Olympics 2016

CHICAGO (CBS) ― Even though Rio is taking home the 2016 Games, Chicago isn't coming away completely empty-handed. There are perks even from an Olympic bid.

Chicago spent $76 million trying to win the Olympic bid. Physically we may not have much to show for it. But the bid could help the city in other ways.

In Washington Park Friday morning, the Universoul Circus was ready to celebrate an Olympic victory with the rest of the city. The park is where the city had planned to build an Olympic stadium and hold the opening ceremony.

As news of the city's loss spread among the audience, so too did the disappointment.

"For the Olympic bid not to come to Chicago, it's devastating," said Lori James.

Local politicians share in the disappointment, but Ald. Willie Cochran also sees the positives.

"What they did to Washington Park was to put Washington Park on the map," he said.

The park got a facelift in the process. Part of the millions spent to win the bid was used to trim the trees, pave the streets and add fresh wood chips to the ground.

"This is a spark to ignite additional energy for improving the schools, improving the roadways, the social services," Cochran said.

A giant stadium in the park would have created an economic windfall. 

Some people who live near the park were counting on property values increasing.

Some realtor was thinking ahead to 2016 when by writing of one property, "Be ready for possible Olympic bid." It's a huge vacant lot at 48th and Indiana, priced at $675,000. Look for it to go down.

And there's a three-flat down the street for $450,000. The listing says it's in the heart of the "soon to be Olympic village." Not anymore.

And more than a few landlords were looking toward gigantic rent increases during the games.

"I was stunned and disappointed because we could have used the economic growth," South Sider Doris Hampton said.

But all may not be lost. The plan to build an Olympic village after the demolition of Michael Reese Hospital may be dead, but the city is promising that high-rise, mixed-income housing will still be built on the site.

And an Olympics expert says there is hope that instead of an 80,000-seat Olympic stadium in Washington Park, the city will build a smaller sports venue for 5,000 fans.

Mike Conklin, former reporter for the Chicago Tribune who covered two Olympics, sees intangible, but important, benefits from the 2016 bid.

"A lot of people were coming out and talking more than ever before," he said. "There were a lot of people who got involved, that went out into different neighborhoods."

It's been a special moment, if you ask customers at Hyde Park's Valois restaurant.

"What was demonstrated was that Chicago can come together and be focused on a project that could have benefited the whole city," Everett Radford said.

"We're known worldwide," Tom Finch said. "We got more publicity. It gave us a chance to showcase. I'm sure tourism will grow as a result of this. We may not do the Olympics, but we'll do a lot of other things."

Some children have also benefited from the city's Olympic bid.

A group of aldermen formed a partnership with an organization called World Sport Chicago. Its goal is to teach children non-traditional sports, like rowing, and encourage more children to take part in Track and Field.

The ultimate goal is to prepare them for the Olympic Games, no matter where they're held.

CBS 2's Mike Parker and Dorothy Tucker contributed to this report.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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