CHICAGO | Economic & Business Development - Page 268

twister244 · #**5341** Posted **Jul 24, 2024, 6:36 AM**

Quote:

Originally Posted by pullmanman

Heard from a guy working at a land use law firm that a major obstacle to an unstated Quantum computing company (probably PsiQuantum) opening a Chicago campus is opposition from the local alderman because of gentrification concerns.

I have to imagine the powers that be won't let a single alderman get in the way of something like this........

It's worth remembering both Johnson and Pritzker are on board with all of this. I find it hard to believe an alderman will shut this down because of gentrification concerns. This isn't some random highrise proposal - It's a major investment into a hollowed out part of the city.

sentinel · #**5342** Posted **Jul 24, 2024, 12:29 PM**

Quote:

Originally Posted by twister244

I have to imagine the powers that be won't let a single alderman get in the way of something like this........

It's worth remembering both Johnson and Pritzker are on board with all of this. I find it hard to believe an alderman will shut this down because of gentrification concerns. This isn't some random highrise proposal - It's a major investment into a hollowed out part of the city.

Fine, let it be built near Lockport. That’ll learn them. In all seriousness, in an area of the country that desperately needs some sort of stability, even if it means a modest amount of gentrification, the worst thing you can do is piss away a once-in-lifetime opportunity like this.

twister244 · #**5343** Posted **Jul 24, 2024, 2:43 PM**

Quote:

Originally Posted by sentinel

Fine, let it be built near Lockport. That’ll learn them. In all seriousness, in an area of the country that desperately needs some sort of stability, even if it means a modest amount of gentrification, the worst thing you can do is piss away a once-in-lifetime opportunity like this.

Agreed.... It's like - You want your jurisdiction to continue to be a rotting shell of a former self laden with crime and poverty?.........

Steely Dan · #**5344** Posted **Jul 24, 2024, 3:15 PM**

What do you want?

More investment and jobs and opportunity!!!

Okay, here you go.

NO! Not that kind of investment and jobs and opportunity.

galleyfox · #**5345** Posted **Jul 24, 2024, 4:46 PM**

Quote:

Originally Posted by twister244

I have to imagine the powers that be won't let a single alderman get in the way of something like this........

It's worth remembering both Johnson and Pritzker are on board with all of this. I find it hard to believe an alderman will shut this down because of gentrification concerns. This isn't some random highrise proposal - It's a major investment into a hollowed out part of the city.

Right. There’s no law that requires the alderman’s approval.

Just submit it to the council and have the other 49 aldermen override any objections.

CaptainJilliams · #**5346** Posted **Jul 25, 2024, 12:10 PM**

US Steel South Works Site Wins Massive Quantum Project

https://www.chicagobusiness.com/tech...es-south-works

PsiQuantum to Build First US-Based Utility-Scale Quantum Computer in Chicago, Illinois

https://www.psiquantum.com/featured-news/illinois-iqmp

sentinel · #**5347** Posted **Jul 25, 2024, 12:50 PM**

Quote:

Originally Posted by CaptainJilliams

US Steel South Works Site Wins Massive Quantum Project

https://www.chicagobusiness.com/tech...es-south-works

PsiQuantum to Build First US-Based Utility-Scale Quantum Computer in Chicago, Illinois

https://www.psiquantum.com/featured-news/illinois-iqmp

Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.

twister244 · #**5348** Posted **Jul 25, 2024, 1:38 PM**

Quote:

Originally Posted by sentinel

Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.

I really find the chances of any individual alderman fucking this up close to zero. There's way too much money and support going into this.....

twister244 · #**5349** Posted **Jul 25, 2024, 1:47 PM**

Quote:

Originally Posted by sentinel

Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.

A couple interesting tidbits:

Quote:

The state will provide $200 million to PsiQuantum in grants, workforce development assistance, a low-interest loan and other incentives in exchange for a minimum investment of $1 billion by the company. Psi is a startup that has raised more than $700 million.

Quote:

PsiQuantum chose Illinois after a search that lasted more than a year and included 15 states. Pritzker’s team won out with a proposal that went beyond the usual tax breaks, featuring a quantum “campus” anchored by a giant cryogenic facility that can be used by Psi and others, creating a cluster of technology companies. The state said additional tenants will be announced in the coming months.

So - Just for accounting (according to the article):
- $200 million from Pritzker for the Quantum Exchange
- $250 in grants towards research labs in the area from feds
- $500 million Pritzker got passed into his budget earlier this year
- $1 billion from Psi to ultimately buildout this campus
- $140 million from DARPA

That's nearly $2.1 billion in investment towards the local economy. Great work all around from leaders to pull this together.

I'm going to a tech event later over the LY area and will be curious to see how this announcement will tie into the local tech scene. This is great, but we need to see the innovation spiral out into companies that can tap into this technology. That's where the real economic impact will start to take hold.

sentinel · #**5350** Posted **Jul 25, 2024, 2:32 PM**

Quote:

Originally Posted by twister244

I really find the chances of any individual alderman fucking this up close to zero. There's way too much money and support going into this.....

I hope and pray you're 100% right.

skysoar · #**5351** Posted **Jul 25, 2024, 2:50 PM**

Away with the I heard someone said that someone else said conversation. If it's not public, then it is just conjecture, unverifiable, or rumor chasing. With Pritzker and Johnson being on board this project is a go and no Alderman can stop a train that has already left the station.

OrdoSeclorum · #**5352** Posted **Jul 25, 2024, 3:01 PM**

Quote:

Originally Posted by sentinel

I hope and pray you're 100% right.

At this level--Pritzker a billionaire with national political juice and the Alderman, a guy whose dream is to get free pizza from Dominos if he doesn't sandbag a renovation permit--there are 1001 ways to move things forward where he's not even a speed bump. Mitchell is about as small time as it gets. He thinks shoving other aldermen is a way to get what he wants.

Most likely he threatened to make a stink about gentrification if he doesn't get his beak wet and that amounts to something like his sister in law gets a desk job in city hall she's not qualified for. But if he really decided to tilt at some quantum windmills Mitchel would be a bug on the windshield.

Chisouthside · #**5353** Posted **Jul 25, 2024, 3:21 PM**

The Blockclub article on this alludes to Mitchell and Chico being on board.

pullmanman · #**5354** Posted **Jul 25, 2024, 3:21 PM**

Quote:

If it's not public, then it is just conjecture, unverifiable, or rumor chasing. With Pritzker and Johnson being on board this project is a go and no Alderman can stop a train that has already left the station.

So I’m the guy who posted the original rumor. Very happy to be proven wrong. Besides, I heard that from a guy representing land use attorneys, who probably will tend to over-state any friction in the process or paint any negotiations / concerns as needless obstruction to their clients benevolent investment in the area.

twister244 · #**5355** Posted **Jul 25, 2024, 3:25 PM**

Quote:

Originally Posted by pullmanman

So I’m the guy who posted the original rumor. Very happy to be proven wrong. Besides, I heard that from a guy representing land use attorneys, who probably will tend to over-state any friction in the process or paint any negotiations / concerns as needless obstruction to their clients benevolent investment in the area.

Yeah, I have to error on the side of - I won't believe it until I see some official press releases. Maybe there was some angst behind the scenes in negotiations, but if there was any real challenge to this, we would have seen it creep up before a major press release from a company valued at nearly $1b......

sentinel · #**5356** Posted **Jul 25, 2024, 3:25 PM**

Rendering from Crain's:

Edit: Looking at this image again, what is absolutely wild to me is the scale...and not just of this project, but of the entire Southworks site. They're not even using half of the site. And looking at Google maps, you could fit approx. 1.5 Loops within the entire site. Amazing.

sentinel · #**5357** Posted **Jul 25, 2024, 6:07 PM**

Double post.

moorhosj1 · #**5358** Posted **Jul 25, 2024, 7:04 PM**

Quote:

Originally Posted by sentinel

Edit: Looking at this image again, what is absolutely wild to me is the scale...and not just of this project, but of the entire Southworks site. They're not even using half of the site. And looking at Google maps, you could fit approx. 1.5 Loops within the entire site. Amazing.

Before this plan came about, I was sending my Alderperson emails asking the city to explore buying this land and turning it into a giant park and outdoor recreation area. There is already a climbing wall there, people use the slip for fishing, and Big Marsh is close by.

Maybe we could do that on the northern portion?

Klippenstein · #**5359** Posted **Jul 26, 2024, 3:03 AM**

The Psi Quantum article mentions 150 jobs in the next 5 years. That kind of confirms to me that, in regards to the renderings, Psi Quantum is only constructing the big warehouse and the rest of the Illinois Quantum and Microelectronics Park would be built out by other companies. Does that seem right?

Halsted & Villagio · #**5360** Posted **Jul 26, 2024, 3:47 AM**

Quote:

Originally Posted by sentinel

Rendering from Crain's:

Edit: Looking at this image again, what is absolutely wild to me is the scale...and not just of this project, but of the entire Southworks site. They're not even using half of the site. And looking at Google maps, you could fit approx. 1.5 Loops within the entire site. Amazing.

Huge news! Its also hard to imagine the land surrounding it remaining vacant for long - housing/a store/or restaurant, etc., could soon follow. Even a nice midrise or townhouse development could be added on the adjacent land. That said, I do hope they develop a nice green space/park or something along those lines... highly likely since they are already doing something similar to that now.

All in all, this could be a game changer for that area.