New global terminal at O'Hare will cost $1 billion more than originally anticipated

  • O'Hare International Airport's bond rating was raised by Fitch and S & P from A to A+.

      O'Hare International Airport's bond rating was raised by Fitch and S & P from A to A+. Brian Hill | Staff Photographer, Jan. 19, 2022

 
By John Pletz
Crain’s Chicago Business
Crain's Chicago
 
 
Updated 8/19/2022 3:52 PM

The cost of the terminal rebuild at O'Hare International Airport is going up, but so is its bond rating.

The city of Chicago now estimates that the new global terminal, which hasn't yet begun to be built, and related projects will cost $7.1 billion, up from the $6.1 billion price tag when the project was announced. It's part of a larger O'Hare program that includes other capital and maintenance projects that originally was estimated at $8.5 billion but now is projected to cost $9.8 billion. Along with other previously approved and additional projects, the total is now $12.1 billion.

 

The new estimates were disclosed as the city prepares to issue nearly $2 billion in new bonds, the first airport-related debt issued since 2019.

Full report at Crain's Chicago Business.

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