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 | Mar 29, 2018
A former nightclub becomes the Las Vegas Strip’s first dedicated Esports arena
YWS Design & Architecture designed the space.
Sports and Recreational Facilities | Jan 25, 2018
Virginia Beach: A surf town with a wave problem no more
A world-class surf park will highlight Virginia Beach’s new live-work-play development.
Events Facilities | Jan 18, 2018
Gamers paradise: The rise of eSports arenas
More than 380 million fans take in professional video gaming events each year, but most do so without leaving home. Dedicated eSports arenas could change all that.
Ceilings | Jan 18, 2018
One transformable ceiling, three fan experiences
How Populous’ high-tech ceiling concept would increase the flexibility of any eSports arena.
Augmented Reality | Jan 18, 2018
With a new type of stadium comes a new type of premium seat
Populous is exploring biometric seating technology that utilizes a combination of displays and AR/VR technologies to place fans in the action.
Cultural Facilities | Nov 2, 2017
Perkins Eastman wins competition to redesign San Francisco’s Harvey Milk Plaza
The Friends of Harvey Milk Plaza unanimously selected the Perkins Eastman entry as the winner.
Events Facilities | Oct 23, 2017
The Indianapolis Zoo’s Bicentennial Pavilion and Promenade is modeled after a lush rainforest
The 40,000-sf space can support a wide variety of group activities.
Mixed-Use | Sep 18, 2017
Urban heartbeat: Entertainment districts are rejuvenating cities and spurring economic growth
Entertainment districts are being planned or are popping up all over the country.
AEC Tech | Aug 25, 2017
Software cornucopia: Jacksonville Jaguars’ new practice facility showcases the power of computational design
The project team employed Revit, Rhino, Grasshopper, Kangaroo, and a host of other software applications to design and build this uber-complex sports and entertainment facility.
Wood | Jul 10, 2017
University of Idaho Arena plans to make timber a focal point
The project received a Wood Innovation Grant that will help spur construction of the Hastings + Chivetta-designed project.