After a decade and a half of downturn, Chicago envisions a new boom period for its South Loop convention center district. The Metropolitan Pier and Exposition Authority, known as McPier, is revamping McCormick Place, adding a hotel and arena through a $650 million McCormick Place Event Center expansion project.
Gensler designed the hotel, the 1,200-room, $450 million Marriott Marquis. The arena, designed by Pelli Clarke Pelli, is a basketball venue for DePaul, the city’s Division-I college hoops team. McPier funded a study that says the new buildings could generate $250 million in spending per year.
That figure, though, is fairly optimistic. The Chicago Tribune reports that experts are doubting the project, saying that the investments will ultimately cost taxpayers.
The McPier study has a few faulty assumptions. One, it is based on DePaul averaging nearly 10,000 fans a game, almost triple its current attendance. Two, McPier plans on using the arena for conventions, but studies have said that arenas are poor hosts for conventions due to their fixed seating. If the arena struggles to make money either in terms of basketball or conventions, then the hotel will have to make up that difference.
Stadiums have been found to be unsuccessful drivers of economic growth, which is an issue because McPier has already borrowed hundreds of millions of dollars and maxed out its debt limit.
"It was a dumb idea when it was proposed, it was a dumb idea when they approved it, and it will be a dumb idea in the future," Marc Ganis, a Chicago consultant who specializes in sports, said in the Tribune piece.
The Tribune has much more detail on the project, which is set to open in 2017.
Several issues have arisen with concerning the development over the last few years, including eminent domain battles, rising construction costs, and disagreements over $55 million in tax increment financing (TIF) funds.
Related Stories
Events Facilities | Feb 3, 2017
Design team for Javits Center’s $1.5 billion expansion announced
The center’s expansion will cover 1.2 million-sf.
Events Facilities | Feb 2, 2017
Abstract meets geometrical in new Rome-Eur Convention Center
Three elements make up the building’s design: the Theca, the Cloud, and the Blade.
Events Facilities | Aug 31, 2016
New York State Pavilion re-imagined as modern greenhouse
The design proposal won a competition organized by the National Trust for Historic Preservation and People for the Pavilion group to find new uses for the abandoned structure.
Performing Arts Centers | Aug 31, 2016
Sydney Opera House scheduled for $200 million upgrade
Acoustical improvements will be made alongside upgrades in accessibility, efficiency, and flexibility.
| Aug 30, 2016
CONVENTION CENTER GIANTS: A ranking of the nation's top convention center sector design and construction firms
Gensler, LMN Architects, AECOM, Turner Construction Co., and WSP | Parsons Brinckerhoff top Building Design+Construction’s annual ranking of the nation’s largest convention center sector AEC firms, as reported in the 2016 Giants 300 Report.
Reconstruction & Renovation | Aug 9, 2016
Renascent architecture: Demolished Frank Lloyd Wright structures get new life
The Frank Lloyd Wright Revival Initiative is set to begin its reconstruction efforts with the Banff Pavilion, which was demolished in 1939.
Events Facilities | Jul 19, 2016
Houston architect offers novel idea for Astrodome renovation
Current plans for the Astrodome’s renovation turn the site into an indoor park and events space, but a Houston architect is questioning if that is the best use of the space
Events Facilities | May 9, 2016
Santiago Calatrava designs 'falcon in flight' pavilion for UAE at Dubai Expo
The 161,000-sf structure will be a centerpiece for the event, which is expected to draw more than 25 million visitors.
Events Facilities | Mar 15, 2016
Bjarke Ingels, Foster+Partners, and Grimshaw all winners in Expo 2020 pavilion design competition
BIG designed the Opportunity Pavilion, Foster+Partners submitted the winning Mobility Pavilion, and Grimshaw created the Sustainability Pavilion.
Architects | Jan 15, 2016
Best in Architecture: 18 projects named AIA Institute Honor Award winners
Morphosis' Perot Museum and Studio Gang's WMS Boathouse are among the projects to win AIA's highest honor for architecture.