The Millennium Park Effect

Posted by on May 02, 2007

Lynn Osmond, president of the Chicago Architecture Foundation, says that Chicago is now experiencing "The Millennium Park Effect," similar to the transformations Bilbao underwent following the building of Gehry's Guggenheim there. Chicago has been defined by its architecture throughout its history. For the new millennium, Mayor Daley believed the only fitting celebration would be one that involved architecture and became "a transforming event for the city of Chicago."

Millennium Park opened in July 2004, four years late--"not so bad for a public project." What it is "is a 25 acre roof" over the railway lines. What has been its effect? Economic impact: $1 billion in revenue over the next 10 years. It's credited with stimulating the East Loop--10,000 new housing units open by 2015. The park has boosted residential development by 1.4 billion and has increased residential real estate values by $100 / square foot. Tourism is way up, too: for international travelers who spend more than 10 days in the city, 10% of their spending can be attributed to the park.