The new 10,000-seat events and convention facility will also serve as DePaul’s arena for both men’s and women’s basketball programs, and is aimed at bringing DePaul University basketball back to the city of Chicago.
Construction on the new arena is expected to begin in 2014 and is expected to be completed for the 2016-17 season. Upgrades to the Navy Pier are anticipated to begin in fall 2013. The project will create about 5,000 construction jobs, as well as 3,000 to 5,000 permanent jobs.
The university will provide a contribution of $70 million for design and construction, while the Metropolitan Pier and Exposition Authority will contribute the remaining $70 million. The remaining $33 million for the arena will be paid using tax-increment financing (TIF) district funds.
The new arena is part of $1.1 billion Elevate Chicago, a large-scale tourism and economic development project, which will also include major improvements to Navy Pier.
