Contract approved to build arena/hotel near Chicago's McCormick Place

Prairie District 3 Partners has been awarded a $564-million contract to design and build an event center and hotel complex in the South Loop in Chicago. The hotel’s construction cost of $400 million has remained the same since it was first proposed, the Sun Times reports.

James Reilly, CEO of the Metropolitan Pier and Exposition Authority, had reportedly recommended the Prairie District 3 group to the Authority's board. The event center is intended as the future home of the DePaul University basketball teams and, with a 1,206-room hotel, could become the centerpiece of a new entertainment district near the McCormick Place convention center.

The groundbreaking could take place in April or May, Reilly said. Construction is expected to take about two years, meaning it would open in 2017.

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The partnership is led by Clark Construction Group Chicago LLC, with a 65 percent stake; Bulley & Andrews LLC at 16 percent; Goettsch Partners, at 6 percent; Moody Nolan at 5 percent; Old Veteran Construction at 5 percent and McKissack & McKissack Midwest at 3 percent.

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