Chicago’s United Center Set for $7 Billion Transformation: New Housing, Entertainment, and More in 1901 Project
The area around Chicago’s United Center – an arena that’s home to championship teams in the US National Basketball Association (NBA) and National Hockey League (NHL) – may look a lot different next decade after the stadium’s ownership group announced a US$7-billion mixed-use project to construct new housing, lodging, entertainment venues, and parking structures.
Called the 1901 Project, financing is coming entirely from private investment, the scheme’s website said.
“Spearheaded by the Reinsdorf and Wirtz families, The 1901 Project will transform the West Side with a jolt of new development, bridging neighborhoods and enhancing opportunities for residents, businesses, and all of Chicago,” said 1901 Project.
The Reinsdorfs and Wirtzs are co-owners of the United Center and the two professional sports teams that play there: the Chicago Bulls (NBA) and Chicago Blackhawks (NHL). The United Center also hosts large concerts and conventions; the US Democratic National Convention will be held there in August.
Work would take place over 55 acres (22 hectares), and initial designs include green and open spaces like sporting fields, outdoor pavilions, and gardens.
Contractor information was not available.
The plan still needs city approval, but if greenlit, construction would start next spring and run for about ten years, creating ‘thousands’ of construction jobs.
Chicago The 1901 Project
Chicago’s West Side is about to undergo some significant changes as the owner of the United Center unveiled an audacious and costly plan to revamp the vicinity encircling their arena.
Called the 1901 Project, this initiative draws its moniker from the United Center’s present location along Madison Avenue. Anyone acquainted with the West Side knows the prominence of the United Center and its vast parking expanses.
These parking areas are a linchpin in the colossal $7 billion venture.
“We believe the moment is opportune, the city is primed, and we are prepared to execute this vision with excellence,” stated Danny Wirtz, Chairman and CEO of the Chicago Blackhawks.
These are weighty proclamations, reflective of an even grander scheme.
The Reinsdorf family, proprietors of the Chicago Bulls, and the Wirtz family, owners of the Chicago Blackhawks, have heralded what they assert to be the most substantial private investment ever on Chicago’s West Side, aimed at elevating it to a world-class destination.
“It’s going to demonstrate to the globe that Chicago remains the epicenter of entertainment,” declared Terry Savarise, CEO of the United Center.
According to the unveiled blueprints, the 1901 Project intends to metamorphose the neighborhood surrounding the United Center. Renderings revealed on Tuesday delineate the extensive enhancements envisioned for the West Side, utilizing parking areas and other adjacent properties.
The development encompasses a 6,000-seat theater-style music hall, innovative green spaces providing 10 acres of public recreational and community areas, a multitude of dining and retail establishments, and approximately 5,000 mixed-income residential units.
“We have pledged that at least 20% of these units will be affordable,” Savarise mentioned.
“This initiative is crafted to harmonize community and nature, fostering spaces, places, and purposes for all to relish,” Wirtz articulated.
By the numbers alone, the project aims to revitalize and boost the local economy, with 63,000 construction jobs that will eventually become 12,000 permanent jobs on the site.
They forecast an annual economic impact of $4.5 billion. The project, which has a construction timeline of 10 years, will rely heavily on private funding.
Owners are even committing to not seeking help from the state.
The 1901 Project will take shape in several phases, with the first one including the construction of the music hall – which will start as early as the beginning of next year, and it’s all pending approval from the city council.
