His “Elevate Chicago” proposal calls for a 10,000-seat arena for DePaul University’s basketball teams, two hotels, entertainment venues, and restaurants around McCormick Place. The cost of the arena is $173 million, while the total cost at McCormick is $1.1 billion.
The project is expected to create 10,000 new construction jobs, and 3,700 permanent jobs. Work is slated to begin next year.
“It’s an investment in jobs,” said Jim Reilly, C.E.O. of The Metropolitan Pier and Exposition Authority, the state-city agency that owns McCormick Place and Navy Pier.
“Elevate Chicago” also includes a redesign at Navy Pier, and a busy portion of the bike path along the lakefront from just south of the Chicago River to Oak Street beach will be reconfigured.
At Navy Pier, the Children’s Museum will undergo an expansion, there will be a new park, and bars and restaurants will be added on the east end. Works begins in the fall.
Funding for these projects will come from taxpayers and private dollars.
WGN News Writer C. Hayes published this report.