POSTED: Thursday July 2nd 2009
FOR IMMEDIATE RELEASE
City of Chicago Completes Purchase of Proposed Olympic Village Site
Supports the city’s bid for the 2016 Olympic and Paralympic Games
CHICAGO (July 2, 2009)—Chicago’s quest to host the 2016 Olympic and Paralympic Games took a major step forward this week as the City of Chicago closed on the purchase of a prime 37-acre site for the proposed Olympic Village on June 30.
The Village project will provide hundreds of jobs during remediation, demolition and deconstruction of several existing buildings on the property, which is set to begin this summer, in preparation for construction of new buildings expected to begin in 2012.
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.
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 Olympic Village will be home for 10,500 athletes and 6,000 team officials. Because of the development’s strategic location and its importance to the city’s plan for regeneration of the near South Side, it will go forward whether or not Chicago is chosen to host the Games by the International Olympic Committee.
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 would 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,” said Ryan. “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 site for the Village, the campus of the closed Michael Reese Hospital, is just south of downtown and steps away from the Lake Michigan shoreline and McCormick Place, which would be home to 11 Olympic and 8 Paralympic sports as well as the International Broadcast Center (IBC) and the Main Press Center (MPC). No residents will be displaced for the development.
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About Chicago 2016
Chicago 2016 is a 501(c)(3) corporation whose mission is to seek the privilege of hosting the 2016 Olympic and Paralympic Games in Chicago. The committee’s board consists of business, civic, athletic, cultural and academic leaders representing Chicago and the surrounding Midwest region. Patrick Ryan serves as the organization’s chairman and CEO.
Contact:
Chicago 2016 Media Line
+1.312.861.4826
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Keywords · Chicago 2016 · Patrick G. Ryan · Michael Reese Hospital
Name: Mica Matsoff
Organization: Chicago 2016 Olympic Bid
Email:
Phone: 1.312.861.4826
URL: http://www.chicago2016.org/
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