Chicago Nears Finalization of $8.5 Billion Expansion of O'Hare International Airport
Chicago's largest airport could soon be getting a facelift. The city's mayor Rahm Emanuel and the airlines are reportedly in the final stages of negotiating an $8.5 billion deal to expand Chicago's O'Hare International Airport (ORD).
As reported by the Chicago Tribune, the deal would include a new state-of-the-art "Global Terminal," featuring new gates and additional concourses. In all, the eight-year plan would catapult ORD to a more modern airport by reducing gridlock and delays, along with accommodating more flights — both international and domestic.
The potential deal comes near the end of a 35-year lease with the airlines, which is set to expire in May. Emanuel is expected to leverage the expiration of that deal to get higher fees from airlines, which would help to finance the project. The $8.5 billion project would be paid for with future airline fees, and therefore would not require taxpayer dollars.
Details show that the 55-year-old Terminal 2 would be torn down to make way for the new "Global Terminal." In addition, Terminals 1, 3 and 5 would be renovated, with two new satellite concourses opening to the west of existing terminals, connected to the new "Global Terminal" by an underground pedestrian tunnel. While the airport currently houses 185 gates, the new ORD would feature a total of 220.
In all, the deal would add 72% more terminal space — from 4.3 million square feet to 7.4 million — and allow for six east-west runways and two diagonal runways. The project is expected to be completed over the next eight years. While nothing has yet been confirmed by the city, the proposal is set to be discussed at Wednesday's City Council meeting.
Based on TPG's 2016 look at the best and worst airports in the US, ORD came in as the fourth worst — behind LaGuardia (LGA), John F. Kennedy (JFK) and Newark (EWR).
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Rewards Rate
| 2X miles | 2 miles per dollar on every purchase |
| 5X miles | 5 miles per dollar on flights and vacation rentals booked through Capital One Business Travel |
| 10X miles | 10 miles per dollar on hotels and rental cars booked through Capital One Business Travel |
Intro Offer
Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
$395Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.740-850Excellent
Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
- The Capital One Venture X business card has a very lucrative welcome offer.
- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
- The card requires significant spending to earn the welcome offer.
- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month