Curbed Chgo: Kanye West wants to reopen Chicago’s historic Avalon Regal Theater

What has been going on with the Avalon Regal Theater. Some new developments according to Curbed Chicago.

Kanye West wants to reopen Chicago’s historic Avalon Regal Theater https://t.co/FWZdM0zzFi pic.twitter.com/3at6vayHOH

— Curbed Chicago (@curbedchicago) September 10, 2018

The building was purchased out of foreclosure for $100,000 in 2014 by entrepreneur Jerald Gary. The South Shore native hoped to raise funds to cover numerous plumbing, electrical, and tech-related updates. As of Monday afternoon, a crowdfunding campaign had raised about $200 of its $150,000 goal. The property owner says that he already put “over $1 million” of his own money into the theater, according to the Chicago Sun-Times.

 

Gary hopes the restored Avalon Regal will be ready in time to host a holographic concert organized by Chicago rapper Chief Keef on September 26. If not, a “hologram truck” with a built-in stage is standing by as a back up and will host the free show in the theater’s adjacent parking lot, says the Sun-Times. 

Meanwhile, the building’s ornate lobby eyes a return to the lineup of the Chicago Architecture Center’s annual Open House Chicago weekend, scheduled for October 13 and 14. The site was abruptly pulled from the last year’s event to comply with a court order requiring the property to remain “vacant and secure,” reported the Chicago Tribune.

Provided the renovations move forward, the Avalon Regal would become the latest historic Chicago movie palace to see new life. Other notable projects include the ongoing redevelopment of Logan Square’s 2,900-seat Congress Theater and the recently announced rehabilitation of the massive, 4,381-seat Uptown Theater. 

[Kanye] West’s interest in the South Side venue was one several Chicago-related tweets published by the celebrity over the weekend. Additionally, West announced plans for a Chicago Yeezy fashion store as well as news that he would be teaching a course at the Art Institute of Chicago.

It's great to know Kanye West is involved in the efforts to restore and ultimately reopen the former movie palace. If the Uptown Theater can garner some excitement with rehabilitation so can the Regal.

 

Avalon Regal Thater offering investment bonds

Jerald Gary, the new owner of the Regal Theater on 79th at Stony Island, is offering an investment opportunity for those who want to help resurrect the theater.


This investment includes 10 free tickets (annually) and other perks.


Here is the text from their webpage (located at http://www.regaltheater.org/seatbonds ) which describes the program. The redevelopment also includes the goal of becoming the first theater in the United States with holographic projection technology  in addition to entertainment from everyone's favorite artists in R&B, Jazz, Hip Hop and Rap, as well as theater, dance, film, comedy and more

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Seat Bond Program

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The Avalon Regal Theater offers a unique opportunity for the community to invest in its success through the Seat Bond program.

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The purpose of this program is to promote self-investment and reduce reliance on government subsidies and other non-market based financing for community development in our neighborhood.

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The Seat Bond program includes 10 tickets to performances at the Avalon Regal Theater per year, in addition to invitations to exclusive investor events, VIP access to select shows, the ability to buy tickets to hot shows before they go on sell to the general public, and a named seat in the auditorium. The first class of bond holders will be recognized at the 2017 Grand Opening.

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The most important aspect of a Seat Bond is the fact that it is an investment, which means Seat Bond owners are not just patrons of, but investors in this integral part of the community.

 

Each Seat Bond is a $1,000 investment and includes:

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• 10 tickets to performances per year (does not include private events)

• 8% return on each $1,000 investment

• Return of initial investment after 1 year, with the ability to re-invest

• Embossed name plaque positioned on an auditorium seat

• Framed Seat Bond Certificate and duplicate name plaque

• Annual 1099-INT form for reporting taxable interest income

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​Individuals or organizations can purchase multiple Seat Bonds. Seats Bonds in the first three rows on the main floor are reserved for VIP members of Singularity and have a $10,000 minimum. 

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The Avalon Regal will feature entertainment from everyone's favorite artists in R&B, Jazz, Hip Hop and Rap, as well as theater, dance, film, comedy and more. The theater will also be the first in the United States to have holographic technology. This is truly an exciting and historic opportunity for the community.

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See the video below for a tour and interview with Avalon Regal Theater owner, Jerald Gary.

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Interview: rollingout.com/2017/09/23/avalon-regal-theater-owner-desires-the-communitys-help/​

The Seat Bond program is only accessible through this website. Seat Bonds are available on a first-come, first-served basis. You cannot choose specific seats for your name plaque and Seat Bonds do not represent seating assignments for events. Seat Bonds are non-transferable.

 

E-mail info@regaltheater.org for more information.

Greater Chatham Initiative

VIA The Chicago Neighborhood

I think it starts with a laudable goal:

Local officials [June 29th] are kicking off a multi-year, $1.5-million-plus campaign to restore some of the glitz to Chatham, a once-prestigious African-American neighborhood that lately has been going through a difficult period.

The Greater Chatham Initiative—which will include Chatham, as well as the nearby Auburn Gresham, Greater Grand Crossing and Avalon neighborhoods—is designed to "set them on an upward path in the 21st century economy . . . enhance these communities as places of opportunity and choice," according to a statement released to me in advance.

The money will go into programs to rehab and sell now-troubled apartment buildings, attract middle-income homeowners and operate a new local workforce center that will train and place residents in existing jobs.

And two major Chicago politicians are backing this effort publicly:

Mayor Rahm Emanuel joined U.S. Rep. Bobby Rush (D-Chicago) Wednesday to announce an initiative to improve a handful of communities on the South Side, including Chatham, Auburn Gresham, Greater Grand Crossing and Avalon Park.

The two — joined by community leaders, aldermen and other partners — announced the launching of the Greater Chatham Initiative, a collaborative effort to strengthen those South Side communities.

They met at the Chatham Studio Movie Grill, 210 W. 87th St. The main focus of the initiative is to drive investment in those areas and generate neighborhood redevelopment and economic growth.

I've been somewhat interested in seeing what can be done to further invest in Chatham and here's hoping that in the next 5 years we will see some progress. I especially would look forward to seeing 79th Street spruced up in the future. It needs it and can be a wonderful commercial thoroughfare for the community.

One thing I would like to see is more entrepreneurship. Training the workforce is good, but anything to revitalize Chatham should involve entrepreneurs. Chatham has a strong history of that and is dotted throughout the community.

BTW, here's one opinion on this worth noting which is Worlee's through his Concerned Citizen's of Chatham.

West Side Blogger: With Another $3.5M Sale, Investors Double Down on South Shore Real Estate

Photo by DNAinfo/Sam Cholke

Bill Barr took note of a recent DNA Info article on the investment of a real estate company into the south side's South Shore neighborhood:

Out-of-state investors have increased their bet on housing in South Shore, buying three more buildings and spending a total of $13 million to buy seven properties in one month.

Broker Jeff Baasch of Sperry Van Ness said Wednesday that a group of Florida-based investors have paid nearly $3.5 million to purchase 136 units across three buildings near the Jackson Highlands area of South Shore.

In early December, the same group paid $9.5 million for four buildings, also near the Jackson Highlands.

Baasch said the new buildings, 6750 S. Merill Ave. and 6952 S. Paxton Ave., will be renovated. He said a vacant building at 7270 S. South Shore Drive will get a major overhaul.

Baar's comments I somewhat agree but what do you all think?

Get rid of the gangs and crime and South Shore would thrive. Some of the best views of Chicago can be had from the classic apartment buildings accross form Jackson Park along 67th street, while excellent transportation to the loop from Metra's (Illinois Central) trains on 71st. Someone sees the opportunities.

Chicago City Treasurer Kurt Summers visits Flecks Coffee

New Chicago City Treasurer Kurt Summers kicked off his 77 Chicago community area tour with a breakfast conference at Flecks coffee today (Thursday, November 13). There were several reporters at the event, with a total of approximately 30 people in attendance, filling the entire establishment.  I (JP Paulus) was there from  8:30am until the end.

 

Summers explained his role as treasurer, which includes investing the city of Chicago’s money.  He stated that “conventional wisdom” was that investing in minority communities was a bad investment.  Summer said that was not true and would in fact invest in minority communities.

Summers said he worked with a group of leaders to work on a plan for Chatham, including bankers, investment community, and others. Ald. Rod Sawyer, after the meeting, said that they will release a public statement on the alliance in the near future. He also noted that Summers was involved with this long before being tapped to be City Treasurer.

He stated that there was a plan by World Business Chicago that was created three years ago, and wanted the community to help him answer the question of  “How do we bring this to Chatham?”

Summers also mentioned phrases such as "ministry of presence" during his conversation.

Attendees included Alderman Rod Sawyer, his chief of staff Brian Sleet, 6^th Ward aldermanic candidate Brian Garner, Chatham blogger Worlee Glover, Flecks Coffee owners Olga & Zuli Turner, among others.

We plan to post links to other stories about this event in a future blog entry, as well as sharing them on our Facebook page.

The "non-Magnificent Mile"

[VIDEO] Close to three years, YoChicago shared this video by Partee Wesley doing a drive along south Michigan Avenue - this thoroughfare he refers to as the "great Michigan" or the "non-Magnificient Mile" - between 120th and 110th Streets in the Roseland area.

In spite of this bleakness, Partee's comments makes this video hilarious. We see vacant lots and abandoned buildings along this street and with a detour along Edbrooke near 110th St. And he makes reference to why the 2016 Summer Olympics didn't come to town. At that point the memory of that disappointment was still quite fresh!

Now, I post this video in relation to the 2015 election. It's easy for me to compare Roseland to Englewood. Both communities after significant "white flight" had experienced some declines over the years. The difference however is that Englewood's business district was largely decimated thanks to urban renewal efforts in the past, but the Roseland business district is still in tact but certainly could use a greater investment.

It seems the main development has occurred east in the Pullman neighborhood in recent years with House of Hope and the Pullman Park shopping center that contains Walmart, Ross, and a Planet Fitness. Earlier this summer there was a groundbreaking for the new Pullman Athletic Center. Also a Method Products factory is being built behind the shopping center

This part of the city is another area in need of investment.

What does it mean to invest in a neighborhood?

Recently JP Paulus posted to our FB page an article about a group in Bucktown who purchased a building that contained a recently closed bar. They wanted to turn this place into a "community amenity". JP posed this question: "Could we do that with some of our fading businesses?"

Recently I ran into this post at EveryBlock, this was posted over two years ago and RAGE made a call about asking for investors for Englewood. Now a new question: What does it mean to invest in a community?

Does this involve purchasing real estate with a strong purpose? Does it involve building upon the real estate? Does it involve opening a business that not only provides jobs, but also tax revenue to the community at large? Does it also involve providing necessary services and amenities for the community?

Upon seeing that EveryBlock post I had this idea of doing a post and starting it off this way. This blog initially started in 2007 mainly to talk about the communities of the 6th Ward, especially Chatham. Chatham is a neighborhood known for having a strong population of Black middle-class people.

In recent years, Chatham has experienced issues it's safe to say the neighbors there have rarely seen. Now it's still rare yet with issues of crime & violence but those issues are there and probably more often that not even if it's still miniscule. Also it's still a community where you can tell people take care of their property.

Regardless, Chatham is still a great place to live but just like Englewood it needs investors of its own. I want to point out this earlier article from Red Eye where Ald. Sawyer's chief of staff Brian Sleet was quoted: "The neighborhood needs a facelift because it looks the way it did in the 1950s, but the vibrant storefronts are now gone, Sleet said."

Now we have a new question. What does it take to attract investors to Chatham? I would like to think in the long run where Chatham goes hopefully so will the surrounding neighborhoods.

ALSO, I posted about this DNA Info article from out of Humboldt Park on the north side. This is one answer to investing in a neighborhood. It was my hope that this would spark some ideas.

Mayor Rahm Emanuel’s surprise: Cuts ‘job killer’ head tax in half - Chicago Sun-Times

Mayor Rahm Emanuel’s surprise: Cuts ‘job killer’ head tax in half - Chicago Sun-Times

Emanuel campaigned on a promise to phase out the head tax over four years by lopping off $1 from it each year.

But he opted to do it twice as fast — and eliminate the tax entirely by July 2014 — because the deal that nailed down as many as 2,000 new jobs at a Far South Side Ford plant was contingent on the phase out.

“This was a significant piece of helping us secure the 1,200 jobs at the Ford plant and what they’re gonna add also to the stamping plant across the street. It’s another 700” jobs, the mayor said.

Emanuel noted that every one of the city’s 50 aldermen has heard business owners speak “in very colorful language” about how much they despise the head tax and how big a disincentive it is to creating the jobs Chicago so desperately needs.

“We’re gonna cut this tax. I pledged in the campaign $1 per year to eliminate it by the end. [But] my budget will start the first year with the elimination of $2 and cut it in half,” the mayor said, without saying how he would make up the $23 million in lost revenue.

The head tax applies to roughly 2,700 Chicago companies with more than 50 employees who are taxed at a rate of $4 per employee, per month.

Now let's bring most of those new jobs that could come to Chicago as a result of the repeal of this tax to the 6th Ward!

Responsible Retirement Investment Planning Seminars at ShoreBank

From the dBusinessNews website. It's unknown if this is a real news site, or really a front for press releases (i.e. news items written by the subject of the article, so objectivity can be skewed).

Two free presentations will provide the tools to help plan for a successful retirement and financial security

Chicago - With so much financial information and so many services available to consumers, making financial plans for the future can be a very rigorous and complicated endeavor, causing great uncertainty and prompting individuals to put off retirement.

To ensure more people gain a better understanding of responsible financial services that will prepare them for secure retirement, ShoreBank is presenting "Understanding IRAs: Know Your Options,” a free financial education seminar offered on Wednesday, Jan. 6, and on Thursday, Jan. 7, from 5:30 – 7 pm.

The Wednesday session is at the ShoreBank Chatham Banking Center, 7936 S. ottage Grove Ave. and on Thursday it is at the ShoreBank Bronzeville Banking Center, 3401 S. King Drive, Chicago.

“Whether looking to roll over a 401(k), make catch-up contributions to retirement funds, or just starting to save money for the future, the presentation will provide the tools and information necessary to begin responsible planning for a successful retirement,” said Daryl Newell, SVP of Retail Banking at ShoreBank.

The seminar will explore the features and benefits of IRAs in order to help people planning for retirement select the options best suited to their budget and financial goals. This includes information on: Traditional and Roth IRAs; new Roth IRA conversion opportunities in 2010 based on changes in the tax code; steps to take for rolling over an IRA and consolidating multiple IRA accounts; and Simple or SEP IRAs for small business owners and self-employed individuals.

The seminars are free, but space is limited. For additional information or to register, please call the ShoreBank IRA hotline at 773.420.4667.