Rahm's Latest Lucas Museum Pitch: Tear Down McCormick Place Lakeside Center

Preservation Chicago

Mayor Rahm Emanuel was hoping construction of the Lucas Museum of Narrative Art would have started when he promised land between Soldier Field and McCormick Place to Star Wars filmmaker George Lucas two years ago. But with an ongoing court battle over the museum's site leading to the possibility of Lucas cutting his losses and moving the museum to another city, the mayor has proposed a new plan to keep the museum in Chicago, one that would lead to future tax hikes if the Illinois Legislature agrees.

Remember when Emanuel said the museum would cost taxpayers nothing? Those were the days.

The mayor's new plan calls for tearing down McCormick Place's Lakeside Center and building the museum there, along with a convention center. The catch? Emanuel would have to coax downstate lawmakers to issue $1.2B in bonds to fund the project, the Chicago Tribune reports.

A couple of problems arise with this plan. First, the General Assembly and Gov Bruce Rauner haven't been able to agree on a state budget for 10 months. There are more pressing concerns in Springfield than helping Emanuel keep what critics have called a vanity project in Chicago. Second, the mayor's plan calls for extending tax hikes to hotels, downtown restaurants, taxi rides from O'Hare and Midway airports and car rentals. With bond ratings for the state and city in free fall toward junk status, this may be too much to ask.

Then there's the issue of tearing down a historically significant structure. Lakeside Center was included on Preservation Chicago's 2016 "Chicago 7" list of endangered buildings. The group believes the building could be repurposed into a giant athletic fieldhouse. If so, couldn't Lucas also build his museum inside?

One nearby site critics continue to ask Emanuel and Lucas to consider: the old Mercy Hospital site, which was where much of the Olympic Village was supposed to be built if Chicago won the bid for the 2016 Summer Olympics. So far, Emanuel has refused to consider that option. [Trib]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Workers At 6 Chicago Hotels Go On Strike Ahead Of Chicago Marathon

Years Later, Millions In Chicago Housing Projects Remain Unbuilt

Rates, Rents And AI Risks: Peter Linneman's Warning For CRE

Chicago Office Deals Feature More Scrutiny, Added Tenant Protections

Delaware Statutory Trust Fundraising Jumps 27% From 2025

Local Investor Pays $30M For Block 37 In Heart Of Downtown Chicago

Major Movie Studio Campus Breaks Ground: The Chicago Deal Sheet

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

RN3 Enters Dutch Logistics Market With DHL Sale-Leaseback Deal

Bears Stadium Saga Shifts Toward Potential Public Ownership Play

KKR's Chris Lee On Finding Opportunities As CRE Begins A 'Regime Change'

Morningstar To Relocate Global HQ To Renovated Thompson Center