Bulls and Blackhawks owners reveal $7 billion deal to trade another NBA all-time sensation with a two-word message.
Chicago (AP) — The owners of the NBA’s Chicago Bulls and NHL’s Blackhawks revealed a $7 billion proposal Tuesday to replace parking lots around the United Center with green space, mixed-income housing, a concert hall, and other amenities.
The Reinsdorf and Wirtz families, who own the arena, are spearheading the 1901 Project, which is hailed as the greatest private investment on Chicago’s West Side. If authorized by the city, it would be developed in sections on more than 55 acres of privately held land over the course of a decade, beginning as early as next spring.
“The 1901 Project represents a continuation of our families’ commitment to the future of Chicago’s West Side,” Bulls CEO Michael Reinsdorf stated. “This investment will create a thriving, interconnected neighborhood, delivering significant benefits and resources to the community we have long called home.”
The first phase includes a 6,000-seat theater, a multilevel parking structure with more than 10 acres of public green space on its rooftop, more pedestrian-friendly walkways and bike lanes, and a hotel and retail complex. Future stages will feature housing “that spans various unit sizes and includes affordable, market rate, and luxury housing” as well as transit improvements.
“While this is just the beginning, we have already started to engage with our neighbors and community partners to identify areas of opportunity for community wealth generation from this private investment,” Danny Wirtz, the CEO of the Blackhawks, stated. “We have a once-in-a-lifetime opportunity to expand on a legacy that makes all of Chicago proud.”
Alderman Walter Burnett stated that the proposal required city and community input. He also indicated his support for the ideas.
“I’m delighted about the investment on the West Side, which is sometimes neglected for this kind of private investment. “It is our time,” he declared in a statement.
The 1901 Project is akin to what the Ricketts family accomplished with the neighborhood around Wrigley Field a decade ago. Along with the upgrades to the renowned ballpark, the Chicago Cubs’ owners replaced a parking lot with a plaza and built a hotel and team office building.
The Chicago White Sox, who are also owned by the Reinsdorfs, want to relocate from Guaranteed Rate Field on the South Side and build a new stadium as part of a ballpark town in the city’s South Loop that would include green spaces, housing, and businesses. The NFL’s Chicago Bears are attempting to construct an enclosed lakefront stadium next to Soldier Field as part of a revamped museum campus, and they also possess a 326-acre plot of property in suburban Arlington Heights that might be used for a future home. The two teams are seeking public support for their ideas.
