The managers of Chicago's Navy Pier last week unveiled a proposed $155 million framework for a makeover of the popular downtown attraction that includes plans for a hotel, new retail shops, restaurants, and expansions of the city's Children's Museum and Shakespeare Theater.

The plan was unveiled by the Metropolitan Pier and Exposition Authority, which owns and operates the pier, and a new private entity, Navy Pier Inc., which is taking over management of its operations. An international competition will be held to put together a design team.

MetPier said it would contribute at least $50 million to the cost, though a detailed financing plan was not released. Officials have also not finalized the expansion plan with museum and theater officials.

The Children's Museum and authority officials have been in talks about remaining at the pier. The museum had previously planned to build a new facility in Chicago's downtown Grant Park.

The pier was transformed into its current form in 1995 with a $200 million overhaul. It attracted eight million visitors last year.

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