Cost of Obama Center Rises to $615 Million with Open Date Pushed to 2026

CHICAGO, IL — The cost of building the Obama Presidential Center has reached $615 million as of the end of 2024, according to the Obama Foundation. This figure is nearing the original total budget. Fundraising efforts continue to boost the foundation’s finances significantly.

Initial estimates for the center started at $500 million when the design was announced in 2017. The budget increased to $700 million in 2021. Along with construction costs, an additional $90 million is needed for exhibits and operations, bringing the budget to an estimated $830 million, foundation officials reported.

Emily Bittner, a spokeswoman for the foundation, announced that the all-in estimate currently stands at $850 million. The report indicating the latest construction costs comes as part of the foundation’s annual disclosure of its fundraising and expenses, released last week.

After facing multiple delays and legal issues, the Obama Center is set to open in the spring of 2026. To engage the community, officials are organizing tours starting later this month, allowing neighbors to envision their future interactions with the center.

The campus will comprise several buildings, including a museum, a forum with an auditorium, a library branch, and a 45,000 square foot multipurpose athletic center. Though the athletic center was previously scheduled to open this year, the timeline has shifted to 2026.

Valerie Jarrett, the foundation’s CEO, indicated that all buildings should be completed by the end of this year. Progress has been made with exhibit installations and other interior work. Notably, an impressive 83-foot painted glass window created by artist Julie Mehretu has been installed at the museum.

Fundraising for the center has been robust, with the foundation’s net assets exceeding $1 billion after raising $195 million last year from nearly 92,000 donors. More than 56,000 of those donors contributed for the first time, with the typical donation being $25.

The foundation reported $27.5 million in expenses for programming which includes scholarships and leadership programs. A total of 335 individuals from across the globe completed their Global Leadership Programs this year.

Top executives’ compensation has also seen an increase; for instance, CEO Valerie Jarrett earned $740,000 last year. Nearly half of the workforce hours for construction have been fulfilled by Chicago residents, though slightly below the targets the foundation set.

As the project continues, Bittner remains optimistic about the opening and the community’s connection to the new center.