Groundbreaking On The DePaul Arena Could Come Next Spring
By Chuck Sudo in News on Nov 25, 2014 9:30PM
Rendering courtesy Pelli Clarke Pelli Architects.
The Metropolitan Pier and Exposition Authority, as expected, awarded a contract Tuesday to construct an event center and boutique hotel as part of the extensive project to rehab McCormick Place and Navy Pier. The group, Prairie District 3 Partners, is led by principal partner Clark Construction Group Chicago LLC.
The contract only needed to have t’s crossed and i’s dotted but the two sides were negotiating how to keep costs down after it was revealed there were cost overruns on the arena portion of the development. McPier CEO Jim Reilly told the Sun-Times the current cost for the arena—$164 million—is 17 percent above original estimates but should stay in line with an amended design. Now, instead of a main floor that is below ground level, the main floor will be at ground level.
Reilly told the Sun-Times the construction costs for the arena are $150 million plus another $14 million in “soft” expenses like attorney and consultant fees. Groundbreaking for the project could happen next spring. The arena will be used for multiple events including serving as the new home for DePaul University's men's basketball team.
Previously
Proposed DePaul Arena Is Already A Financial Sinkhole