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The $500 million development will include two residential towers and work on the long-awaited DuSable Park as well as plans to extend the Chicago Riverwalk.
Then-Mayor Richard M. Daley “saw this as an opportunity to show a city that does work — not a city that crumbles under the pressure of protesters," said Leslie Fox, executive director of the 1996 convention's host committee. "The stakes were pretty high.”
The festival will be exiting Douglass Park after a 10-year run that has been plagued by controversy in recent years.
The festival's co-founder, Mike Petryshyn, shared the announcement in a video posted to social media and on the festival's website Tuesday evening. The new venue will be announced Wednesday morning with this year's lineup.