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$8.5B Deal Would Fund O’Hare Expansion
O’Hare International Airport will add more than 3.1 million square feet of terminal space by 2026 as a result of a $8.5 billion deal under negotiation with resident airlines.
A new “Global Terminal” will be built at the site of the current Terminal 2. Plans call for the renovation of Terminals 1, 3 and 5, and two satellite concourses are slated west of the existing terminals. About 220 gates would be available after the project is complete, compared to today’s 185.
With the airlines’ 35-year airport leases expiring in May, the city, led by Mayor Rahm Emanuel, wants renewals to feature higher fees and charges. The city Aviation Department would borrow against those future fees to fund the expansion. No public funds would be used, city officials said.
The expansion is designed to grow the number of international flights at O’Hare, and add more space for domestic flights.
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