McPier Confirms Plans For $90M Navy Pier Hotel
The Metropolitan Exposition and Pier Authority said that no public financing will be used in the construction of a 200-room hotel at Navy Pier. McPier announced the project, which is an integral part of the development spearheaded by First Hospitality Group.
That lack of public funding is important. Navy Pier is already in the midst of a $115M renovation project backed by bonds issued by McPier. With Mayor Rahm Emanuel's Lucas Museum Hail Mary calling for another $1.2B in bonds, any public money for a Navy Pier hotel would likely receive public outcry, if not scrutiny.
The hotel will be built on Navy Pier's eastern end, along the south-facing Festival Hall terraces, the Chicago Tribune reports. Other renovations at Navy Pier underway include an expansion of the Chicago Shakespeare Theater into Navy Pier's domed skyline stage. [Trib]