A multi-hotel complex and convention center promises to create jobs, boost tourism and generally revive the area surrounding Chicago O'Hare International Airport.
A Chicago Convention Center is a project of the Intercontinental Regional Center Trust of Chicago (IRCTC) and Chicago developer, Anshoo Sethi. The development combines convention center facilities with multiple luxury hotels all on the same site.
Over the course of the 24-month construction period, and first 10 years of operation, the development is projected to produce a total economic impact of $2.6 billion, of which $1.1 billion will benefit local workers in the form of wages, according to IRCTC.
The Leadership in Energy and Environmental Design (LEED) certified development is also expected to account for the creation of more than 4,000 construction jobs, and over 1,500 permanent jobs.
"There is no doubt A Chicago Convention Center will play a huge part in bringing back jobs and revenue that was lost during the recession. We are confident our project will help revitalize the area, while providing the facilities to service the needs of the expansion of O'Hare." Sethi said.
The development will be financed, in part, through the U.S. Immigrant Investor Program, also known as "EB-5," created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.
Surrounding communities have voiced full support for the development and is excited by the prospect of the attention to the area it promises to bring. Leaders from neighboring Park Ridge, Des Plaines and Rosemont say they see A Chicago Convention Center as an opportunity to boost local business and community establishments.
The convention center's size makes it a valuable asset to the city of Chicago when biding on large-scale events, and with the project's excellent access to transportation and proximity to the airport, it makes it an ideal venue for business conferences and meetings.