Report: Cost Could Soar About 75% For DePaul's New Arena
(CBS) The cost for DePaul's proposed arena near the McCormick Place in Chicago has soared to around 75 percent more than the original estimate, Danny Ecker of Chicago's Crain Business reported Tuesday. The cost has now risen to perhaps as much as $250 million, Ecker reported, leading to troubles between The Metropolitan Pier and Exposition Authority and the general contractor it's negotiating with.
A sticking point is the "dug-in" design of the 10,000-seat arena, which places its playing floor well below ground level. That feature has pushed construction costs above the $140 million that McPier and city officials optimistically projected when they announced the project in May 2013, sources said.
Although a final price has not been set, the cost of that design, by New Haven, Conn.-based Pelli Clark Pelli, could be as much as $250 million, sources said.
The escalating costs of the arena, called the McCormick Place Event Center, have complicated the selection, sending McPier and DePaul University officials looking for new financing options and changes to the design that would lower the cost.
Another catch is that neighborhood residents "aren't prepared to support construction of an above-ground arena because it would be too obtrusive," according to Ecker.
In addition to the arena, a Marriott hotel with 1,200 rooms will be built nearby. Its price tag of about $400 million is still in line with previous estimates, Ecker reported.
DePaul plays most of its home games at AllState Arena in Rosemont.
