News for the Hospitality Executive
CHICAGO, July 17, 2012 -- A multi-hotel complex and convention center promises to create jobs, boost tourism and generally revive the area surrounding O'Hare International Airport.
A Chicago Convention Center is a project of the Intercontinental Regional Center Trust of Chicago (IRCTC) and Chicago developer Anshoo Sethi. The development combines convention center facilities with multiple hotels all on the same site.
Over the course of the 24-month construction period and first 10 years of operation, the development is projected to produce a total economic impact of $2.6 billion - $1.1 billion of which will benefit local workers in the form of wages, according to IRCTC. Tax revenue will bring in several million dollars a year.
The LEED-certified development is also expected to account for the creation of more than 4,000 construction jobs and 1,000 permanent jobs.
"There is no doubt that A Chicago Convention Center will play a huge part in bringing back jobs and revenue that was lost during the recession," Sethi said. "We are excited to be part of the rebuilding of this area."
The development will be financed, in part, through the U.S. Immigrant Investor Program, also known as "EB-5," created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.
Surrounding communities have voiced full support for the development and the attention it promises to bring to the area. Leaders from neighboring Park Ridge, Des Plaines and Rosemont say they see the arrival of the convention center as an opportunity to boost local business and community establishments.
The convention center's easy access to the airport makes it an ideal venue for conferences and meetings. Its size will also be an asset when the city bids on large-scale events.
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