The Olympic-themed playground is the first of 5 to be completed around the city by the end of the year.
The completion of the playground coincides with the refurbishment of the Jesse Owens field house at the park.
The project is, in part, a show of support for Chicago's bid to host the 2016 Olympic Games.
"Let's raise our children in the Jesse Owens Park," said Beverly Owens-Prather, Jesse Owens' daughter.
"This is something very special. You can feel the heart and the passion that Jesse Owens had in the 1930's and so that's the same feeling that we have here going to Copenhagen," said Daley. "But it takes a community to do this. It take a village to raise a child. Let's raise our children in the Jesse Owens Park."
The Chicago Park District, the US Olympic Committee and Allsate are all partnering on the project.