MILLENNIUM PARK Summer QUADRUAPLE NET VALUE REPORT 2011 TEXAS A&M UNIVERSITY AND DEPAUL UNIVERSITY Project Name: Millennium Park, Chicago, IL. View of Millennium Park from The Legacy at Millennium Park Ryan Mikulenka Project Video at: http://www.com Project Overview Millennium Park, located in Chicago, Illinois, distinguishes itself through the quality of its conceptualization, design, delivery, and management. World-class design elements have been implemented throughout the park ensuring visitors keep returning to the site. These elements and the resulting popularity of the park have created an uplift in real estate value for the property and those adjacent to it. The Millennium Park site has been transformed from a public eyesore into an international destination as Chicago has risen to its current “world city” status. From the 1850s until construction of Millennium Park began in 1998, the site consisted of a rail yard, a parking lot, and a small strip of green space for public use. The pre-requisite catalyst for change, which cleared the way for Millennium Park’s realization, came when the City of Chicago secured the air rights above the rail yard. Initial thoughts were that the site should to be used mainly as an above ground parking garage, but Mayor Richard M. Daley had other ideas. Mayor Daley conceptualized an asset that would transform and brand TEAM LEADER: MIKULENKA, Ryan – Tel: 512 350 6827 – Email:
[email protected] Page 1 MILLENNIUM PARK Summer QUADRUAPLE NET VALUE REPORT 2011 TEXAS A&M UNIVERSITY AND DEPAUL UNIVERSITY Chicago, one that would encompass art, music, and public space, becoming the world’s largest green roof.