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

1 K RWAL Pha se 2 a nd 3 VE CAGO RI CHI

RIVERWALK PROJECT MAP

HIST O RY O F ST UDIES 1990 ‐ 1995 1995 ‐ 2000 2000 ‐ 2005 2005 ‐ 2010 Chicago Riverwalk Chicago River Volpe Analysis Chicago RiverMarket Feasibility Development Plan US ACOE, 2001 Planning (w/ VOA), 2006 Planning, 1999 CDOT, 1992 Chicago River Master Action Plan for the River Plan Friends of the River, Main Branch Chicago Riverwalk Chicago Parks District, 2007 Guidelines Program and 2002 OWPP Riverwalk Study 1995 Development, Chicago Riverwalk Mayor’s Office, 2008 MRA, 1999 Agenda Mayor’s Office, 2005 Central Area Action Plan Planning, 2009 Chicago Riverwalk Framework Planning (w/ SOM), 2009

RIVERWALK GOALS & PURPOSE 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

THE IMPLEMENTED SEGMENTS/ SUCCESS The Vietnam Veterans Memorial Michigan & Wabash Riverwalk $5 million Federal Appropriations in 2005 $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

PROJECT GOALS & PURPOSE 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. 9

UNDERBRIDGE CONNECTIONS

EXISTING CONDITIONS

MARINA PLAZA

THE MARINA PLAZA 15

EXISTING CONDITIONS

THE COVE

18

THE COVE

EXISTING CONDITIONS

THE RIVER THEATER

22

THE RIVER THEATER

THE RIVER THEATER 24

EXISTING CONDITIONS

THE WATERING HOLE

THE WATERING HOLE 27

THE WATERING HOLE

EXISTING CONDITIONS

THE JETTY

31

THE JETTY

EXISTING CONDITIONS Franklin to Lake 33

THE BOARDWALK

THE BOARDWALK 35

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 Bike rental station by Bike Chicago Inc 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 Impact quantified in following analysis. Other impacts could be quantified at later stages 3

POTENTIAL FISCAL BENEFITS 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 Rendering of redesigned riverfront 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 Impact quantified in following analysis. Other impacts could be quantified at later stages 4

AT T ENDANC E EST IMAT ES • 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 10

AT T ENDANC E: PREC EDENT S AND PRO JEC T IO NS Top Chicago Destinations Even at average attendance, Destination Attendance Riverwalk would Navy Pier 8,690,000 be 4 th most popular Millennium Park 4,500,000 destination 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 Based on 2010 data from the Chicago Office of Tourism + Culture 8

ES IMAT IO N EST AT VISIT .

ADDIT IO NAL BENEFIT S- RE SI DE NT S • 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 ake away: T he Rive rwalk pro vide s a T 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 16 future re side ntial use s do wnto wn

ADDIT IO NAL BENEFIT S- VI SI T ORS & CONVE NT I ON • 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 Takeaway: The Riverwalk creates an additional world class visitor attraction that enhances and renews Chicago’s allure as a prime convention and tourist destination 17

Additio na l Be ne fits- E MPL OYE RS & OWNE RS • 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 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 18

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