Millennium Park: Chicago Case Study

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The first answer most people will probably give you is that they think of the Bean. Of course the famous Bean is part of Millennium Park, which attracted over 4.75 million people in 2013-a five percent increase from the previous year. Millennium Park has both positive and negative financial effects on Chicago. Although the Park attracts millions of people, it also cost millions of dollars to construct. Many people criticize the expense of the Park to taxpayers and the additional financial effects it continues to have on Chicago. Not only was the initial budget a stain on the city's finances, but the upkeep continues to be a great deal of money as well. The financial effects of the Park aren’t all negative, as the park brings in an estimated $2.6 billion annually in tourist spending related activities. Interest to other attractions in the area have increased substantially since the park was built, and real estate prices with views of the park have increased as well. Although the initial expense was a large amount, some people argue that it was well worth the …show more content…

Millennium Park doesn't just take from the city of Chicago, it also gives back. It holds over 500 free events every year. The Jay Pritzker Pavilion concerts are free on the lawn of the park, specialty membership seats in the Pavilion rage from $25-$85, bringing in revenue for the park and the artists. The Park brings in additional revenue for Chicago in a variety of ways. Not only does it encourage people to use public transportation like the Metra for events in the Park, but it also draws people to nearby attractions such as The Art Institute of Chicago's new Modern Wing, which is conveniently located right next to the Park’s famous Lurie Garden. The BP Pedestrian Bridge links Millennium park to the new Maggie Daley Park, which attracts tourists to both locations. Revenue from private events in the Park brings in additional funds. In 2013 alone, private events in Millennium Park brought in $637,000. In addition to bringing people to other city ventures and resources, Millennium Park certainly brings in attraction to new real estate business. A simple condominium with views of Millennium Park was estimated to cost 29% more than neighbouring reality. Just in the last four years, ten new condominium projects, containing 3,600 units, are being constructed along the

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