The Art Institute of Chicago is not on the lakefront. There are a handful of buildings east of Lake Shore Drive, with the most notable being the Field Museum, The Shedd Aquarium, Adler Planetarium, McCormick Place, Lake Point Tower and Soldier Field. McCormick and Lake Point Tower are the newest of these, with the former built in 1967 (replacing an earlier structure built in 1960 but destroyed by fire) and the latter in 1968. The others were all built in the 1920s and 30s (the Art Institute building, which is in Grant Park, with roughly half of its structure east of the trench with the IC and South Shore electric railways and the rest fronting Michigan Avenue, had the older section built in the 1890s and notably was the only construction in Grant Park to not be opposed by Montgomery Ward¹). The proposed location for the museum in Chicago would have been in land owned by the Chicago Park District which is part of Grant Park and is meant to be free and open to the public and would have been a privatization of that land (it’s worth noting that the Shedd, Adler and Field properties, along with Soldier Field are all owned by the park district and not their primary tenants).

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1. The person, not the company named after him which he founded.