CHICAGO-Navy Pier, the most popular tourist attraction in Illinois that almost nine million people visited in 2010, is not world-class enough. So says Navy Pier Inc., the non-profit firm that took over the management of the downtown center, with plans to start a $155 million upgrade plan, as well as a boutique hotel.
The new non-profit was created to advocate and manage the attraction for the owner, the Metropolitan Pier and Exposition Authority. A board of civic leaders leads Navy Pier Inc., which has taken on the mission of improving the 50-acre site by 2016, its 100-year birthday.
The pier, designed and developed by famous architect David Burnham, has served a number of various functions throughout the years, including as the home of US Navy warships – the reason for the name. The authority took over the pier in 1989, and now the site has almost 270,000 square feet of meeting space, a number of shops and restaurants, an entertainment area featuring a large Ferris wheel, an Imax theater, the Chicago Children’s Museum and more.
On Thursday, the authority and manager firm announced a plan for about $155 million in upgrades to public areas, a plan for a 150-room hotel at the east end of the pier and expansions to both the Children’s Museum and the Chicago Shakespeare Theater. The plan includes a look to modernize the pier, which hasn’t seen a renovation since 1999, including a new entryway and more upscale retail. A developer for the hotel has not been yet considered.
According to the plan, the museum would expand to about 100,000 square feet and the theater would add a 950-seat theater. However, an agreement has not yet been worked out with the two entities. The museum in particular has previously discussed various plans for leaving the pier for other venues.
The authority has agreed to provide $50 million as seed funding for the $155 million. Navy Pier Inc. said in a statement that it will pursue additional revenue sources, such as naming rights, philanthropy and surplus cash flow from operations.
Navy Pier General Manager Marilynn Gardner said the next step is to invite design teams to submit creative ideas for the attraction’s public areas. A design team will be selected in six months, she said in a statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
