Navy Pier is a historical piece of Chicago Real Estate . Built in 1916 by Daniel Burnam, this 3,000 foot pier used as a cargo facility. At the time there were warehouses throughout the pier.It was designed to be a docking space for passenger steamers and due to the location it was ideal for public gatherings because of the cooler temperatures in an era that did not have air conditioning.For years after World War II the Pier was vacant and was not an attractive part of Chicago.In 1989, the Metropolitan Pier and Exposition Authority took over the pier and rebuilt it which in turn costed $200 million. Now the pier contains kiosks, restaurants, a ballroom, shops, a concert stage, convention hall and a ballroom. Focal points of the restoration include a 150 ft. tall Ferris wheel, an IMAX Theater, the Chicago Children's Museum, Chicago Shakespeare Theater, the Smith Museum of Stained Glass Windows and a Bob Newhart statue which sits at the entrance to Navy Pier.