The cost for the Obama Presidential Center in Chicago, Illinois, is now forecasted to exceed $1 billion, which is nearly three times the initial estimated cost for the project.
Fox News, which confirmed the figure on the basis of newly released financial information, reported that the project also opened five years past schedule.
“While we continue to reconcile costs and plan ahead for additional capital improvements, we anticipate our total cost for constructing the campus is approximately $1 billion — again, all raised in private contributions,” Emily Bittner, the Obama Foundation’s vice president of communications, told Fox News.
“This includes investments in additional public art, insurance, scope changes in our Home Court, project management and exhibit installation, among other categories.”
It was supposed to open in 2021 after between $300 million and $350 million in construction costs.
But the Obama Presidential Center ultimately opened in June of this year, when costs were estimated at $850 million.
Beyond serving as a museum about the Obama administration, the building serves as the headquarters for the Obama Foundation.
