Chicago aims to save landmark Congress Theater with $25.2M federal loan backed by city funds

City Council Backs $25.2 Million Federal Loan to Revive Chicago's Iconic Congress Theater

Chicago is one step closer to saving its historic Congress Theater from crumbling due to a $25.2 million federal loan backed by city funds. The loan, secured through the Department of Housing and Urban Development (HUD), will provide critical funding for the theater's renovation, which aims to restore it as a state-of-the-art, 3,500-seat live music venue.

The theatre, built in 1926, was once one of Chicago's most iconic landmarks but has been in decline since its closure in 2013. Emergency repairs have only delayed the inevitable deterioration of the building, leaving city officials concerned about its long-term viability.

In a bid to salvage the beloved landmark, developers led by Baum Revision are seeking financing through a HUD loan that will be backed by Chicago's share of Community Development Block Grants (CDBG). The project, which includes 13,000 square feet of retail space, 23,000 square feet of office space, and 16 residential units with 14 qualifying as affordable housing, aims to breathe new life into the theater.

However, not everyone is confident in the project's success. Finance Chair Ald. Pat Dowell expressed concerns about who would be "on the hook" if the development team defaults on the 20-year loan, stating that the city would bear the risk of potential financial losses.

Despite these concerns, Deputy Planning and Development Commissioner Jeff Cohen assured the committee that the city has high confidence in both the development team and the underlying operator's ability to perform their obligations. Cohen cited the theater's deteriorating state as a compelling reason for the loan, emphasizing that if the project doesn't move forward, it could lead to negative outcomes.

AEG Presents, the entertainment partner behind the deal, was deemed an unproven entity due to its relatively recent establishment in the city. The lack of comparable projects in this sector has led conventional banking groups to be risk-averse.

The surrounding Tax Increment Financing (TIF) expires in 2027, leaving officials with a narrow window to complete the project. If the plan falls through, it will not only fail to revitalize the Congress but also jeopardize future development in the area.

I'm still trying to figure out why they're giving them a $25.2 million loan for this project . I mean, what's to stop AEG Presents from just using that money to line their own pockets? Have we even seen any financial reports on how the 13,000 sqft retail space and 23,000 sqft office space are going to be used? It feels like they're just slapping a fancy coat of paint on the Congress Theater without actually fixing the underlying issues . What's really driving this project, do you think?

I'm kinda worried about this whole thing... I mean, $25.2 million is a huge chunk of change, and what if the developers can't deliver on their promises? The city's gonna be left with a big ol' mess on its hands . And let's not forget, 20 years is a long time to be saddled with loan debt... I hope they're prepared for the risks . And AEG Presents? Never heard of 'em, seems sketchy . Anyway, can't say I'm too optimistic about this one .

I dont no about this the city is takin a big risk with that $25.2 mil loan lol what if they default on the 20 yr loan tho? thats like, a lot of money and i dont think chicago should be left holding the bag if something goes wrong... but at same time, preserving historic landmark is important maybe they can find some other way to make it work without takin on so much risk

I THINK IT'S AMAZING THAT THE CITY COUNCIL IS WILLING TO BACK A $25.2 MILLION LOAN TO REVIVE THE CONGRESS THEATER ! CHICAGO IS SUCH A RICH HISTORICAL CITY AND THIS THEATER IS SUCH AN ICON! BUT AT THE SAME TIME, I FEEL BAD FOR THE CITY BECAUSE THEY'RE TAKING ON SO MUCH FINANCIAL RISK . IT'S TRUE THAT CONVENTIONAL BANKING GROUPS ARE BEING CAUTIOUS ABOUT PARTNERING WITH AEG PRESENTS DUE TO ITS RECENT ESTABLISHMENT IN THE CITY. BUT I TRUST DEPUTY PLANNING AND DEVELOPMENT COMMISSIONER JEFF COHEN WHEN HE SAYS THEY HAVE HIGH CONFIDENCE IN THE PROJECT . THE RETAIL, OFFICE, AND AFFORDABLE HOUSING SPACE IS A GREAT TOUCH TO KEEP THE AREA THRIVING! FINGERS CROSSED THAT EVERYTHING FALLS INTO PLACE AND THE CONGRESS THEATER COMES BACK TO LIFE

the congress theater has been in decline for ages , i think this $25.2 million federal loan is just what it needs to get back on its feet . 13,000 sq ft of retail space and 16 affordable housing units are nice touches too

The Congress Theater revival is a big deal! I'm low-key relieved that something's being done to save this iconic landmark from becoming a total wreck. $25.2 million is a lot of cash, and if it can restore that 3,500-seat live music venue to its former glory, we'll all be winners. The concerns about who's on the hook for the loan are valid tho - there's always a risk when it comes to big projects like this.

But for real though, the fact that the city is investing in affordable housing and retail space is a major plus . We need more of that kind of mixed-use development in Chicago. Fingers crossed that everything goes smoothly and we get to enjoy some amazing concerts and events at the Congress Theater again!

OMG, I'm so stoked that Chicago is getting some major funding for the Congress Theater renovation ! 25.2 million bucks is a lot of love and care going into restoring this historic venue, and it's about time someone stepped up to save it from falling apart . I mean, can you imagine this iconic landmark being lost forever? The fact that AEG Presents has been deemed an unproven entity kinda raises some red flags, but fingers crossed they're gonna make it happen .

I'm all about community development and affordable housing (14 units are a good start, btw), so I hope this project sets a positive precedent for the area . Let's keep our city's history alive and thrive while creating opportunities for locals!

I'm low-key relieved that Chicago is trying to save this historic theater! It's crazy how quickly these iconic places can fall apart if we don't take action. I've been following this story, and I think it's awesome that there's a plan to revive it as a live music venue. The fact that it'll have retail and office space too is a bonus!

I do worry about who'll be on the hook if the development team defaults, but I trust that the city has thought things through. It's like my grandma used to say: "You gotta take care of what's important."

The clock is ticking with that TIF expiring in 2027, so fingers crossed it all comes together!

Just heard that Chicago's iconic Congress Theater is getting a $25.2 million federal loan to revive it! This is awesome news for music lovers and locals alike - the theater has been in decline since 2013, so it's about time we see some action. I'm loving the fact that they're not only restoring the theater itself but also adding new retail space, office units, and even affordable housing. The only thing that's got me worried is the risk of default on the loan, but I've got faith in the city and the development team to make this happen. Let's get this Congress Theater back up and running!

I dont think its a bad idea for the city to invest $25.2 million in reviving the Congress Theater tho... its such an iconic landmark and having live music venues there would be awesome . I mean sure, theres some concerns but like whats the worst that cud happen? The city bears the risk of financial losses if the development team defaults on the loan... thats just part of the process .

I think we should all keep our fingers crossed for this project tho! If it doesnt work out then its not the end of the world, but if it does... imagine being able to catch some sick live shows at that theater! And like, having 16 affordable housing units is pretty cool too . Fingers crossed it gets done and becomes a staple in chicago's music scene again

OMG, THIS IS SUCH A BIG DEAL FOR CHICAGO!!! they're finally gonna fix up that iconic congress theater! i mean, it's been down since 2013 and it's just been sitting there looking all sad and neglected. but this new loan is gonna bring some serious cash to the table (literally!) and turn it into a sick live music venue again i'm so here for it!!!

man this is like what happens when you try to save something from extinction, you gotta put your faith in other people's hands...like, what if they mess up? the city is basically putting its money on a gamble here and it's hard not to think about all the what-ifs, like what if AEG Presents can't keep up with the renovation costs or what if the project gets delayed again. 25.2 million dollars is a lot of risk, especially considering the theater's history and how much it means to the community...i guess that's just part of taking chances and trying to preserve something for future generations

I think the city is making a big gamble on this loan, tbh. The Congress Theater has been in decline for ages and we all know how that ends up . But at the same time, it's still an iconic landmark and if they can get it revived, it'll be awesome to see what kind of events they host there . I'm a bit skeptical about who's taking on the risk though - is it really fair to put all that financial burden on the city? AEG Presents isn't exactly known for their track record in this area either...

omg, I'm so down for this! saving our historic landmarks is super important, and the Congress Theater has been a Chicago icon for decades. $25.2 million might seem like a lot, but think of all the people it'll bring back to the area - performers, staff, and audience members alike!

I'm also loving that this project will include affordable housing units. it's crazy how many cities are struggling with homelessness and gentrification, so any effort to address that is a win in my book .

ofc there are concerns about who'd foot the bill if something goes wrong, but I trust our city officials to have done their due diligence on this one. let's hope it all comes together and we get to enjoy some sick live music and events at the Congress Theater again

The city's decision to back that $25.2 million federal loan for the Congress Theater renovation is kinda promising ! I mean, who wouldn't want to save a piece of Chicago history like that? They're aiming to turn it into a state-of-the-art live music venue – sounds like a sweet spot for concert lovers . Of course, there's always some risk involved, but with 20-year loan and all that financial backing , I think they've got a good shot at making this project work ! What do you guys think? Should we be keeping an eye on this one

OMG, this is so exciting ! I've always loved the Congress Theater and I'm glad the city is stepping in to save it. $25.2 million is a lot of cash, but I think it'll be worth it if it means we can enjoy live music events there again. The fact that they're adding retail space, office space, and affordable housing units is a bonus - more life in the neighborhood = yay! My only worry is what happens if the developers default on the loan... will the city really foot the bill?

OMG, can you believe Chicago is trying to revive its iconic Congress Theater? I mean, that place has seen some wild stuff since 1926 ! Anyway, a $25.2 million federal loan will hopefully keep it from falling apart (literally!). But, for real though, who's gonna take responsibility if the devs default on the loan? That's like asking "Who's gonna bail you out of jail...I mean, Congress Theater renovation?" I'm keeping fingers crossed, but I guess we'll just have to wait and see how this whole thing plays out. Hopefully, it won't be a total box office bomb

The thing is, I'm still on the fence about this $25.2 million federal loan for the Congress Theater. Like, I get it, it's a historic landmark and all that jazz , but can we really afford to pour more money into it? And what's with the lack of info about who's taking the risk if the devs default on the 20-year loan? It seems like Chicago is just passing the buck . And AEG Presents being an unproven entity doesn't exactly fill me with confidence . I'm all for revitalizing our cultural scene, but this project needs some more transparency and risk assessment before I can be all in . What do you guys think? Should we just give it a shot or hold out for something better?

So, they're gonna give Chicago's Congress Theater a $25.2 million boost to fix it up and make it all fancy again... But, I gotta wonder, are we just throwing good money after bad? The theater's been closed since 2013, and the city is basically risking its skin if this development team defaults on the loan . Plus, AEG Presents hasn't exactly got a stellar track record in town... Still, you gotta admire the ambition of trying to save an iconic landmark like this one . Fingers crossed it all works out and we get a killer live music venue back on our hands!