Posted Jul 23, 2024, 12:27 PM
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Join Date: Sep 2002
Location: Chicago
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CHICAGO | United Center 1901 Project | 55 Acres | 5000-6000 Apts.
https://www.chicagobusiness.com/comm...st-side-campus
United Center owners plan $7 billion Near West Side campus
By Danny Ecker
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The next-generation owners of the United Center are proposing a $7 billion transformation of the property around the Near West Side arena, a plan to redraw 55 acres surrounding the venue with a megaproject that includes a new 6,000-seat music hall, hotel and retail buildings, public open space and thousands of apartments.
In what they tout as the largest-ever private investment on the city's West Side, Chicago Bulls President and CEO Michael Reinsdorf and Chicago Blackhawks Chairman Danny Wirtz today will announce their vision for the 1901 Project, a wide-ranging, 10-year redevelopment of the parking lots that encircle the stadium their families jointly own at 1901 W. Madison St. and other nearby sites they control.
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The 14-million-square-foot proposal would fulfill the team owners' long-term aspiration of making the arena the centerpiece of a broader mixed-use campus, in line with modern professional sports venues that anchor entertainment dis
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The new campus proposal — which is similar in size and planned square footage to the Lincoln Yards and 78 megaprojects — comes as the development gap between downtown and the United Center has been closing with new apartment buildings and other projects in the western portion of the trendy Fulton Market District and West Loop.
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The focal point of the 1901 Project's first phase will be a theater-style music hall on a parcel at the northeast corner of Damen Avenue and Adams Street.
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Open space around the music venue would extend to a parcel immediately southeast of the United Center, where the owners would develop a mixed-use building with parking, retail and a hotel with an estimated 150 to 180 rooms, United Center officials said. The entire first phase includes nearly 11 acres of public open space, according to a United Center spokeswoman.
Future phases of the development include even more ambitious buildings, though the sequencing of when specific projects would move ahead has yet to be determined, Savarise said. Renderings show plans for residential buildings and park space on lots north of the stadium near the Westhaven Park Apartments and higher density residential buildings northeast of the arena. United Center executives said the entire megaproject could include between 5,000 and 6,000 new residential units, and that 20% of them will be designated affordable units.
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Some of the new apartments would be in buildings southeast of the arena along the CTA Pink Line tracks, where Savarise said the team is exploring the creation of a new CTA station to service the added density in the area. United Center officials said they've had initial conversations with Chicago Transit Authority leadership about such a station
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A later phase of the 1901 Project would likely include residential and retail projects west of Damen Avenue, plans show. The entire project calls for more than 25 acres of open space for the community.
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The Reinsdorfs and Wirtzes are not seeking any public financing for the project for now, though arena officials said CTA, infrastructure updates and the creation of new park space will likely call for public-private partnerships.
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