Taste of Chicago, Blues Festival, Grant Park Music Fest--and many more events all happen here. Why? It's because it's a hub of a park. Buckingham fountain and the Lake Michigan view just add to the fact that it's easy to get to, close to the prime museums and not to mention the Lake Shore Trail. If you go to one of the festivals, bring a blanket and sunscreen. There's plenty of shade, but you will still be in the sun a lot.
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