The O'Hare Airport expansion in Chicago has been approved for $8.5 billion.
The addition will have terminal space and additional gates. The city has also agreed to pay $4 billion in bonds upfront for construction costs and to refund outstanding bonds from other city deals.
What is O'Hare Airport Adding?
- Renovating three existing terminals
- Increasing plane parking spaces by 25%
- Adding 35 new gates
- Replacing 40 existing gates
- Addition of "Global Terminal" for larger international aircraft
Reports have communicated that the city will pay for the renovation and expansion, but will be reimbursed by negotiated airline fees.
What will happen after O'Hare's Expansion?
The city of Chicago is planning an express train to O'Hare that would make the commute from downtown to O'hare only 20 minutes. The Boring Company (Tesla's Elon Musk) and O'Hare Xpress LLC (Meridiam, Mott Macdonald, JLK Infrastructure, Antartica Capital, and First Transit) are on the short list for the job.
The detailed bids are due May 18th. The winner will design, build, finance, operate, and maintain the new transit. This project is expected to be at $3 billion.