According to Navy Pier, Incorporated,the non-profit firm that oversees all operations of Chicago’s most visited tourist attraction, the Pier is in need of a little work. Or maybe a lot of work.
Navy Pier, Inc. has announced plans to put more than $150 million dollars of renovations into the Pier. The renovations include the addition of a 150 room hotel to the east end of the Pier. They also include new construction and expansion on the Children’s Museum and the Chicago Shakespeare Theater.
On top of that, the plan calls for more upscale retailers to be added to the Pier’s boardwalk and a complete renovation of the entrance of the Pier.
Navy Pier Renovations were last made to the fifty-acre site in 1999. Navy Pier, Inc. expects this new round of renovations to be completed by 2016—in time for the Pier’s 100th anniversary.
The renovations will likely drive increased tourism to the Pier (it is already the top tourist site in Chicago). Also, if Navy Pier is truly able to attract more upscale retailers to the boardwalk, the renovations will likely also stimulate increased retail activity throughout the Pier.
Developments may even affect the residents of nearby neighborhoods, like Streeterville and the New East Side. It remains to be seen whether these developments will be help or hurt retail activity in the neighborhoods near the Pier, but many of the residents of these neighborhoods are cautiously optimistic that the construction of new shops and a new hotel along the boardwalk of Navy Pier might drive increased tourism to their own neighborhoods as well.
For more information about Navy Pier’s renovations, check out this article here. And for more information about other major real estate developments in and around Chicago, check out articles this one on the CondoDomain blog!