What is the cost of building the Obama Presidential Center in Chicago?

The estimated price tag for building former President Barack Obama‘s presidential center in Chicago has reportedly soared to $850 million — nearly triple the original $300 million estimate first proposed when the project was conceived.

The Obama Foundation reported it had already spent more than $615 million on the Obama Presidential Center, which is located in Jackson Park on the city’s South Side, as of late 2024, the Chicago Tribune reported.

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The center’s projected costs have steadily grown over the years. The estimated budget hit $500 million when the design was unveiled in 2017, then jumped to $700 million in 2021, solely for construction costs, with the total estimated cost reaching $830 million, the Tribune reported.

Former President Barack Obama moderates a conversation during the Obama Foundation’s 2024 Democracy Forum on December 05, 2024, in Chicago, Illinois.  (Scott Olson/Getty Images / Getty Images)

The Chicago-based nonprofit now puts the final estimate at $850 million, according to the newspaper, citing Obama Foundation spokeswoman Emily Bittner.

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The presidential campus, which was originally slated to open this year, is expected to open this coming spring, the Chicago Tribune reported.

The estimated price tag for building former President Barack Obama’s presidential center in Chicago has reportedly soared to $850 million, nearly triple the original $300 million estimate first proposed when the project was conceived. (Stephen Compton)

The Obama Foundation’s net assets also recently topped $1 billion for the first time after raising $195 million last year from nearly 92,000 donors, the Chicago Tribune reported, citing the foundation.

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When a deal was struck to build the center, the Obama Foundation had pledged to create a $470 million reserve fund to protect taxpayers. But new tax filings show only $1 million has been deposited, with no recent contributions.

The skyline of Chicago is seen on descent to Midway Airport on Friday, August 16, 2024. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

Illinois GOP Chair Kathy Salvi recently blasted the project as an “abomination,” accusing Democrats of putting taxpayers at risk.

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“It should come as no surprise that the Obama Center is potentially leaving Illinois taxpayers high and dry — it’s an Illinois Democrat tradition,” Salvi told Fox News Digital in a statement. “Democrats in this state, when not going to prison for corruption, treat taxpayers like a personal piggy bank giving sweetheart deals to their political benefactors.”

The Obama Foundation and the Barack Obama Presidential Library did not immediately respond to FOX Business’ request for comment.

Fox News Digital’s Michael Dorgan contributed to this report.