Obama Presidential Center cost surges to $850 million as timeline and finances face new scrutiny

The estimated price tag for the Obama Presidential Center in Chicago has surged to $850 million, according to the Obama Foundation, nearly triple the original $300 million figure proposed when the project was conceived. The foundation said it had spent more than $615 million on the center in Jackson Park on Chicago's South Side as of late 2024.

Costs have climbed steadily since the project was announced. The design unveiled in 2017 pegged construction at about $500 million. By 2021 the construction estimate had risen to $700 million, with total project costs projected at about $830 million. The foundation now puts the final price at $850 million, according to spokesperson Emily Bittner. The presidential campus was originally slated to open this year, but officials say it will open in the spring.

Separately, the Obama Foundation reported a surge in its financial size. Net assets topped $1 billion for the first time after raising $195 million last year from nearly 92,000 donors. New tax filings show a reserve fund pledged to shield taxpayers from costs has not been fully funded; the foundation previously pledged to create a $470 million reserve fund, but only $1 million has been deposited, with no recent contributions. Illinois GOP Chair Kathy Salvi criticized the project as an abomination, arguing that Democrats in the state repeatedly rely on taxpayers to fund political projects. Salvi said the project risks taxpayers who are already strained, in comments reported by local outlets.

The Obama Foundation and the Barack Obama Presidential Library did not respond to a request for comment from Fox Business.

Ceremonial groundbreaking for the center took place on Sept. 28, 2021, marking the official start of construction. Construction was underway on Aug. 20, 2025, in Chicago, with officials describing progress as ongoing and targeted milestones aligned with the spring opening plan.

Despite ongoing cost increases, foundation officials say the center remains a cornerstone of the campus, intended to house museum spaces, a research library, and educational programs that connect visitors with the former president and first lady's missions. Donor support continues to be a driving force behind the project, helping to sustain activities beyond the construction phase as the campus moves toward completion.

As the project moves through the late stages of development, observers keep a close watch on how escalating costs, funding commitments, and public scrutiny will shape the center's final form and its role in Chicago's cultural and civic landscape. With net assets exceeding $1 billion and a broad base of donors, the foundation maintains that the center will deliver long-term educational and cultural value, even as political questions about taxpayer support and fiscal guarantees persist.