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Chicago & Midwest  + South Side  + Finance  | 

Obama Center Cost Now Projected at $830M

The Obama Foundation has released documents that detail the latest and most comprehensive price tag yet on the upcoming presidential center in the South Side’s Jackson Park: $830 million. 

The Chicago Tribune reported that this amount will go into three buckets: the $700-million cost of construction, which launched Monday and is expected to take four years; $90 million for preparing artifacts, exhibits and the center’s opening; and $40 million in the first year of operating costs, according to an annual report and tax return for 2020. 

Previously, the bricks-and-mortar costs were estimated to be $500 million and before that, more than $300 million. 

By the end of last year, the foundation had about $561 million in net assets, up from 2019′s total of $430 million, the Tribune reported. The nonprofit also raised $171 million in donations last year.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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