(Chicago) The owners of the NBA’s Chicago Bulls and NHL’s Blackhawks unveiled a $7 billion plan Tuesday to replace the parking lots surrounding the United Center with green space, mixed-income housing, a music venue and more.
The 1901 project, billed as the largest private investment in Chicago’s West Side, is led by the Reinsdorf and Wirtz families, who own the arena. It would be built in phases on more than 55 acres of private land over a period of about 10 years, starting as early as next spring, if the city approves it.
“The 1901 Project represents our families’ continued commitment to the future of Chicago’s West Side,” Bulls President and CEO Michael Reinsdorf said in a statement. “This investment will create a thriving, interconnected neighborhood, bringing significant benefits and resources to the community we have long called home.”
The first phase calls for a 6,000-seat theater, a multi-level parking garage with more than 10 acres of public green space on its roof, more pedestrian-friendly sidewalks and bike paths, and a hotel and retail space. Plans for future phases include housing “that spans a range of unit sizes and includes affordable, market-rate and luxury housing,” as well as transportation improvements.
“While this is just the beginning, we have already begun engaging with our neighbors and community partners to identify areas of opportunity for community wealth generation from this private investment,” Blackhawks president and CEO Danny Wirtz said in a statement.
The 1901 project has some similarities to what the Ricketts family did with the area around Wrigley Field about a decade ago. Along with renovations to the famous ballpark, the Chicago Cubs owners replaced a parking lot with a public space and built a hotel and office building for the team.
The Chicago White Sox, also owned by the Reinsdorfs, are looking to move from Guaranteed Rate Field on the South Side and build a new stadium as part of a baseball village in the city’s South Loop. It would include green space, residences and businesses.
The NFL’s Chicago Bears, meanwhile, are trying to build an enclosed lakefront stadium next to Soldier Field as part of a reimagined museum campus. They also own a 326-acre plot of land in suburban Arlington Heights that could also be a potential home.
Both teams are seeking public funding for these projects.