City Hall looking for team to manage Riverwalk

City Hall is looking for a team to add more than 100,000 square feet of retail space along the citys Riverwalk and generate enough money to help pay off the $99 million federal loan being used to extend the scenic walkway along the Chicago River.

The group of developers, builders, property managers and maybe even advertising pros would oversee not only the six-block section of the Riverwalk thats under construction along the south side of the river between State and Lake streets, but also the existing portion between Michigan Avenue and Lake Shore Drive.

The details are found in recently released, 343-page city bid documents that ask would-be Riverwalk firms to offer their plans by Sept. 30.

Construction of this new amenity is expected to be substantially completed in 2016, the documents state. The new build-out will permit a continuous riverside pedestrian trail from Lake Street . . . all the way to Lake Shore Drive and the Lakefront Trail System, including Navy Pier to the east.

The developer would help the city cover some of its loan payments with money from the stores, restaurants, concessions, entertainment facilities and recreational boat docking. In addition, the city likely would try to repay the rest with fees from tour boats, event sponsorships, naming rights and advertising along adjacent streets, according to the bid documents.

The city is open to various ways to split up the pie with the management group, including incentive payments, a long-term lease with an upfront payment or an alternative structure that meets the citys requirements for a long-term partnership.

To sell the idea to potential developers, Mayor Rahm Emanuels administration touts Chicagos large regional population, growing tourism base, the Riverwalks prime location and ongoing development in the area.

With over 100,000 square feet of commercial development opportunity, the Chicago Riverwalk is a great example of how successfully creating land will capture future value, the documents state. The Chicago Riverwalk is a transformative place-making opportunity to activate the historically significant Chicago River year-round for both residents and tourists.

Considering the sometimes brutal winters that feature brisk, chilly winds along the river, the year-round component may be a tough sell, something the city concedes. In climates with weather uncertainty, some architectural designs that are becoming popular include tenting, retractable roofing, patio enclosures and adaptable awnings, according to the bid documents.

Shannon Breymaier, an Emanuel spokeswoman, said the city seeks a year-round destination that reflects the spirit of the city, and this potentially could also include some enclosed spaces.

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City Hall looking for team to manage Riverwalk