Chicago Lands $100M Year-Round Entertainment Destination

This week marks a major Pro‑Chicago win—and a blueprint moment for experiential placemaking in our city.

Universal Destinations & Experiences— the themed entertainment arm of Comcast NBCUniversal— has chosen Chicago as the second home for its year-round immersive horror experience, Universal Horror Unleashed.

The project will repurpose a 114,000‑sq‑ft, long‑vacant site at 700 W. Chicago Ave (opposite the new Bally’s Casino), creating a world-class venue expected to open in 2027, employ 400+ permanent staff, and generate approximately $100 million in annual economic activity.

World Business Chicago expects this to generate more than $1 billion in economic impact for the city over 10 years.

According to Cushman & Wakefield’s The Rise of the Experiential Economy, “anchor institutions such as museums, … though only 1.2 % of real estate inventory in walkable urban places, drive an impressive 25 % of all foot traffic.”

That’s the power of “Play” in the Live‑Work‑Play model—cultural and entertainment uses trigger outsized economic vitality. The report also notes that optimizing “Play” space in downtowns boosts GDP, foot traffic, and real estate valuations—key components of a resilient urban core.

“Experience is today’s currency.”

Universal’s investment exemplifies this concept: it activates idle real estate, enhances the urban experience, creates jobs, and adds to the growing chorus of developments that are cementing Chicago’s status as a premier place to live, work, and play.

WBC’s role: Concierge-led, catalytic delivery

World Business Chicago’s engagement with Universal began in October 2024, when our Business Development team, led by Chief Growth Officer Kyle T. Schulz and Vice President of Economic Development Rebecca Motley, identified the opportunity as a catalytic fit for the city’s experiential economy and downtown revitalization goals.

From that moment forward, WBC deployed its full-service, cross-sector concierge approach—activating relationships across the Department of Planning and Development and Ciere Boatright, CDOT, the Mayor’s Office, the Department of Water Management, DCEO, and 27th Ward Alderman walter burnett and 42nd Ward Alderman Brendan Reilly—to navigate critical infrastructure, permitting, and site readiness hurdles.

World Business Chicago facilitated dozens of meetings and convenings—sometimes with just hours’ notice—bringing together city and state partners to problem-solve in real time. This collaborative model is core to how WBC delivers results: anticipating roadblocks, accelerating approvals, and ensuring companies like Universal can meet aggressive timelines. Every milestone moved this landmark project closer to realization—unlocking an estimated $100 million annually in economic activity for the River West neighborhood and the broader city.

“This wasn’t a project that just came together on its own—it required hard work, trust, and true partnership. The City of Chicago, World Business Chicago, and the State of Illinois stepped up in every way, navigating major challenges and demonstrating what it means to collaborate for impact. This moment belongs as much to them as it does to us.” — John McReynolds , Senior Vice President, Universal Destinations & Experiences.

“Universal’s decision to build in Chicago reflects what more and more companies are recognizing: this is the best big city in the U.S. for access to customers, talent, and opportunity,” said Phil Clement, President & CEO, World Business Chicago.

Big wins for Chicago: Culture, community, and capital

Mayor Brandon Johnson celebrated the project as “exactly the kind of creative, high‑impact investment … that brings new life to a vacant site, creates hundreds of jobs, and cements Chicago as a must‑visit destination for entertainment tourism.”

The Big Picture: Chicago Is Defining the Future of Experiential Placemaking

Cities across the country—Las Vegas, Detroit, Atlanta, Kansas City—are investing in immersive entertainment to anchor emerging experiential corridors and cultural districts. This national momentum reflects a broader shift toward experience-driven placemaking, and Chicago has a prime opportunity not just to join the trend—but to define it.

Let’s be clear: those other cities are NOT Chicago.

What sets Chicago apart is its standing as a global hub for culture, entertainment, and business—backed by an unrivaled combination of density, diversity, and creative energy.

We don’t have to manufacture street life or curate credibility. From deep-rooted music traditions and world-class architecture to an economy built on innovation and access, Chicago’s vibrancy is real, generational, and already in motion.

This isn’t about catching up. It’s about continuing to lead.

Universal’s decision to bring Horror Unleashed to Chicago’s River West community is more than a one-off attraction—it’s part of a larger movement positioning Chicago as the national model for experience-driven economic development.

Look at what other immersive experiential developments are currently unfolding:

• The Obama Foundation Presidential Center is rising on the South Side as a global civic and cultural anchor—and a powerful beacon of hope for future generations.
• Bally’s Casino is reshaping River West into a 24-hour entertainment hub.
• Harry Potter: Magic at Play,
• 360 CHICAGO’s expansion at 875 N. Michigan,
• the reimagining of Navy Pier as a vibrant cultural and community destination,
• The Hand & The Eye—the world’s largest immersive magic venue—opening in the McCormick Mansion at 100 E. Ontario in 2026; and,
• David Byrne‘s permanent exhibit on music, identity, and brain sciences.

This is what leading looks like.

As Cushman & Wakefield notes in The Rise of the Experiential Economy, urban cores must shift toward “Play” to thrive.

Chicago isn’t just making that shift—we’re making it matter. In a city that’s Never Done. Never Outdone., vacant space becomes stage, workforce becomes cast and crew, and economic development becomes storytelling.

Construction on Universal Horror Unleashed begins in early 2026.