Mayor Rahm Emanuel is announcing a multimillion-dollar renovation plan that includes remodeling Navy Pier and building a 10,000-seat basketball arena near McCormick Place that would be the home court of DePaul University's basketball teams.
In a news release on Thursday, Emanuel's office says the first phase of a $278 million project to renovate Navy Pier will begin in the fall and will cost about $166 million. The city will put up $110 of that and private restaurants and the Chicago Children's Museum is putting up the rest.
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The release also says the city will build the arena near McCormick Place. It will also be used as a hall for conventions and trade shows. McCormick Place and DePaul will each put up $70 million to design and build the arena.