CHICAGO | Economic & Business Development

[Justin_Chicago]

Tiger Woods, Mayor Rahm Emanuel on board for South Side golf mecca

For decades, Chicago's golf impresarios have wondered if it would be possible to recast Jackson Park and the lakeside South Shore into a dazzling course that could host a premium PGA Tour event such as the BMW Championship.

Finally, the answer is yes.

The Tribune has learned that Woods has committed to be the lead designer. In a statement released by TGR Design, Woods said: "This project can create incredible possibilities for the community on the South Side. We want to design a course that everyone will enjoy."

And on Sunday, Mayor Rahm Emanuel will announce the formation of the Chicago Parks Golf Alliance (CPGA), a nonprofit charged with improving Chicago Park District courses and golf facilities, expanding youth golf programs and, most significantly, raising money to make the Jackson Park/South Shore project a reality.

Groundbreaking on the $30 million renovation is aimed for the spring, with hopes to complete the 18-hole championship course, plus either a short course or par-3 course, in 2020.

Jackson Park will remain open in 2017 and 2018, and the yet-to-be-named championship course will remain public, with discounted tee times for local residents.

The CPGA will partner with the Western Golf Association in two important ways: to promote caddie programs that could yield college scholarships and to customize the property so it's well-suited to host a tournament such as the 2021 BMW Championship, a FedEx Cup playoff event.

Article: http://www.chicagotribune.com/sports...216-story.html

[HowardL]

Originally Posted by Justin_Chicago

Tiger Woods, Mayor Rahm Emanuel on board for South Side golf mecca

I'm not a golfer but this is cool.

[HowardL]

All I ever post about is the financial services sector of Chicago's business environment but this one is great. I wish I could quote the entire article as it outlines one of the greatest, most overlooked strengths of this city in global affairs.

Chicago retains role as capital of derivatives industry
Open-outcry pits are becoming a thing of the past, but the expertise has stayed

When the Chicago Mercantile Exchange launched its electronic transaction system, its chosen name of Globex was a clear indication of how it saw the business developing.

Globex allowed people anywhere in the world to buy and sell futures as easily as the traders shouting in Chicago’s octagonal pits. The technology also signalled the beginning of the end of the open outcry system that had been operating in Chicago since the 19th century.

Yet, while the marketplaces have largely become virtual, Chicago has retained its role as capital of the listed derivatives industry.

The metropolitan area has 45,000 jobs in derivatives and related sectors — which includes trade in futures contracts and other financial products — about the same as 15 years ago, according to the Illinois Department of Employment Security.

[the urban politician]

^ A lot of articles about Chicago in there. A great read!

[jboy560]

Looks like 1,000 new jobs are heading to Aurora thanks to Amazon. Good news!

http://www.chicagobusiness.com/artic...ora-facilities

[OrdoSeclorum]

Originally Posted by jboy560

Looks like 1,000 new jobs are heading to Aurora thanks to Amazon. Good news!

http://www.chicagobusiness.com/artic...ora-facilities

7,000 jobs added in the last couple years is A LOT of jobs. I know that sales laws meant that Amazon kept some facilities out of Illinois until fairly recently. Do we have an idea if all this hiring is just isostatic rebalancing from other regional facilities into Chicago, rapid growth of Amazon's business or a re-focus in Chicago as a major shipping center? All three?

[Baronvonellis]

Amazon is growing fast and booming. Prime membership is their biggest money maker. Their stock rises based on how many Prime members they can add, and how fast they can add them. Prime members order significantly more items than non-Prime members. In order for Prime to be profitable to them they need lots of warehousing. Prime shipping needs lots of warehousing close to their customers to get their free 2-day shipping, and same day shipping in Chicago and select markets.

[marothisu]

HR software firm gets private-equity infusion

http://www.chicagobusiness.com/artic...equity-funding

StratEx, which makes software to help restaurants handle payroll, has gotten a little help of its own.

The Chicago technology company landed a seven-figure investment from Halyard Capital, a private-equity firm based in New York, to rev up its already fast growth. Terms of the deal weren't disclosed, but CEO Adam Ochstein said it was a minority investment.

...

StratEx, founded in 2005, is profitable and growing fast, he said. It has doubled its staff in the past year to about 90, and he expects headcount to top 150 in the next 12 months.

[Justin_Chicago]

O'Hare Debuts New $222 Million Cargo Facility

Approved in 2012, the $220 million project was funded mostly by the real estate company Aeroterm, buffeted by about $62 kicked in by airlines. Per an agreement with the city, the facility will "provide $600 million of economic benefit to the airport," officials said.

The warehouse sits on 65 acres of previously undeveloped land on airport property.

Speaking inside the sprawling new building, Mayor Rahm Emanuel said the airport hasn't been pulling its weight when it comes to cargo handling.

"Chicago is only fifth in the United States and seventh worldwide when it comes to how much cargo we transport, and I think it's been underperforming as it relates to what its capacity is," he said. "This investment, and the jobs that come with it, will allow Chicago to actually fight in its weight class in terms of what we can do with economic growth."

But the facility's impact on the volume of cargo flights will be "minimal," instead "significantly improv[ing] cargo processing efficiency at O'Hare," according to Owen Kilmer, a spokesman for the city's aviation department.

Airlines at O’Hare handled more than 1.6 million tons of air cargo in 2015, its highest volume ever, officials said.

Shipments began pouring into the completed warehouse in mid-October, Kilmer said, with a second building aiming to start operations next March. The third and final phase of the addition is still "in its planning stages, he said.

Once completed, the entire facility will employ about 1,200 full-time workers, officials said, with the new traffic spurring the creation of an estimated 10,000 more jobs "throughout the region."

Article: https://www.dnainfo.com/chicago/2016...roterm-project

[F1 Tommy]

Originally Posted by Justin_Chicago

O'Hare Debuts New $222 Million Cargo Facility

Approved in 2012, the $220 million project was funded mostly by the real estate company Aeroterm, buffeted by about $62 kicked in by airlines. Per an agreement with the city, the facility will "provide $600 million of economic benefit to the airport," officials said.

The warehouse sits on 65 acres of previously undeveloped land on airport property.

Speaking inside the sprawling new building, Mayor Rahm Emanuel said the airport hasn't been pulling its weight when it comes to cargo handling.

"Chicago is only fifth in the United States and seventh worldwide when it comes to how much cargo we transport, and I think it's been underperforming as it relates to what its capacity is," he said. "This investment, and the jobs that come with it, will allow Chicago to actually fight in its weight class in terms of what we can do with economic growth."

But the facility's impact on the volume of cargo flights will be "minimal," instead "significantly improv[ing] cargo processing efficiency at O'Hare," according to Owen Kilmer, a spokesman for the city's aviation department.

Airlines at O’Hare handled more than 1.6 million tons of air cargo in 2015, its highest volume ever, officials said.

Shipments began pouring into the completed warehouse in mid-October, Kilmer said, with a second building aiming to start operations next March. The third and final phase of the addition is still "in its planning stages, he said.

Once completed, the entire facility will employ about 1,200 full-time workers, officials said, with the new traffic spurring the creation of an estimated 10,000 more jobs "throughout the region."

Article: https://www.dnainfo.com/chicago/2016...roterm-project

This is big for ORD. Now they can push Memphis and Louisville and pass Anchorage(mainly a fuel stop). Now ORD needs to work on getting more of it's share of the North American international passenger traffic back.

[Justin_Chicago]

Easily accessible on the Blueline CTA

Itasca-based First Midwest moving HQ, 300 workers to Chicago

The parent of First Midwest Bank is moving its corporate headquarters from northwest suburban Itasca to the Northwest Side of Chicago.

First Midwest Bancorp will relocate its headquarters to Triangle Plaza, 8750 W. Bryn Mawr Ave., by the spring of 2018, the company announced today. The 80,000-square-foot space in an existing building will house more than 300 employees, including commercial banking teams.

The move to a more central location came because the bank needs more space, spokesman Jim Roolf said. “It was because of access into downtown and into the suburbs, north, west and south,” he said. “That's where our footprint is.”

Once it moves, First Midwest will join locally based commercial banking competitors MB Financial and Wintrust Financial with headquarters near O'Hare Airport. The other main locally based commercial bank, PrivateBancorp, has headquarters in downtown Chicago.

Article: http://www.chicagobusiness.com/artic...ers-to-chicago


Recycling of local capital and talent

Thinkorswim co-founders launch new firm

Thinkorswim and Dough co-founder Tom Sosnoff is once again starting up his own Chicago retail brokerage after splitting with partner TD Ameritrade.

Dough, an online and mobile platform for do-it-yourself investors which does business as Tastytrade, said in a statement today it has created a new Chicago-based broker called Tastyworks.

Tastyworks will incorporate Tastytrade's digital talk-show and other content. Sosnoff and other backers of Dough, including the venture capital firm Lightbank led by Brad Keywell and Eric Lefkofsky, launched Tastyworks today, saying the broker's Tastytrade content and pricing set it apart from a slew of rivals.

"We're letting content lead us to the next level," Sosnoff said in an interview. "When you're trading on our platform, you can also watch the show," he said.

Sosnoff decided to embark on the new venture independent of Omaha,Neb.-based TD Ameritrade after they were unable to reach agreement on a monetary terms to continue their partnership for the next ten years, he said. Their former alliance followed TD Ameritrade's purchase of Thinkorswim in 2009 for $606 million. He's leading the new firm with Thinkorswim co-founder Scott Sheridan, who is now the CEO of Tastyworks, and with Dough Co-CEO Kristi Ross. They and other employees own a majority of Dough, the parent to Tastyworks.

Article: http://www.chicagobusiness.com/artic...aunch-new-firm

[LouisVanDerWright]

Originally Posted by Justin_Chicago

Easily accessible on the Blueline CTA

Itasca-based First Midwest moving HQ, 300 workers to Chicago

Further consolidation of suburban office centers towards the core. This is exactly what I keep talking about in regards to the value of the O'Hare office node. It has quickly become a hub for companies looking to access city talent pools while still staying connected to a base of suburban workers or clients. I wonder how long it will be until the O'Hare market sufficiently tightens to trigger the construction of a new large office building or two? Perhaps some of the lots by Cumberland that have been bandied about as office sites for years will finally bite the dust? It would sure be nice if the city forced them to front the street and be pedestrian oriented. That area could be quite a little mini downtown if it were reoriented away from cars. That would only serve to make it even more attractive to businesses as amenities to their workers would go through the roof if you could walk somewhere for lunch or to go shopping after work.

[Justin_Chicago]

Software maker Mediafly gets $10 million

Mediafly, a small Chicago tech company with a roster of big clients, raised $10 million in private equity.

Its technology helps companies such as MillerCoors, PepsiCo and GE Healthcare to customize and distribute sales information digitally to large teams of employees. Another group of customers includes media companies, such as movie studios, who use it to securely share video content internally.

The money from Boathouse Capital, based in Wayne, Pa., brings total investment in Mediafly to $22 million.

The company, founded in 2006, will use the new funding to add staff in marketing, sales and engineering, says CEO Carson Conant. It plans to add 20 to 30 people this year to a staff of about 40. Mediafly more than doubled its space recently, moving to an 18,000-square-foot office at 150 N. Michigan Ave. from 444 N. Michigan.

Article: http://www.chicagobusiness.com/artic...ets-10-million

[Justin_Chicago]

I agree. They need to kill the parking lots around the Cumberland Blueline CTA stop, replace some of the lots with new parking garages to open up development space, and build 2-3 new office buildings fronting the highway and CTA station. The best path is probably replacing the existing Marriott with new office buildings and redeveloping the massive parking lot in the back with a brand new hotel property, restaurants, and parking garage. The office buildings near the Rosemont Blueline CTA stop are too far away in my opinion. The walk from the CTA stop to the U.S. Foods HQ or MB Financial HQ looks painful.


City says tourism in 2016 hit record: 54.1 million visitors

Chicago tourism hit a record level in 2016, despite a drop-off in visitors from Europe and other international locals.

New figures being released today by the city and Choose Chicago, the city's promotion agency, indicate that an estimated 54.1 million out-of-town residents visited Chicago last year. That's a bump of 1.5 million people, or 2.9 percent, over the prior year and moves the city close to Mayor Rahm Emanuel's goal of hitting the 55 million mark.

In a statement, Emanuel and Choose Chicago CEO David Whitaker said they're "thrilled" with the numbers, and said they have caused both an increase in tourism-related jobs (up 3.3 percent, to a total of 145,137) and direct spending (up 2.6 percent, to $15 billion) in 2016.

But the numbers were not as good in the lucrative international tourism category, in which each visitor tends to stay longer and spend more than U.S. tourists.

Though the number of visitors from Asian markets such as China, India and South Korea were up a solid 22.7 percent, 7.1 percent and 10.2 percent, respectively, tourism dropped from bigger European markets including the United Kingdom, down 18.3 percent; Germany, down 6.1 percent; and Spain, down 14.5 percent. Officials blamed "economic uncertainty and unfavorable exchange rates," with international tourism down an estimated 3.7 percent, to 1.56 million.

Of total visitors, roughly four in five were here for pleasure, as tourists. The remainder were traveling on business, the city said.

Article: http://www.chicagobusiness.com/artic...d-54-1-million

[Justin_Chicago]

CloudCraze Secures $20 Million in Funding to Meet Growing Demand for Cloud-Based B2B Commerce

CloudCraze, an enterprise digital commerce solution built on the Salesforce platform, has secured $20 million in funding led by Insight Venture Partners. Salesforce Ventures joins Insight as an additional investor. The combined funds will supercharge product development, support continued growth in the United States and EMEA, and expand the company`s team of B2B commerce experts.

CloudCraze is a Platinum Salesforce ISV Partner. Built on the Salesforce platform and leveraging the agility of the cloud, CloudCraze allows businesses to harness the power of digital commerce to generate online revenue fast and easily scale for growth. It provides seamless omnichannel interactions and a holistic view across all customer touchpoints. CloudCraze is focused on solving the complex needs of B2B companies including several iconic brands, such as Coca-Cola, Avid, AB InBev, Barry-Callebaut, Ecolab, GE, Land O` Lakes, Kellogg`s, and WABCO.

In the past year, CloudCraze has been recognized for its growth and innovation by several notable institutions, including being featured as a Visionary in the March 2016 Gartner Magic Quadrant for Digital Commerce and recognized as one of eight firms in The Forrester Wave(TM): B2B Commerce Suites, Q2 2015. Additionally, the company recently won the Salesforce Partner Innovation Award for its work with a leading sports apparel company and was named to Chicago Inno`s 50 on Fire list as one of the hottest B2B companies in Chicago.

Article: http://www.cloudcraze.com/news/cloud...-b2b-commerce/


Dalton, the company’s CEO, said CloudCraze hired more than 60 employees last year, ending the year at just under 100 people. He said the company expects to hire 30 or 40 more in 2017.

Article: http://www.chicagotribune.com/bluesk...104-story.html

[Justin_Chicago]

DePaul Cinema School Grows Thanks To Hands-On Partnership With Cinespace

DePaul University is more than holding its own against more renowned film schools in New York City and Los Angeles thanks to its burgeoning partnership with Cinespace Chicago, the booming set of film studios on the West Side.

DePaul is in the fourth year of what's become a 10-year lease to rent a studio at Cinespace, recently adding a second sound stage that can be partitioned to create a third.

John Corba, director of DePaul's Cinespace Studios, calls the complex "the lab," and says its emphasis on hands-on instruction in cinematography, lighting and other technical aspects of the industry has enabled the school to act as a "pipeline" to fill positions on the many commercial productions being filmed there, including Fox's "Empire" and Dick Wolf's cottage industry of Chicago-based series for NBC that began with "Chicago Fire."

The studio has 30 stages, including DePaul's two, and all of them are fully booked.

"If I had the space, I could add probably another four TV shows right now," said Alexander Pissios, founder and chief executive officer of Cinespace.

The Cinespace partnership has led to dramatic growth in the School of Cinematic Arts, which Corba said has expanded "exponentially" in about 15 years from "a few hundred" students to more than 1,200, making it the fastest-growing major at the university and the largest outside of the business program.

The key, Corba said, is "we're a pipeline," providing technical workers to fill the growing number of TV productions at Cinespace, "sometimes even before they graduate."

Pissios said a show like "Chicago Fire" spends $7-$10 million an episode. Multiply that by 24 episodes a season and three other NBC series and three other Fox shows shooting at Cinespace, and it adds up quickly.

Article: https://www.dnainfo.com/chicago/2017...arts-cinespace

[Justin_Chicago]

Networked Insights raises $30 million

Networked Insights has raised another $30 million to make its marketing-analytics software even more powerful.

Much of the money comes from some heavyweights in the food and beverage business: Sands Light Capital, the family office of an Arizona Iced Tea co-founder, and the Cherng Family Trust, the family office of the founders of Panda Express. Other investors include Goldman Sachs, which led previous rounds, and American Family Ventures, the investment arm of American Family Insurance in Madison, Wis.

Networked Insights uses artificial intelligence and machine learning to sort through massive amounts of online data, such as social media posts, that advertisers use to better target potential customers based on their interests.

Headcount has grown to about 80 from 57 a year ago. Networked Insights expects to add 35 to 40 more employees this year, mostly in Chicago and New York. Much of the staff is technology talent, though the company is building out sales as the business grows. “Talent is a challenge,” he says. “You're looking for machine learning, artificial intelligence and Big Data skills that everyone else needs, too. It's hard to hire.”

Article: http://www.chicagobusiness.com/artic...iced-tea-panda

[Vlajos]

Wow, that's a lot of new VC in the first week of 2017.

[Justin_Chicago]

Chinese company bringing more than 200 jobs to Naperville

A Chinese maker of power tools plans to bring more than 200 jobs to its new North American headquarters in Naperville over the next three years.

Chervon North America, the U.S. arm of Nanjing, China-based Chervon Holdings, confirmed plans to move workers from Michigan and several suburban Chicago locations when it opens a new headquarters in Naperville sometime in the spring.

Article: http://www.chicagobusiness.com/artic...ville-illinois


Mac & Mia gets $3 million

The online clothing seller for kids started by Marie Tillman has raised $3 million from a trio of Chicago venture funds. The company, which launched in Tillman's garage on the North Shore in 2014, has since moved to Chinatown, where it has warehouse space and 14 employees. It hired Jason Smith, former vice president of merchandising for Trunk Club, as president.

Investors include Corazon Capital, a fund launched by Sam Yagan; Chicago Ventures, whose co-founder, Stuart Larkins, invested in Trunk Club; and KGC Capital.

Article: http://www.chicagobusiness.com/artic...gets-3-million


Ex-McDonald's CEO returns to food biz

Former McDonald's CEO Don Thompson is back in the food business.

Thompson, who left the world's largest burger chain in early 2015, has launched Cleveland Avenue, a Chicago-based venture-capital firm focused on building and growing food, beverage and restaurant ventures.

The company, named after the Near North Side street where Thompson was raised, today announced its first original concept, Drink, a nonalcoholic beverage bar inside an American Eagle Outfitters flagship store in New York's Times Square.

Thompson started the company quietly in late 2015, calling on some of his former McDonald's colleagues to help with the launch. Cleveland Avenue last fall took over a three-story, 33,000-square-foot building at 222 N. Canal St. in the West Loop, an amount of space that perhaps signals big intentions.

Article: http://www.chicagobusiness.com/artic...-food-business

[Justin_Chicago]

Swanberg's "Easy" one of 3 new TV series filming here

If 2016 was considered a great year for the Chicago media and entertainment business, 2017 is starting to shape up as even greater. It could even be the year when the Chicago market eases into $1 billion revenue from film status.

Thanks to Dick Wolf / NBC Universal and to Fox TV, six primetime TV series currently film here at Cinespace Studios, with three new TV series expected to start production in early February.

They are Showtime’s “The Chi” and two Netflix anthology series, Joe Swanberg’s “Easy” and Michael Dinner’s “Electric Dreams: The World of Philip K. Dick.” “The Chi” and “Easy” are set for Cinespace stages and “Electric Dreams” will film at Chicago Studio City.

Showtime’s new hourlong drama series, “The Chi,” is from actress / writer Lena Waithe (“Bones,” “Dear White People”), an Evanston native and Columbia College 2006 graduate and is based on her experiences growing up in Chicago. The pilot was known as “The Chicago Project” when it shot here last summer.

Article: http://reelchicago.com/article/two-n...-chicago170111


Onion, Inc. & partners diving into the film business

Satiric news digital publisher Onion, Inc. has formed a joint partnership with award-winning production company, Serious Business, to produce three feature films over the next two years that Lionsgate will distribute.

Onion Studios, the in-house film/TV development arm of Onion, Inc., will work with Jason U. Nadler, Alex Blagg, and Jon Zimelis, creators and executive producers of Comedy Central’s Emmy-winning late-night show, “@midnight with Chris Hardwick.”

An Onion Productions green screen stage is located in the Franklin Street office (730 N. Franklin) and the building housing a full-service shooting stage is at 2155 W. Hubbard.

Article: http://reelchicago.com/article/onion...business170111