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Lots of folks see the same pluses and minuses -- not sure that means anything as far as Amazon, but the fact is there are some aspects of the RFP that Amazon seems to be tailoring specifically toward Chicago AND the potential for both rehab and new construction that would be almost too perfect to think that they have not at least pre-selected the Post Office.
While I like the ingenuity of folks suggesting Goose Island or the Finkl site those folks probably don't want to acknowledge that a big reason that Goose Island has NOT been utilized for a traditional office hub before and why there more proposals for Finkl to be redeveloped as residential and retail is the pattern of transit even for folks who live in otherwise well served parts of Chicago is CRAP to get these sites. Part of it has to do with the fact that for decades both these areas were pretty much exclusively served by trucks which naturally make for lousy conflicts with buses BUT the other reality is that due to the extreme "hub and spoke" nature of even CTA rapid transit lines is a GIANT hassle to try to get anywhere outside of the Loop during rush hour on either CTA or Metra. More than a few times I have been in the city at someplace like DePaul's Lincoln Park campus or near where my sister lives in Lincoln Square and the the futility of trying to get get anywhere on over crowded trains makes the whole effort seem like a salmon swimming upstream. Using apps that allow you to compare driving time like Waze to the transit time features of Google Maps make it easy to just get in your own car or rely on Lyft / Uber. Problem is that won't scale and Amazon has some come of unicorn workforce that will all walk to work / ride bicycles they pretty much HAVE to focus on stuff that is in the Loop are real close to it.
The nice thing about the Post Office is they get to "make it their own" and THAT is really more important than having any distinctive "tower" along the river or what have you. Even really posh interior towers like the that recently opened by Hyatt don't really have the exterior distinctiveness to help brand anything. That is the harsh lesson that Sears learned both when the had the tower and then when they tried to get top dollar selling it. The potential to develop the long neglected site(s) near the Post Office like those that lie between Harrison & 18th -- that is a HUGE amount of essentially green grass that could uniquely accommodate a "corporate campus" in the style of Apple in Silicon Valley while getting all the glory of "urban redevelopment". It could also work well with the push that Amazon is making to get into "bricks and mortar" retail with both the Amazon and Whole Food "brands" that as they would get unique exposure as the background for Soldier Field and even Sox games where there there are aerial shots, these are the kinds of things that egomaniacs like Bezos just can't resist...
Strong case for Old Post Office. You at least won me over thats for sure lol
I didn't consider that the same capacity issues that would plague Goose Island's contention would also be an issue at the Finkl Steel site. But it makes complete sense considering our loop-centric transit system.
Personally I do still the LP location working out if they wanted to. Good proximity to Brown and Blue line. The Metra, and the expressway are right there as well. Not saying that wouldn't transform that area into commuter hell though...
What is really weird though is that these things do hurt the local businesses -- they literally pay the same or maybe more in taxes, there is no upside for them either, as things like rents go up. Heck it also increases competition for workers, increases congestion and all kinds of other negatives. Some of the firms that were sorta feeling squeezed will leave, and there can be a negative backlash.
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Your last few posts have been excellent but I have to disagree with this statement to some extent, or at least clarify. Amazon would not only bring 50,000 relatively high paying jobs but it would also enhance this prestige and very possibly draw more high paying jobs. That woild be good for business...well the ones in the Emerald City anyway.
It would also create more demand for housing, which could cause the revival of some presently neglected neighborhoods. I can see East Garfield Park, Little Village, and maybe even North Lawndale benefiting from this.
That said, our tax burden and fiscal state are big problems, there is no doubt about it. If Amazon gets off tax free, and they probably will, then that is not going to lessen the tax burden for other businesses or residents. This is why the should be accompanied by reforms which favor a strong business climate generally. And yes, that interest should be prioritized ahead of public employees unions.
Your last few posts have been excellent but I have to disagree with this statement to some extent, or at least clarify. Amazon would not only bring 50,000 relatively high paying jobs but it would also enhance this prestige and very possibly draw more high paying jobs. That woild be good for business...well the ones in the Emerald City anyway.
It would also create more demand for housing, which could cause the revival of some presently neglected neighborhoods. I can see East Garfield Park, Little Village, and maybe even North Lawndale benefiting from this.
That said, our tax burden and fiscal state are big problems, there is no doubt about it. If Amazon gets off tax free, and they probably will, then that is not going to lessen the tax burden for other businesses or residents. This is why the should be accompanied by reforms which favor a strong business climate generally. And yes, that interest should be prioritized ahead of public employees unions.
East Garfield park will benefit from this hugely - its real estate market is already crazy. It won't be safe for a few years after the uptick in rents/housing drives out the open air drug markets and gangs near Madison.
Little village will definitely benefit too, and I think parts of North Lawndale could improve (near trip Taylor), but the heart of that neighborhood will take a couple decades after Amazon moves here..
Your last few posts have been excellent but I have to disagree with this statement to some extent, or at least clarify. Amazon would not only bring 50,000 relatively high paying jobs but it would also enhance this prestige and very possibly draw more high paying jobs. That woild be good for business...well the ones in the Emerald City anyway.
It would also create more demand for housing, which could cause the revival of some presently neglected neighborhoods. I can see East Garfield Park, Little Village, and maybe even North Lawndale benefiting from this.
That said, our tax burden and fiscal state are big problems, there is no doubt about it. If Amazon gets off tax free, and they probably will, then that is not going to lessen the tax burden for other businesses or residents. This is why the should be accompanied by reforms which favor a strong business climate generally. And yes, that interest should be prioritized ahead of public employees unions.
The fact is that study after study has proven that when cities and states "incentivize" relocations, whether it is for sports stadiums, or heavy industries, or offices, the pay out does not materialize. This is different than expansion -- when companies are doing well and on their own, with out tax breaks, they expand, it basically means that the people running the business pretty much know what they are doing and THAT makes a huge difference.
I recall seeing a panel on this a few years back at business group in the city and the speaker, I believe an economist from UofC, basically framed the giveaways as a variation on the proverb -- "give a man a fish he eats for a day, teach a man to fish he eats forever, yet what incentives do is take the man who cannot fish and slips a captive fish onto his hook -- that man will eat only as long as you continue the incentives, and if you stop he will try to find some one else willing to put fish on his hook, worse those who were fishing for themselves will expect the incentives to make their fishing easier or they too will find another pond that is not just good fishing but so filled with incentives that they lose their desire to fish..."
The fact is that study after study has proven that when cities and states "incentivize" relocations, whether it is for sports stadiums, or heavy industries, or offices, the pay out does not materialize. This is different than expansion -- when companies are doing well and on their own, with out tax breaks, they expand, it basically means that the people running the business pretty much know what they are doing and THAT makes a huge difference.
I recall seeing a panel on this a few years back at business group in the city and the speaker, I believe an economist from UofC, basically framed the giveaways as a variation on the proverb -- "give a man a fish he eats for a day, teach a man to fish he eats forever, yet what incentives do is take the man who cannot fish and slips a captive fish onto his hook -- that man will eat only as long as you continue the incentives, and if you stop he will try to find some one else willing to put fish on his hook, worse those who were fishing for themselves will expect the incentives to make their fishing easier or they too will find another pond that is not just good fishing but so filled with incentives that they lose their desire to fish..."
Welcome to the 21st Century Global Economy! Ain't it great? The problem is that if Lake Chicago won't slip a fish on their hook, then Lake Atlanta, Lake Memphis, Lake Nashville, Lake Dallas, Lake Seattle, Lake Philly, or Lake Boston gladly will. The real problem is the downfall of manufacturing. We no longer have that large tax base and job source in the country generally in any kind of abundance. So states and municipalities are left to grovel for the big job producers, contenting themselves with the "trickle down" as opposed to outright immediate benefit from the business proper.
This has to be resolved on the Federal level, with policies enacted to bring manufacturing back into the United States, even if those policies are painful in the short term.
The good news here at least is that this particular project will end up revitalizing a dilapidated property potentially (the old Post Office) or at least build a large campus somewhere. It will also bring a lot of money into the City.
Yes it's an unfortunate reality. I hate tax breaks for wealthy corporations. But you have to consider the indirect benefits to the state. This would be a huge income stream for Chicago. Not just in income taxes. 50,000 very high salaried employees spending money on housing, goods and services in Chicago. Sales tax, etc. Plus this would undoubtedly bring ancillary companies into Chicago as well. Overall I think the benefits outweigh the risks.
"On Wednesday, Amazon announced a national search for a second corporate headquarters location, and Mayor Rahm Emanuel is reported to be planning to aggressively pursue a deal."
“Taxpayers should watch their wallets as the trophy deal of the decade attracts politicians to a hyper-sophisticated tax-break auction. We fear that many states and localities will offer to grossly overspend to attract Amazon, even though the business basics – especially a metro area’s executive talent pool – will surely control the company’s decision.”
It seems in some ways, Chicago has forces that will actively sabotage and prevent growth and opportunity. The Olympics, the Lucas museum, etc. Its almost as if some want it to fail. I certainly hope Amazon does bring its headquarters to Chicago. I really don't think there is a better place, maybe Boston but we certainly have to brain power here and the means to attract an educated work force.
What he's doing is asking for states to compete for tax incentives. Seriously, **** that. The wealthiest company in the world next to Google and Apple-- you'll notice none of these companies pay dividends or taxes-- needs states to compete for preferential tax treatment?
Seriously?
I'll buy the prostitute if Bezos needs to be told how to **** himself, or if he needs the help. What I won't do is suffer this nonsense while getting ****ed over myself.
Amazon is making a lot of money and honestly doesn't need Illinois tax credits to execute its business plan.
Last year's sales were $136 billion, a 27 percent increase from the previous year, while annual net income was $2.37 billion — way up from the prior year's $596 million.
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Honestly, I wish it were the case too...
