big one is how contained the experience is. Your plane lands, and you're literally checking into your hotel 20 minutes later. You can get amazing hotels that are basically 5 star quality for about 60% of the price as something like The Peninsula in Chicago. And honestly, I don't think I've ever had a bad meal on the Strip (of course, I usually choose good restaurants). Will they be winning any Beard awards? No. But they're really good nonetheless.

My personal opinion is Vegas is fun with a group of friends for 2-3 days. As long as you don't do it more than every several years. Beyond that.... it's a bit nauseating.

I'll give Vegas credit for having awesome buffets and the food might be better than your average Anytown USA town, but when compared to the likes of NYC, LA, and Chicago they are pretty "average good." They have some solid food, but nothing you can't get anywhere else.

As far as "Vegas is fun with a group of friends for 2-3 days" - yes that's true, but you can say that about anything or any place. I've been to some truly atrocious bars in my life, but they were fun because of the group of people. I went to school in the middle of Iowa. It was fun though because of the people, not because of the actual place itself. I feel like what you're saying is very general and could be applied to anywhere really.

Vegas has some good things going for it - I have friends who live there. At the same time though it's easily the most overrated place in the US.

[OrdoSeclorum]

Originally Posted by marothisu

At the same time though it's easily the most overrated place in the US.

I've been saying to friends for years that Austin is so overrated, every other city in America is a little bit better than you think because the scale is messed up. If Austin was in California it would be called, "Sacramento."

[the urban politician]

^ ??? How did Austin enter the discussion

[k1052]

Originally Posted by marothisu

I'll give Vegas credit for having awesome buffets and the food might be better than your average Anytown USA town, but when compared to the likes of NYC, LA, and Chicago they are pretty "average good." They have some solid food, but nothing you can't get anywhere else.

This.

Also when I'm there for work getting dragged to poorer copies of renowned establishments that I've actually been to the originals of is a special kind of hell.

[Randomguy34]

Northern Trust moving up to 3,000 workers to 'Big Red'

By Ryan Ori - Contact Reporter
CNNA Financial's brightly colored Loop office tower, also known as "Big Red," is getting a new namesake tenant as the insurer prepares to move its headquarters next year to a tower under construction.

Northern Trust Corp. has leased 462,000 square feet in the 45-story building at 333 S. Wabash Ave., and plans to move 2,500 to 3,000 employees there in 2020 from multiple Chicago locations, spokesman Douglas Holt said. Holt said the move will not affect the company's headquarters at 50 S. LaSalle St.

Northern Trust's deal includes signage and naming rights.

The deal, to date the year's the second-largest office lease downtown, is a big step for Chicago developer John Buck Co., which in late 2015 struck an unusual, two-part deal with CNA. In that transaction, CNA agreed to become the anchor tenant of a 35-story office tower the developer is building on Franklin Street, while Buck agreed to pay CNA $108 million for CNA's 1.2 million-square-foot red building.
...
A large number of the workers are expected to come from a nondescript building at 801 S. Canal St., where Northern Trust's lease expires in 2020.

"They love the high ceilings, natural light and the renovations Buck is doing to the building," Lippman said. "It seemed like a really good fit, and the timing worked well."

In a statement, Northern Trust Chairman and CEO Frederick Waddell said the lease is "part of our ongoing focus to drive efficiency and growth. This move will provide greater opportunities for our employees to collaborate and develop creative solutions in a state-of-the-art environment."

http://www.chicagotribune.com/busine...09-column.html

[Justin_Chicago]

Clean-tech startup gets another $20 million

A Chicago-based company that turns cow manure into natural gas to power trucks has raised another $20 million.

AMP Americas creates biomethane from waste processed at Fair Oaks Farm, a large dairy farm about 90 minutes from Chicago. The six-year-old company, founded by former energy trader and real estate investor Nate Laurell, has built a network of 20 natural-gas filling stations from Indiana to Texas.

The money comes from Houston-based private-equity fund EIV Capital. Along with $20 million in expansion capital, about $27 million will go to replace an existing investor. Other backers also include Chicago-based energy investor Andrew Perlman.

The new money will be used to expand the business, including building its new gas-production facilities. Engineering and permitting work has begun on a second gas-production facility in the Midwest, says CEO Grant Zimmerman, who joined the company from McKinsey in 2015 and became CEO last year. He declined to name the exact location of the facility, which will be larger than Fair Oaks. A new refueling station in Buda, Texas, just outside Austin, for US Foods is expected to open in the fall.

Article: http://www.chicagobusiness.com/artic...ses-20-million

[ithakas]

Originally Posted by Randomguy34

Northern Trust moving up to 3,000 workers to 'Big Red'

I guess they're not putting condos in the Big Red anytime soon as some speculated when John Buck purchased it.

It does, interestingly, free up Northern Trust's building in the service area of downtown south of the Old Post Office, which is a huge redevelopment opportunity in general. I'd love to see Sterling Bay buy the block where the Holiday Inn and a couple low-slung restaurant buildings are and move forward with their Union Station/SOM proposal anyway, assuming they can get an anchor.

On another note, there haven't been any big HQ moves to the city for awhile – I wonder if there are more coming in the pipeline? Still would love to see Walgreens take the Old Post Office.

[the urban politician]

British iam Bank Chooses Chicago For Global Headquarters

http://www.areadevelopment.com/newsi...illinois.shtml

[IrishIllini]

Originally Posted by the urban politician

British iam Bank Chooses Chicago For Global Headquarters

http://www.areadevelopment.com/newsi...illinois.shtml

Great piece. Only 35 employees to start, but hopefully things take off and we continue to see more moves like this. Great to see they're coming from outside the metro area. I'd love to see Chicago continue to take a more aggressive approach in luring companies from pricey domestic and foreign markets. The talent and infrastructure is here and the cost of doing business is considerably lower than all peer cities!!

[emathias]

Originally Posted by the urban politician

British iam Bank Chooses Chicago For Global Headquarters

http://www.areadevelopment.com/newsi...illinois.shtml

Reading that, it sounds kind of like iam has similar goals to Ally Bank in Detroit, which hasn't had as big a role in downtown Detroit's revialization as Rocket Mortgage, but still has over 1,500 employees downtown there. If iam took off, its not impossible that they could eventually be that size in Chicago. 1,500 sounds like a lot of employees but it would be only about one quarter of one percent of all jobs in the Central Area.

[Justin_Chicago]

HealthJoy plans to grow its team by 50 percent with $3M Series A

Healthtech startup HealthJoy has just announced a $3 million Series A round led by Chicago Ventures, with Social Capital, Sidekick Fund and GoHealth also participating. Several angel investors from health and tech companies like OurHealth and kCura also contributed.

The new round comes a little more than a year after HealthJoy raised $3 million in seed funding, which GoHealth led.

“HealthJoy boasts a powerful combination of a world-class team and groundbreaking technology with a proven approach to employee engagement, and unmatched cost containment results,” said Stuart Larkins, partner at Chicago Ventures, in a statement. “They are in a unique position to impact a huge market with well-defined pain points, and we are excited to help fuel their growth.”

HealthJoy’s mobile app makes it easier for people to navigate their healthcare plans. Users can find a doctor, get information on wellness programs and even find coupons to save money on medication. The experience is powered by an A.I. chatbot named Joy, which knows the ins and outs of a user’s insurance.

“We’re looking to bring on 15 people over the next six to nine months,” Holland said. "All those hires will be in Chicago.”

Article: http://www.builtinchicago.org/2017/0...ries-a-funding

[Justin_Chicago]

Reverb.com raises another $15 million

David Kalt never has to look far for investors at Reverb.com. Between partners and customers of the online exchange for guitars and other musical gear, there's a ready list of backers. That's how he was able to pull in $15 million from 65 investors, including Paypal co-founder and Chicago native Max Levchin, legendary Silicon Valley investor Roger McNamee, former Twitter COO Adam Bain and Jon Oringer, CEO of Shutterstock. They join existing investors Summit Partners as well as Cheap Trick's Rick Nielsen.

"Investors are constantly contacting me," said Kalt, whose other backers include David Lowery of the bands Cracker and Camper van Beethoven, as well as Groupon co-founders and Lightbank partners Eric Lefkofsky and Brad Keywell. "Music is an important part of a lot of people's lives."

He continued: "With Max (Levchin), we have a business relationship with Affirm (Levchin's consumer-credit startup). Reverb uses Affirm. As he's watched our growth over time, he said, 'Let me know when I can invest.' Jon Oringer of Shutterstock loves buying guitars on Reverb."

McNamee, who founded Elevation Partners with Bono, also is a serious musician. He was a customer of Kalt's retail guitar-and-equipment business in Lakeview, Chicago Music Exchange. "I look for people who can add value without adding another institutional investor to the (board)," Kalt said.

Article: http://www.chicagobusiness.com/artic...-million-round