K RWAL Pha se 2 a nd 3 VE CAGO RI CHI RIVERWALK PROJECT MAP - - PDF document

CHI CAGO RI VE RWAL K

Pha se 2 a nd 3

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RIVERWALK PROJECT MAP

HIST O RY O F ST UDIES

Chicago River Development Plan Planning, 1999 Chicago Riverwalk Program and Development, MRA, 1999 Volpe Analysis US ACOE, 2001 Chicago River Master Plan Chicago Parks District, 2002 Chicago Riverwalk Agenda Mayor’s Office, 2005 Chicago RiverMarket Planning (w/ VOA), 2006 Action Plan for the River Friends of the River, 2007 OWPP Riverwalk Study Mayor’s Office, 2008 Central Area Action Plan Planning, 2009 Chicago Riverwalk Framework Planning (w/ SOM), 2009

1990 ‐ 1995

Chicago Riverwalk Feasibility CDOT, 1992 Main Branch Guidelines 1995

1995 ‐ 2000 2000 ‐ 2005 2005 ‐ 2010

A continuous promenade along the South Bank of the Chicago River from Lake Shore Drive to Lake Street Provide a vibrant and active link between the Loop, the Lakefront, and Navy Pier Establish connections between waterway travel to bike share stations and existing CTA train station and bus routes Showcase environmentally friendly building techniques that complement the Chicago River as a valuable natural resource

RIVERWALK GOALS & PURPOSE

The Vietnam Veterans Memorial $5 million Federal Appropriations in 2005

THE IMPLEMENTED SEGMENTS/ SUCCESS

Michigan & Wabash Riverwalk $24 million TIF funds in 2008‐09 providing a connection to the vendors on the east end

THE IMPLEMENTED SEGMENTS/ SUCCESS

RIVERWALK CONSTRUCTION

RIVERWALK CONSTRUCTION

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Celebrating the Chicago River by connecting Upper Wacker and River level activities and connecting under each bridge allowing people access to get close to the waterway. Through promoting accessibility, create enhancements that promote activities on upper, lower, east and west. Develop transportation amenities like additional boat docking opportunities that promote recreation and develop the Chicago River as a mode of transportation. Support and encourage growth of commercial boating activities and retail space throughout the path. Establish Wacker Drive as the premier transportation route in the US, with vehicle, pedestrian, bicycling and boating amenities and opportunities.

PROJECT GOALS & PURPOSE

UNDERBRIDGE CONNECTIONS

EXISTING CONDITIONS

MARINA PLAZA

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THE MARINA PLAZA

EXISTING CONDITIONS

THE COVE

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THE COVE

EXISTING CONDITIONS

THE RIVER THEATER

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THE RIVER THEATER

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THE RIVER THEATER

EXISTING CONDITIONS

THE WATERING HOLE

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THE WATERING HOLE

THE WATERING HOLE

EXISTING CONDITIONS

THE JETTY

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THE JETTY

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EXISTING CONDITIONS

Franklin to Lake

THE BOARDWALK

THE BOARDWALK

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POTENTIAL ECONOMIC BENEFITS

Economic Impacts

1) Reinforce Chicago as a world‐class tourist destination 2) Support hotel nights downtown 3) Increased expenditures at existing retailers (additional support for service sector jobs) 4) Support spin‐off tourist industries 5) Creates short term construction jobs during the construction of the Riverwalk 6) Creates long term service sector jobs 7) Encourages repeat tourist visitation by enhancing the riverfront and surrounding physical environment

Wacker Riverfront Bike rental station by Bike Chicago Inc

Impact quantified in following analysis. Other impacts could be quantified at later stages

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Fiscal Impacts

1) Enhance nearby property values and increase City's property tax base 2) Enhanced parking revenue due to increased tourism 3) Additional revenue from hotel tax 4) New retail sales tax revenue (state and local) 5) Ground lease revenue to the City 6) New revenue from Local Business tax (county level) 7) New income tax revenue (state level) 8) Sales tax revenue on materials used for construction (state level)

Existing Conditions Rendering of redesigned riverfront

POTENTIAL FISCAL BENEFITS

Impact quantified in following analysis. Other impacts could be quantified at later stages

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• Atte nda nc e tra c king te c hniq ue s a re no t c o nsiste nt a c ro ss ve nue s

a nd the le ve l o f a c c ura c y va rie s sub sta ntia lly

• Visito r le ve ls c a n fluc tua te sub sta ntia lly o ve r time a nd pla nning

sho uld a c c o unt fo r this va ria tio n

• Atte nda nc e fig ure s a re sig nific a ntly impa c te d b y the le ve l o f

pro g ra mming o ffe re d a t e a c h ve nue

• L

e ve ls o f a tte nda nc e a re sig nific a ntly impa c te d b y pro ximity to c o nve ntio n lo c a tio ns

AT T ENDANC E EST IMAT ES

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AT T ENDANC E: PREC EDENT S AND PRO JEC T IO NS

Top Chicago Destinations

Destination Attendance

Navy Pier 8,690,000 Millennium Park 4,500,000 Lincoln Park 3,000,000 John G. Shedd Aquarium 2,063,694 Art Institute of Chicago 1,813,000 Museum of Science and Industry 1,481,352 Willis Tower Skydeck 1,360,718 Field Museum 1,221,354 Chicago Cultural Center 897,000 John Hancock Observatory 600,000

Even at average attendance, Riverwalk would be 4th most popular destination

Based on 2010 data from the Chicago Office of Tourism + Culture

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.

VISIT AT IO N EST IMAT ES

• Pro visio n o f pa ssive a nd a c tive o pe n spa c e fo r

ne ig hb o rho o d re side nts

• Pro g ra mme d e ve nts fo r the e njo yme nt o f lo c a l re side nts
• Dire c t a c c e ss to the wa te rfro nt, o ne o f Chic a g o ’ s ke y a sse ts
• Additio na l lo c a tio n fo r o utdo o r dining
• Prime de stina tio n to e njo y with o ut-o f-to wn visito rs
• Bike , Se g wa y, a nd ka ya k re nta l o ppo rtunitie s
• F

a mily-frie ndly a me nity

• Ma rke ting va lue c a n he lp drive pro pe rty tra nsa c tio ns
• I

nc re a se s a ttra c tive ne ss a nd va lue o f ne a rb y re side nc e s

• Visita tio n vo lume sho uld a ttra c t a dditio na l re ta il te na nts to

the a re a

ADDIT IO NAL BENEFIT S-

RE SI DE NT S T ake away: T

he Rive rwalk pro vide s a wo rld c lass o pe n spac e ame nity that will impro ve the attrac tive ne ss o f c urre nt re side ntial o ffe rings and he lp to spur future re side ntial use s do wnto wn

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• Prime a ttra c tio n in c lo se pro ximity to Mille nnium Pa rk a nd

Na vy Pie r

• Dire c t a c c e ss to the wa te rfro nt, o ne o f Chic a g o ’ s ke y a sse ts
• Prime vie ws o f the c ity skyline
• Oppo rtunity fo r a dditio na l re ta il a nd o utdo o r dining
• Ac c e ss to b o a t ta xis a nd o the r wa te rc ra ft
• Bike a nd Se g wa y re nta ls fo r to uring
• Drive r o f c o ve te d inte rna tio na l visita tio n
• Re a so n to pla n o r e xte nd c o nve ntio n sta y o r to urist visit to

Chic a g o

ADDIT IO NAL BENEFIT S-

VI SI T ORS & CONVE NT I ON

Takeaway: The Riverwalk creates an additional world class visitor attraction that enhances and renews Chicago’s allure as a prime convention and tourist destination

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• I

nc re a se d pro pe rty va lue s

• Hig h pro file a me nity dire c tly o n the wa te rfro nt
• I

nc re a se d a b ility to a ttra c t to p e mplo ye rs do wnto wn

• L

unc htime a c tivity c e nte r fo r da ytime po pula tio n

• Rive rfro nt dining a nd e xpa nde d re ta il o ppo rtunitie s
• E

le va te s the c a c he o f a b usine ss a ddre ss a lo ng Wa c ke r Drive

Additio na l Be ne fits-

E MPL OYE RS & OWNE RS

Takeaway: The Riverwalk drives value for nearby property owners and businesses by increasing property values and improving the marketability of Wacker Drive as a world‐class business address

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