Mayor Rahm Emanuel, the Metropolitan Pier and Exposition Authority and Navy Pier announced plans this week for Elevate Chicago, a tourism and tradeshow infrastructure redevelopment program that would create a McCormick Place entertainment district and the redevelop Navy Pier. According to the Mayor's office, the project will bring to bear nearly $640 million in new investments, which will combine with $470 million of recently announced investments will become a $1.1 billion program that will create 10,000 construction jobs, 3,700 permanent jobs, and hundreds of millions of dollars in economic growth annually.
"Establishing the McCormick Place entertainment district along with the redevelopment of Navy Pier is a vital step in tapping the full potential of the city," said Emanuel in the statement. "These projects represent a major economic engine for Chicago, injecting millions of dollars into our local economy and creating thousands of construction and fulltime jobs."
"Elevate Chicago" includes the development of two hotels, restaurants and entertainment venues surrounding the convention center; the long-awaited launch of a redesign at the Navy Pier lakefront entertainment complex; and reconfiguration of a congested section of the lakefront bike path from just south of the Chicago River north to Oak Street beach — a project known as the Navy Pier Flyover, according to a Chicago Tribune report.
"We are focused intensely on becoming and remaining the world's leading convention and trade show destination. To do this, we must have not only a state-of-the-art convention facilities, we also need this assembly hall and events center," said Jim Reilly, CEO of McCormick Place. "Most of our competitors have events centers, which allows them to attract a range of shows and conventions that are more difficult for us to attract with competitive pricing. We are fortunate to have a private partner in this venture to share construction and operations costs."
"We are taking what is good and making it great," said Marilynn Gardner, president and CEO of Navy Pier Inc. "We have a unique opportunity to create one of the world's signature attractions, one that, like Millennium Park, bridges elevated, contemporary design with popular appeal."
Click here to view a WGN-TV report on the announcement. For more news and information visit Blumberg Capital Partners.
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