Millennium Park in Chicago, Illinois, is introduced below from the perspective of the Millennium Park Quadruple Net Value Report (2011), produced by Texas A&M University and DePaul University. The report assessed the significant social/cultural, economic, environmental, and sensory return on investment of the park to the City of Chicago.
The park, which is a former rail yard, parking lot and strip of green space, was conceptualised by former Mayor Richard M. Daley as an asset that would transform Chicago; one that would encompass art, music, and public space, becoming the world’s largest green roof (over a parking garage). The $USD 490 million park of 24.5 acres was designed by Frank Gehry, funded half by the city and half by private donors, and opened in 2004.
The park now comprises a series of pavilions, one fronting a great lawn; promenades, outdoor galleries, and distinctive gardens, fountain, monument, cloud gate and serpentine bridge connecting 319 acre Grant Park. It is located beside the Art Institute of Chicago and Tourism, Visitor Information and Cultural Centres and contains a theatre for music and dance, restaurant and a Cycle Centre.
The report describes Millennium Park as an example of real estate value creation through proper conceptualization, design, delivery and management in creating a cultural centre of Chicago, with 5 million visits per year, and an internationally recognized symbol of the city.