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.
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.