 
Creating a Cultural Venue with an Economic Impact
Millennium Park, Chicago's newest addition to its extensive lake front park system, formally opened on July 16, 2004 with a grand celebration. This 24.5 acre park—Chicago's front yard—transformed 16.5 acres of commuter rail lines, a parking lot and eight acres of shabby parkland into an outdoor cultural venue. It's a place for locals as well as tourists to enjoy gardens, ice-skating, outdoor concerts, restaurants, festivals, fountains and interactive public art.
Millennium Park was funded by an extraordinary public/private partnership. The city's $270 million commitment came from $175 million in construction bonds and $95 million in tax increment financing (TIF) bonds. The private sector generated $160 million for the park's features and $60 million for a separate campaign for the Harris Theater for Music and Dance.
The park's impact on Chicago's economy was established years before its official opening. Real estate values and the property tax base started climbing as early as the spring of 2000, at which time it was reported that a commercial building on Michigan Ave. had sold for $90 a square foot, over twice the amount the seller had originally purchased it for six years earlier.
Millennium Park's opening stimulated the sales of condominium projects along central Michigan Ave. This phenomenon was demonstrated by, as Crain's Chicago Business reported, "buyers standing in line for hours to put down deposits, and sales contracts being signed at a faster pace than any other downtown neighborhood." The Millennium Park Economic Impact Study released in April of 2005 projected that the park's economic impact on the adjacent real estate market will total $1.4 billion over the next ten years.
Millennium Park encourages both young professionals as well as empty nesters to move downtown from the suburbs. The park is located in the heart of downtown Chicago's central business district, known as "The Loop," and is also close Lake Michigan.
Additional economic benefits of Millennium Park are its ability to attract new businesses and to enhance existing ones. This will result in more jobs, increase tax revenue, maximize the occupancy of retail space, expand hotel occupancy and increase tourism. The stretch of Michigan Ave. south of the river has always lacked the notoriety attributed to the northern portion's "Magnificent Mile." Until Millennium Park opened there was a high rate of retail vacancies and the existing stores were not considered high end.
With the arrival of Millennium Park, central Michigan Ave.—which has always benefited from its many cultural institutions—can now rightly claim the title of being the "Cultural Mile." The Harris Theater at the north end of the park is also the anchor for the Randolph Street Theater District. Millennium Park sits at the nexus of all of this activity and has become the area's greatest asset.
For more information about Millennium Park, please visit www.millenniumpark.org.
Learn more at the IEDC Annual Conference: Millennium Park Walking Tour. Monday, September 26th, 1:45pm-4:30pm.
The Green Development in Chicago
Following the United Nation's Rio Conference on Environment and Development in 1992, an international action plan—known as Agenda 21—recognized local governments as critical to implementing green or "sustainable" development. In 2004, Chicago Mayor Richard M. Daley charged 18 members of his cabinet to work together to develop Chicago's first environmental action plan. Over the last 14 years, the City of Chicago has pioneered this concept, known as green urbanism.
Much of Chicago's strategy involves utilizing its purchasing power, construction practices, and operations protocol to serve as a catalyst in making Chicago the most environmentally friendly city to live in. From energy to fuel efficiency, from green technology centers to parks and buildings, Chicago is leading the nation in innovative concepts that will reshape how cities worldwide approach and rebuild their natural environments.
As cities continue to expand, so too does their impact on the environment. Increased strain on environmental resources such as air, water, and urban temperature can have dramatic effects on public health and a city's livability. City leaders are discovering that green urbanism not only makes their citizens healthier, but aids in the beautification of streets and neighborhoods and makes cities more competitive in the global marketplace.
For older, more industrialized cities greening encourages redevelopment by turning Brownfields into productive land again. In addition, this concept transforms lake and riverfronts into recreational space, makes wide streets into pedestrian and bike friendly zones, and ensures new construction is both affordable and environmentally friendly.
The genesis of many of the city's green initiatives was Mayor Daley's much heralded landscaping efforts. These efforts resulted in more than just beautifying the city. Since the mayor was elected in 1989, the city has planted more than 400,000 trees. Thirty-four miles of the city's historic boulevard system have been renovated and replanted, and 70 linear miles of medians have been constructed.
In addition, the city's landscaping efforts have been credited with neighborhood revitalization outside of the central business district. The West Loop, currently one of Chicago's hottest real estate markets, was one of the first neighborhoods to receive an investment in arterial, planted medians. This area of once largely abandoned industrial buildings has since become a destination for urban professionals and the restaurants, clubs and retail markets that service them.
Chicago's leadership in green infrastructure doesn't stop with its landscaping programs. The Department of Transportation (DOT) has implemented a series of other environmental initiatives. As one of the primary purchasers of construction services in Chicago, the city is using its influence to promote environmentally sustainable building practices in the region's real estate and construction industries through a commitment to building all of its facilities in an environmentally sound manner.
In June 2004, Mayor Daley announced the city's adoption of The Chicago Standard, a new set of construction standards guiding the design, construction, and renovation of municipal facilities. The standard commits the city to achieving the Leadership in Energy and Environmental Design (LEED™) certification by the U.S. Green Building Council.
The city's most notable green building effort is the award-winning Chicago Center for Green Technology, home of numerous environmentally oriented companies and city services. The city has also built several green libraries and a green police station. Several green fire stations are under development, and the city is working with the Chicago Public Schools (CPS) to build and renovate several green elementary and high schools.
The City of Chicago is considered a leader in promoting green roofs as a sustainable alternative to the traditional roofing system. Green roofs replace traditional roofs with a growing medium and living plant life. These buildings greatly reduce storm water runoff and the urban heat island effect, reduce energy costs through better insulation and extend the life of a roof by protecting it from UV radiation.
In addition to mandating that publicly owned buildings have green roofs, the city is requiring that private developments receiving public assistance and/or being reviewed by the Department of Planning and Development incorporate green roofs into their building design. The city's green roof policies have resulted in over 100 green roof developments.
For more information about Chicago's Green Development, visit www.cityofchicago.org.
Learn more at the IEDC Annual Conference:
Green Technology and Revitalization. Monday, September 26th, 10:30am-11:45am.
Center for Green Technology Tour. Monday, September 26th, 1:45pm-4:30pm.
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