FIRST ON FOX – The price tag for the beleaguered Obama Presidential Center is now projected to top $1 billion, nearly triple its original estimate, the foundation overseeing construction of the Chicago facility told Fox News Digital.
Confirmation of the 10-figure cost marks another chapter in the troubled history of the much-delayed project, which opened five years behind schedule amid controversy over its use of public parkland and claims that subcontractors were stiffed out of millions of dollars. It comes as newly released financial records reviewed by Fox News Digital offer a fresh look at the finances of the Obama Foundation, the former president’s private nonprofit that oversaw construction of the billion-dollar project.
The sprawling campus on the Windy City’s south side was originally expected to open in 2021, with construction costs estimated at $300 million to $350 million. But years of federal reviews, legal challenges and construction delays preceded its eventual opening in June 2026, by which time projected costs had skyrocketed to approximately $850 million.
Hailed by Democrats and supporters as a historic investment in the community and a tribute to the former president’s legacy, the center was promoted as a catalyst for jobs, economic growth and new opportunities for underserved communities.
“While we continue to reconcile costs and plan ahead for additional capital improvements, we anticipate our total cost for constructing the campus is approximately $1 billion â again, all raised in private contributions,” Emily Bittner, the Obama Foundation’s vice president of communications, told Fox News Digital. “This includes investments in additional public art, insurance, scope changes in our Home Court, project management and exhibit installation, among other categories.”
The campus serves as both a museum dedicated to Obama’s presidency and the headquarters of the Obama Foundation. It also features a public library branch and an athletic center, but unlike traditional presidential libraries, it does not house his original presidential records, although digital versions and artifacts are featured in its museum.
The climb toward the $1 billion mark has seemed inevitable in recent years, with approximately $909 million in construction-related costs recorded by the end of 2025, when the project was about 80% complete, according to its newly released audited financial statements.
The Obama Foundation’s newly released financial disclosures cover the nonprofit’s entire operation, not just the Chicago campus. It also runs leadership, education and community programs across the United States and around the world.
The tax filings show donations and grants fell to approximately $151 million in 2025, down from $195 million in 2024. Fundraising has fluctuated sharply in recent years, falling from $311 million in 2022 to $129 million in 2023 before rebounding in 2024 and declining again last year.
OBAMA PRESIDENTIAL CENTER SUBCONTRACTORS FILE FRESH PAYMENT CLAIMS TOTALING NEARLY $900K
Total liabilities climbed to approximately $103.5 million in 2025, during the final stages of the center’s construction, up from $35 million in 2024 and $20 million in 2022.
The Obama Foundation’s outstanding borrowing also rose from $15 million at the end of 2025 to approximately $63.5 million by July 2026, according to its audited financial statements. The nonprofit said it borrowed the money to cover short-term costs during the final stages of construction and that the loans were not secured against its rights to the property.
Its money and investments available to cover everyday expenses also fell from approximately $265 million in 2024 to $101 million in 2025.
Brian Mitte
