Chicago’s bid to host the 2016 Olympic and Paralympic Games took a major step forward this week as the city closed on the purchase of a 37-acre site for the proposed Olympic/Paralympic Village on June 30. Because of the development’s strategic location and its importance to the city’s plan for regeneration of the nearby South Side, it will go forward whether or not Chicago is chosen on October 9 to host the Games by the International Olympic Committee (IOC). The site is currently the campus of the closed Michael Reese Hospital, just south of downtown and steps away from the Lake Michigan shoreline and McCormick Place, which would be home to 11 Olympic and eight Paralympic sports as well as the International Broadcast Center (IBC) and the Main Press Center (MPC). No residents will be displaced for the development.
Amenities planned for the athletes at the Village include a private beach, 50-meter swimming pool, lakefront fitness area, and open-air amphitheater for live performances. A new promenade will provide direct lakefront access for athletes and, after the Games, for residents.
“The Games represent a once-in-a-lifetime opportunity for economic growth and social progress in our city,” said Patrick G. Ryan, chairman and CEO of Chicago 2016. “The Olympic Village is a key component of that opportunity.”
If Chicago is selected as the 2016 host city, the Village would be home to 10,500 athletes and 6,000 team officials. Ninety percent of athletes living in the Village would be able to reach their training and competition venues in 15 minutes or less. The short trips could minimize the stress of commuting for the Games participants.
“The Olympic Village will be a world-class development that will provide an amazing experience for the athletes who come to Chicago from around the globe,” Ryan said. “We are also very proud because it will leave our city with a guaranteed legacy of our bid-a new residential and retail community that ultimately will benefit the people who live in the city. We also believe it will provide a big boost for redevelopment in nearby neighborhoods.”
The City of Chicago is buying the Village site for $86 million. Because the sale is being financed by the seller of the property, the city is not required to make any payments to the seller for five years or to pay the full purchase price for 15 years. The city plans to sell the property to private developers who will proceed with construction. About a dozen development teams have expressed interest in participating in the project.
According to the Chicago 2016 Media Line, the Village project would provide hundreds of jobs during the remediation, demolition, and deconstruction of several existing buildings on the property-work that is set to begin this summer in preparation for new-building construction planned for 2012.
