CHICAGO — In a major win for the city’s economy and entertainment industry, Universal Destinations & Experiences has announced it will launch a $100 million year-round horror attraction in Chicago’s River West neighborhood. The project, named Universal Horror Unleashed, is slated to open in 2027 and marks the company’s second immersive venue of its kind in the country.
The venue will be built at 700 W. Chicago Ave, across from the upcoming Bally’s Casino, and is expected to employ over 400 permanent staff while driving an estimated $1 billion in economic impact over the next decade.
Transforming Vacant Space Into Experiential Gold
The Universal project will repurpose a long-vacant 114,000-square-foot site, turning it into a high-traffic immersive attraction. The site selection underscores a national trend toward what experts call “experiential placemaking” — the use of arts, culture, and entertainment to reenergize urban cores.
As detailed in Cushman & Wakefield’s Rise of the Experiential Economy, “Play” space such as museums or themed venues, though small in footprint, generates 25% of all downtown foot traffic and boosts GDP and real estate values significantly.
Universal’s Chicago investment is a powerful example of how immersive experience is becoming economic infrastructure.
World Business Chicago Helped Bring the Project to Life
According to officials at World Business Chicago (WBC), early engagement began in late 2024, when their business development team flagged the opportunity as a perfect fit for Chicago’s downtown revitalization strategy.
WBC then activated a cross-departmental support network, including the city’s Department of Planning and Development, Department of Water Management, CDOT, and local aldermen from the 27th and 42nd wards. Their concierge-style support helped Universal navigate permitting and infrastructure requirements at record pace.
“This wasn’t a project that just came together on its own,” said John McReynolds, Universal’s Senior Vice President. “The City of Chicago, World Business Chicago, and the State of Illinois stepped up in every way.”
A National Model for Experiential Economic Growth
Mayor Brandon Johnson called the attraction “a creative, high-impact investment” that brings life to vacant space and generates hundreds of jobs.
The venue aligns with other ongoing immersive developments across the city:
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Obama Presidential Center on the South Side
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Bally’s Casino in River West
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360 CHICAGO expansion at 875 N. Michigan
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Navy Pier revitalization
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The Hand & The Eye, a massive magic venue coming to 100 E. Ontario in 2026
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A new permanent David Byrne exhibit on music, identity, and neuroscience
As noted by Universal and local leaders, Chicago doesn’t need to catch up — it’s defining the national trend in experiential placemaking.
Construction Begins in 2026
Universal Horror Unleashed is scheduled to break ground in early 2026, with doors expected to open the following year. The company selected Chicago for its unique blend of culture, talent, and accessibility — citing it as the top U.S. city for businesses seeking long-term visibility and engagement.
With this announcement, Chicago adds yet another major win to its downtown transformation story — one where vacant buildings become economic engines, and entertainment becomes strategy.
Do you think Chicago is becoming America’s capital for immersive experiences? Let us know your thoughts at ChicagoSuburbanFamily.com.
