{"id":1004216280,"date":"2018-04-03T05:12:46","date_gmt":"2018-04-03T13:12:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004216280"},"modified":"2022-12-08T16:48:45","modified_gmt":"2022-12-09T00:48:45","slug":"chicago-airlines-ink-8-5b-expansion-at-ohare","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/","title":{"rendered":"Chicago, Airlines Ink $8.5B Expansion at O\u2019Hare"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor <\/em><\/p>\n<p>The City of Chicago and four of the airlines serving O\u2019Hare International Airport\u2014United, American, Delta and Spirit\u2014have executed an $8.5 billion, eight-year plan to modernize the airport. The deal marks both the largest capital expansion in the airport\u2019s history and the first major terminal improvements at O\u2019Hare in 25 years.<\/p>\n<p>The plan will create 25 percent more gate capacity, new state-of-the-art security and a series of infrastructure improvements to increase airline performance. O\u2019Hare is expected to serve nearly 100 million passengers annually by 2026, versus about 80 million today.<\/p>\n<p>The just-inked Terminal Area Plan (TAP) will completely redevelop O\u2019Hare\u2019s existing terminals, with expanded gates and facilities at Terminal 5 (the international terminal), the redevelopment of Terminal 2 into a new O\u2019Hare Global Terminal to serve both international and domestic passengers, and renovations and expanded concourses at Terminals 1 and 3. (There is no Terminal 4).<\/p>\n<p>Upgrades will include:<\/p>\n<ul>\n<li>New comprehensive security screening upgrades, meant to enhance security and reduce wait times for passengers;<\/li>\n<li>New self-service technologies, that would allow passengers to quickly check in for their flights and drop off their bags;<\/li>\n<li>New baggage systems, to streamline baggage connectivity.<\/li>\n<\/ul>\n<p>The total terminal square footage will increase by more than 60 percent, from 5.5 million to 8.9 million square feet. Construction will start next year.<\/p>\n<p>Many of the TAP changes are geared toward making O\u2019Hare a more attractive gateway for international travel. The O\u2019Hare Global Terminal will be a new international arrival terminal, and the extension of Terminal 5 will help millions of passengers each year avoid the hassle of long transfer times between the outlying Terminal 5 and the terminal core.<\/p>\n<p>O\u2019Hare will also be home to North America\u2019s first Global Alliance Hub, where each of the three international airline alliances operate within a single terminal facility.<\/p>\n<h2><strong>O\u2019Hare area remains hot for industrial, hotel projects<\/strong><\/h2>\n<p>Development outside the airport fence has not lagged by any stretch.<\/p>\n<p>Over the next few years, the <a href=\"https:\/\/www.commercialsearch.com\/news\/ohare-airport-to-get-350m-hotel-expansion\/\">O\u2019Hare airport\u2019s hotel capacity<\/a> will more than double, through the renovation of the existing O\u2019Hare Hilton and the construction of two new hotels, one of which will have direct access to the airport via the Airport Transit System, an automated people mover.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/westmount-grows-chicago-area-industrial-portfolio-by-2-msf\/\">Industrial space near O\u2019Hare<\/a> remains in high demand. Last October, for example, Westmount Realty Capital bought a portfolio totaling 2.4 million square feet of space, most of it near O\u2019Hare or the Illinois International Port District.<\/p>\n<p>And just last month, <a href=\"https:\/\/www.commercialsearch.com\/news\/ridge-acquires-11-acres-in-chicago-for-spec-industrial-project\/\">Ridge Development<\/a>, the industrial development arm of Transwestern Development Co., bought a 10.5-acre parcel just southeast of the airport, on which it plans to build a 178,500-square-foot spec project with 32-foot clear heights.<\/p>\n<p><em>Images courtesy of Chicago Department of Aviation <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal marks the largest capital expansion in the airport\u2019s history, as well as the first major terminal improvement project in 25 years.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21808,13,21752,21742],"tags":[39651],"class_list":["post-1004216280","post","type-post","status-publish","format-standard","hentry","category-chicago","category-development","category-featured","category-midwest","category-mixed-use","category-latest","tag-chicagos-ohare-international-airport"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Chicago, Airlines Ink $8.5B Expansion at O\u2019Hare - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/","og_locale":"en_US","og_type":"article","og_title":"Chicago, Airlines Ink $8.5B Expansion at O\u2019Hare","og_description":"The deal marks the largest capital expansion in the airport\u2019s history, as well as the first major terminal improvement project in 25 years.","og_url":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-04-03T13:12:46+00:00","article_modified_time":"2022-12-09T00:48:45+00:00","author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/","url":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/","name":"Chicago, Airlines Ink $8.5B Expansion at O\u2019Hare - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2018-04-03T13:12:46+00:00","dateModified":"2022-12-09T00:48:45+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/chicago-airlines-ink-8-5b-expansion-at-ohare\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Chicago, Airlines Ink $8.5B Expansion at O\u2019Hare"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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