Children's Museum Grant Park Move In Financial Trouble?

By Marcus Gilmer in News on Jul 13, 2009 8:40PM

Conceptual art of proposed new Children's Museum in Grant Park; the museum would be located underground.

Crain's Greg Hinz - who's all over the place today - reported today that plans to move the Children's Museum to Grant Park hit a financial obstacle.

A moribund economy has crippled fund-raising, while projected costs have climbed by tens of millions to $150 million or more, insiders say. Sources close to the project say odds now are 50-50 at best that the Grant Park plan will proceed.

As a result, the museum is considering its options, including downsizing the proposed facility, getting a cash infusion from the Chicago Park District or extending the lease on its current space at Navy Pier as far as 2025...

Once estimated to cost $85 million, and a year ago at $100 million, the facility now is being priced at $115 million to $175 million. One insider says $125 million is the most commonly mentioned figure, but a higher number is possible. Another cites an internal report estimating $150 million.

The Museum, however, is disputing Hinz's report. The Trib's Cityscapes blog has their response: "Chicago Children's Museum is moving forward with the plan to relocate to Daley Bicentennial Plaza in Grant Park. There is no news to report in that regard. Greg Hinz's piece in Crain's Chicago Business relies only on unnamed sources, and should be viewed with extreme skepticism."

SNAP!

The controversial plan to relocate the museum from Navy Pier to Grant Park was approved a little over a year ago.