TWIA Commercial Property & Casualty
$7B plan aims to reshape Chicago starting in 2025
Aug
A new mixed-use expansion in Chicago could be on the way. The owners of Chicago’s United Center — the home of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks — recently unveiled a $7 billion development designed to reshape the city’s West Side.
United Center owners Michael Reinsdorf and Danny Wirtz announced plans last month for The 1901 Project, a mixed-use development that includes housing, retail, entertainment and public open space on more than 55 acres of privately owned land surrounding the arena, the release said. The owners claim it would be the largest private investment ever for the city’s West Side.
The initial phase of construction will take place on surface parking lots adjacent to the arena and feature, according to the release:
- A 6,000-seat capacity theater-style music hall, designed to attract music, arts and cultural events.
- An elevated park integrated on the west side of the campus, which will provide more than 10 acres of public recreational and community gathering space.
- Reimagined parking facilities and improved pedestrian experience with enhanced walkability, lighting, roads and bike lanes designed to blend into the development.
- A mix of hospitality and retail options aimed at boosting local commerce and creating jobs.
Future development will include housing that spans various unit sizes and includes affordable, market rate and luxury units, per the announcement. Additionally, transportation enhancements will better connect the neighborhood through multi-modal means including bike, pedestrian, car and rail enhancements.
The development is estimated to create approximately 63,000 construction jobs, the release said. The owners aim for work to start in the spring, but all plans depend on approval from the city council, according to ABC 7 Chicago.
“We have a once-in-a-lifetime opportunity to expand on a legacy that makes all of Chicago proud,” Wirtz said in the news release.
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