27-Jun-15 – “Let’s be honest,” Mayor Rahm Emanuel told the crowd on the Riverwalk, growing up in Chicago, the river was “something you either biked over, drove over, or threw something on.”

The idea of a continuous path along the main branch of the Chicago River may have seemed incredible when former Mayor Richard M. Daley first proposed it. With the Riverwalk now open from the lakefront to Wells Street, and construction starting Monday to extend it to Lake Street, Saturday was a day for city officials to reflect on the accomplishment.

“Most cities are fortunate if they have a river or a great park or access to a waterfront,” said 42nd Ward Alderman Brendan Reilly (left). “The city of Chicago has three….Thanks to Mayor Emanuel, this last piece, the Chicago River, is going to be, I think, one of the great draws in the City of Chicago, to enjoy our architecture and enjoy the Central Business District in the greatest city in America.”

It was Emanuel, says Reilly, who “put this project on steroids.”

According to the mayor, the Riverwalk was one of three transportation projects discussed at a single meeting with Ray LaHood, who was at the time United States Secretary of Transportation. The other two projects were the 95th/Dan Ryan CTA station and a public parking facility at O’Hare International Airport.

All three projects received funding. The Riverwalk is paid for with a $98.66 million loan. The money comes from the Transportation Infrastructure Finance Innovation Act and the Chicago Riverwalk is its first project. The loan, tapped only as needed, has a fixed interest rate of 3.34 percent and is repaid in equal installments every January 1 and July 1 through January 1, 2048.

LaHood, who is from Peoria, Illinois, and still has a residence there, served with Emanuel in the U.S. House of Representatives when both represented districts in Illinois. He says he credits Emanuel for making the Riverwalk “a national priority.”

“I was so pleased when he became mayor of Chicago because I knew that he was going to take the City of Chicago to the next level,” said LaHood (right). “That’s what it is. The Chicago Riverwalk is the next level for the city to take advantage of this magnificent river.”

Whatever the Riverwalk costs, the executive director of Friends of the Chicago River says the return on investment will be big. Margaret Frisbie says a 2013 report by her organization found for every dollar spent on the river’s water quality and public access, the economic benefit is $1.70.

“I think the $98 million that we borrowed to pay for the Chicago Riverwalk is going to pass that ten-fold,” said Frisbie.

Although the new sections of Riverwalk have been in operation for more than a month – Marina Plaza and The Cove opening to the public on May 23 and River Theater opening on June 2 – the mayor called Saturday “the official grand opening.”

“We’re not just opening up the riverfront,” he said, “We’re opening up another chapter in the history of Chicago.”

Phrase 3 construction starts Monday

Demolition of old Riverwalk between LaSalle and Franklin Streets will start on Monday, according to Chicago Department of Transportation. Public access to the area between LaSalle and Lake Street was closed on Friday morning. On the Riverwalk between State and LaSalle Streets, only small construction chores remain, says CDOT Construction Manager Oswaldo Chaves, and they will be done “at off hours.”

On Saturday morning, Downtown Docks became the last of the concessionaires to open on the new sections of Riverwalk. Owner Ron Silvia says they were just waiting on dock hardware to be installed – cleats, fenders, and lines. (Left) Chicago Police Department and Chicago Fire Department boats on display on the Riverwalk west of State Street on Saturday.