Price tag for Obama Presidential Center climbs to $850 million amid rising costs

The price tag for the Barack Obama Presidential Center in Chicago has risen to about $850 million, the Obama Foundation said, nearly triple the original $300 million estimate when the project was conceived. The foundation also reported it had spent more than $615 million on the project in Jackson Park on the city’s South Side as of late 2024, according to the Chicago Tribune. The figure underscores a yearslong rise in projections tied to design changes, inflation, and construction complexities at a site that the foundation has described as central to its mission.

Costs have climbed steadily since the project began taking shape. The design unveiled in 2017 pegged construction at about $500 million, and by 2021 the figure had jumped to $700 million for construction alone, with the total estimated cost reaching roughly $830 million, the Tribune reported. Emily Bittner, a spokeswoman for the Obama Foundation, said the final estimate stands at $850 million. The Chicago Tribune noted the campus was originally slated to open this year, but the opening is now expected in the spring, according to people familiar with the plans.

The foundation’s financial profile has also evolved. Net assets surpassed $1 billion for the first time after the foundation raised $195 million last year from about 92,000 donors, the Tribune reported. Construction was underway at the Barack Obama Presidential Center as of August 20, 2025, on Chicago’s South Side, according to accompanying reports and imagery.

Beyond the rising price tag, questions have circulated about safeguarding taxpayers. When the deal to build the center was struck, the foundation pledged to create a $470 million reserve fund to shield taxpayers from direct exposure. New tax filings, however, show only $1 million deposited so far, with no recent contributions, a development that has drawn concern from critics and lawmakers about long-term risk and accountability.

Illinois Republican leaders have seized on those concerns. Kathy Salvi, chair of the Illinois Republican Party, told Fox News Digital that the project is an abomination and accused Democrats of leaving taxpayers high and dry, arguing that public money is being used to prop up a project tied to political benefactors. The Obama Foundation and the Barack Obama Presidential Library did not respond to Fox Business’ request for comment.

Industry observers note that large, high-profile cultural and civic projects increasingly sit at the intersection of philanthropy and public funding. The Obama Center’s evolving budget, donor base, and governance—along with its expected Spring 2026 opening—will continue to be scrutinized by residents, policymakers, and markets researchers as they assess the broader economic and urban development implications for Chicago’s South Side.