On Friday May 17, Chicago Mayor Rahm Emanuel announced the city is ready to move ahead on the $163 million first phase of redevelopment of its most popular venue, Navy Pier.

The Metropolitan Pier and Exposition Authority owns Navy Pier. Officials report $60 million on hand from old bond issues for the first phase, an expectation to sell $55 million more in bonds, and garnering $50 million more in combined revenues from restaurants and the Children's Museum. Navy Pier Inc., a nonprofit that has managed Navy Pier since 2011, hopes to attract some corporate/private funding for phase two of the redevelopment.

The first phase includes a new park for the pier's west end, a heavily-planted promenade, an interactive fountain that becomes a skating rink in winter, new dining and entertainment space, mostly on the pier's lesser used east end, a family area near the Children's Museum, which will expand by 50 percent, and a grand undulating staircase from the water level to the Ferris wheel at mid-pier. First phase of the redevelopment should be ready by summer 2015.

New York City landscape architect firm James Corner Field Operations leads the design team. Corner's vision is a less cluttered, better-organized and greener pier.

The architect for the project, Gensler (Chicago office), is coordinated the overall redesign and interiors.