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PhreeZone

Third Tunnel coming to Chicago

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http://www.chicagobusiness.com/realestate/20140910/CRED03/140909809/skydiving-without-a-plane-its-coming-to-the-near-north-side

The mix of entertainment venues near the former Cabrini-Green public housing high-rises is taking flight — literally — with an indoor skydiving facility planned for the area.

The 6,000-square-foot building at 1300 N. Halsted St. will include a 12-foot-wide, 35-foot-tall tube in which customers will float atop winds of up to 150 miles per hour, said Stuart Wallock, chief marketing officer of Austin, Texas-based iFLY Holdings LLC, which wants to build and run the facility. The firm opened similar skydiving attractions in Naperville and Rosemont.

iFLY signed a 15-year ground lease for the property at 1300 N. Halsted, currently a parking lot, said Josh Levy, vice president of acquisitions at Chicago-based First American Properties LLC, which owns the site.

The development is a bet that as the economy grows, consumers and companies will boost their spending on entertainment outside of the house or office. Per-person entertainment spending fell off in 2009 and 2010, when the economy was in the doldrums, but has picked up more recently, according to Sam Elias, who operates the city's only Whirlyball facility just west of Lincoln Park.

ENTERTAINMENT MARKET 'DEFINITELY GROWING'

The entertainment market “looks robust. We have a lot of players coming into the market, which could be a challenge, but the market's definitely growing,” said Mr. Elias, who is developing a new, expanded Whirlyball and bowling facility near Bucktown, where he'll move his business. “We've got all these companies relocating downtown and they're always looking for stuff to do.”

A gaggle of new projects are in the works in the neighborhood, many near the proposed iFLY site. Besides Mr. Elias's Whirlyball project, the New City development, just north of iFLY's location, will feature a Kings Bowl America bowling alley and the city's first ArcLight Cinemas movie theater. The iO Chicago comedy theater is now open a couple of blocks away, on Kingsbury Street.

“There's certainly competition for the entertainment dollar, but we're one of the most unique entertainment uses out there,” Mr. Wallock said. “It's not a one-and-done type of a thing.”

The firm focuses on families with children — making the Halsted Street property, with its proximity to Lincoln Park, attractive — and corporate clients, he said. There will be a room for birthday parties in the new building, a conference room and an area where visitors can watch people in the wind tunnel.

ANTICIPATING 150,000 VISITORS

Mr. Wallock declines to discuss revenue but said iFLY anticipates attracting 150,000 visitors annually to the Halsted Street property. First-time visitors pay $69.95 for training and two initial 60-second “flights.”

After customers get the hang of floating on the air, four-flight packages are available for $109.95.The company also sells options by the minute, such a 10-minute deal for $199 or a 60-minute plan several people could share for $975.

The property where iFLY will open is in the heart of a fast-changing part of the North Side that was dominated for years by the Cabrini-Green high rises.

While it took some time to learn about iFLY, First American became convinced of its ability to draw in customers and run a successful business, Mr. Levy said.

“The ground lease is attractive. They're going to be building the building. That takes some of the risk away,” he said. “Now, knowing a lot about them, I can say with a high degree of confidence if they went across the street, they'd do well. I think they'll be here for a long time. It's something totally unique to the city.”

Mr. Wallock said iFLY hopes to open by the fourth quarter of 2015.
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Wow, Chicago has a population of, what, < 3 million?! I know were lucky having 3 tunnels within 60 miles of London (population > 8 million) but I wish we had a tunnel actually in Central London.
Skydiving Fatalities - Cease not to learn 'til thou cease to live

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The Chicago area has a population of almost 10 million, though the city itself has less than 3 million. Still, three tunnels... pretty crazy!



Seattle metro has a population of 3 million and easily supports one tunnel. 10 million seems like more than enough for 3 tunnels, especially given that I'm sure people from Milwaukee will also make the relatively short drive down.

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And we can't even have 1 in Tokyo, one of the largest, wealthiest metro areas in the world. Our members travel to Moscow, Los Angeles and Singapore to use a tunnel, FFS!

Anybody want to make a large investment?

"So many fatalities and injuries are caused by decisions jumpers make before even getting into the aircraft. Skydiving can be safe AND fun at the same time...Honest." - Bill Booth

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