What have been some of the economic impacts of Millennium Park on downtown Chicago?
The economic impacts have been enormous. A study, which we now think understated the impact, was completed in 2005. It stated that the value of the surrounding residential property values would increase by $1.4 billion over a ten year period ending in 2015 and the increase in tourism dollars over that same period would be $2.6 billion. Perhaps more important is the social benefit of Millennium Park. Chicagoans now have a new destination to bring friends and visitors for which the almost universal response is pleasure and joy, and it is democratic and free. Chicagoans and visitors of all ages, ethnicities, languages and incomes are able to share spaces and cultures together. Did Millennium end up with unexpected uses…ones that you didn’t foresee? The Park was designed to accommodate unanticipated uses, including the installation of temporary tents that house the summer-long Family Fun Festival each year and the Boeing Galleries that showcase temporary exhibitions throughout the season.
