Obama Presidential Center price tag climbs to $850 million as foundation assets exceed $1 billion

The estimated cost to build the Barack Obama Presidential Center in Chicago has risen to about $850 million, according to new disclosures, nearly triple the original $300 million projection. The center sits in Jackson Park on the city’s South Side and has been under construction for several years. The Obama Foundation says the project remains slated to open in the spring.

New figures show the total cost has climbed as the project progressed. Construction costs alone rose to about $700 million by 2021, and the overall estimate later topped $830 million before the latest assessment of $850 million. The foundation has reported spending more than $615 million on the center as of late 2024, according to the Chicago Tribune. The foundation also said it raised $195 million last year from nearly 92,000 donors, lifting its net assets above $1 billion for the first time.

To protect taxpayers, the deal called for a $470 million reserve fund. Tax filings show only $1 million has been deposited to date, with no recent contributions reported. Illinois Republican Party Chair Kathy Salvi criticized the project as an abomination and argued that the arrangement could leave taxpayers at risk.

Construction activity at the site was evident in August 2025, with ongoing work in Chicago. The center’s campus in Jackson Park was originally planned to open this year, but officials have indicated a spring opening is the current target, pending fundraising and project milestones.

The Obama Foundation and the Barack Obama Presidential Library did not respond to requests for comment in time for publication. The delay in the opening window and the rising cost have ignited debate among local officials and political observers about the mix of private philanthropy and public-facing commitments in large urban projects.

Even as the project faces budgeting questions, donors continue to sustain momentum for the platform. The foundation reported a strong fundraising year, with broad participation from individuals and organizations, helping to push its assets past the $1 billion threshold while it advances construction plans for the campus.

The evolving budget and financing arrangements highlight the complexities of financing high-profile museum and library projects in major cities. While philanthropic gifts can accelerate development, the reliance on private giving can complicate oversight and raise questions about taxpayer exposure, particularly when a project touches public land and municipal infrastructure.

As the center nears the later stages of construction, developers and city officials will continue to monitor cost growth, fundraising progress, and the capacity of the foundation to sustain long-term operations after opening. The broader implications for the local economy, civic branding, and public accountability remain a focal point for residents and policymakers alike.