2017-04-21 Millennium Park Creating the Accidental Masterpiece Scott Stewart, Ph.D. Executive Director, Millennium Park Foundation Millennium Park Chicago, Illinois Millennium Park Snapshot • Concept begins, 1997-98 • Park completed, 2004 • Total cost = $490M ($630M, 2017) • Size = 24.5 acres (9.9 hectares) • Constructed and operated as public-private partnership • Over 500 free public programs annually • Serves as urban “town square” and outdoor cultural center • Annual operating budget = $10M (2017) • Annual visitors = >14M 1 2017-04-21 Millennium Park Universe DCASE AIC MPF LAZ GPMF Parking Millennium Park Harris METRA Theater MB Real Choose Estate Chicago 1929 2 2017-04-21 1952 1997 3 2017-04-21 Original Master Plan Skidmore Owings and Merrill (SOM) 4 2017-04-21 Harris Theater: Hammond Beeby Rupert Ainge Architects Lobby Art: Louise Nevelson 5 2017-04-21 Jay Pritzker Pavilion Frank Gehry 6 2017-04-21 BP Bridge Frank Gehry 7 2017-04-21 Lurie Garden GGN & Piet Oudolf 8 2017-04-21 Cloud Gate (The Bean) Anish Kapoor 9 2017-04-21 10 2017-04-21 Crown Fountain: Jaume Plensa, Artist Architect: Krueck + Sexton 11 2017-04-21 12 2017-04-21 Boeing Galleries Jun Kaneko 13 2017-04-21 Coral Sphere: Yvonne Domenge Park Grill 14 2017-04-21 15 2017-04-21 Millennium Monument at Wrigley Square Architect: Cannon Design 16 2017-04-21 Private-Funded Elements Harris Theater $61,000,000 Jay Pritzker Pavilion $31,900,000 Cloud Gate $26,000,000 Crown Fountain $17,000,000 BP Bridge $14,500,000 Lurie Garden $13,200,000 Exelon Pavilions (Private Portion) $6,000,000 Base Park Improvements $5,400,000 Millennium Monument and Wrigley Square $5,000,000 Chase Promenades $4,000,000 McCormick Tribune Ice Rink and Plaza $3,200,000 Boeing Galleries $3,000,000 Sound System Enhancements $2,500,000 Demountable Fences $750,000 Mid-Level Terraces $600,000 Fixed Seating $490,000 Furnishings $260,000 Park Graphics $200,000 Endowment Commitments $25,000,000 TOTAL $220,000,000 ($284M, 2017) 17 2017-04-21 City-Funded Elements Parking Garage $99,000,000 METRA Crossover Structure $61,000,000 Park Finishes and Landscaping $43,000,000 Music Pavilion $25,500,000 Design and Management Costs $40,000,000 Exelon Pavilions (City Portion) $1,500,000 TOTAL $270,000,000 ($348M, 2017) Private-Funded Elements $220,000,000 (45%) City-Funded Elements $270,000,000 (55%) Park Construction Total $490,000,000 ($630M, 2017) 18 2017-04-21 Millennium Park Effect • Commercial, hotel, residential spinoff development, >$10B • Iconic imagery for Chicago, Cloud Gate and Crown Fountain • Improved urban vitality for East and Central Loop districts • Created anchor point for Chicagoan sense of place, pride, and ownership • Significant 39% increase in tourism since Park opening (38.8M, 2004 vs. 54.1M, 2006) ~10M annual visitors produce $1.4B in direct spending and $78M tax revenue 19 2017-04-21 Legacy at Millennium Heritage at Millennium Legacy Millennium Park Effect Residential Property Impact • 10 new residential towers added • 4,800 residential units added • 71% increase in local residential population • 64% new construction + 36% adaptive re-use of office space • Total value of residential real estate = $1.8B • $125 per square foot more for Park view Commercial Property Impact • 22.5% increase in rents • 94.1% occupancy rate (highest in Chicago) Hotel Development Impact • 7 new hotels added • 18% increase in available hotel rooms 20 2017-04-21 Millennium Park Creating the Accidental Masterpiece Scott Stewart, Ph.D. Executive Director, Millennium Park Foundation [email protected] Web: millenniumparkfoundation.org 21.