Sunday, August 25, 2019

August 25, 1972 -- Supreme Court Declines to Block I. C. and G., M. and O. Merger


August 25, 1972 – Supreme Court Justice Harry A. Blackman refuses to block the merger of the Illinois Central Railroad and the Gulf, Mobile and Ohio Railroad.  The Missouri Pacific Railroad had claimed that the proposed merger would create a near-monopoly that would cripple it.  The merger, which had occurred on August 10 gives the new Illinois Central Gulf Railroad control of 13,532 miles of track.


August 25, 1955 – John J. Mack, the owner of a five-story building at the southwest corner of State and Monroe Streets, announces that the building will be torn down to make way for a new structure.  The building to be razed was built in 1872 by E. S. Pike and called the Pike Block.  It later assumed the name of the Ayer Block, and over the years it had been remodeled at least six times.  The loss of the building is significant because the Art Institute of Chicago called the building home when the Academy of Fine Arts, as the Art Institute of Chicago was known at the time, when it was established in 1886.  The corner today is seeing yet another transformation as New York-based Tishman and an investment partner paid $35 million for the 60-year-old property in March, 2015 in order to carve 70,000 square feet of retail and office space out of it and an adjoining structure.  The rendering of the new space is shown above.


August 25, 1983 – Another great idea that didn’t fly … On this day the developers of the Gateway IV building on the Chicago River ask the Chicago Plan Commission to approve a private rooftop heliport.  Alan Goldboro, the president of Tishman Midwest Management Corporation, the developer of the four Gateway buildings near Union Station, asserts that the other necessary approvals are all in place for what will be the first such rooftop flight deck since the city toughened safety regulations 21 years earlier. Goldboro emphasizes that the heliport will be used only by office tenants and police and fire helicopters with no common-carrier service to O’Hare or Midway Airports. One hurdle that has been cleared is the approval of the Friends of the River, a group that managed to shut down a plan for a commercial heliport at Wolf Point in 1980.  The coordinator of the group says of the Gateway plan, “From street level it shouldn’t make as much noise as a passing bus. From the drawings we’ve seen, the pad won’t even be visible from the street.  It’s completely different from Wolf Point.  

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