Although much of Chicago’s focus on stadium infrastructure this year has been involving the Bears’ numerous proposals, the teams playing at the United Center were able to completely steal that attention Tuesday. The teams owned by Danny Wirtz and Jerry Reinsdorf announced a massive ten-year, $7 billion project focused on the United Center’s surrounding area Tuesday.
The plan, which has been dubbed “The 1901 Project”, is being ignited by this summer’s Democratic National Convention. It includes a 6,000-seat music hall, mixed-income housing, green space, and more, with the features replacing 55 acres of sprawling parking lots around the country’s second-busiest arena.
“We think that this project is going to send a powerful, positive message to the world, and it’s going to showcase how Chicago and Illinois continue to set new standards in partnership, architecture, community commitment, growth — all on the heels of what we know is going to be a successful [Democratic National] convention.”
– United Center CEO Terry Savarise
To alleviate concerns over a potential lack of parking, structures have been included in the plan which are up to three stories tall. Regarding the new housing structures, developers revealed plans to add up to 5,000 new units, 20% of which will be reserved for affordable housing.
It’s also being reported that funding for the massive, expensive project is coming from private interests, making it the largest private investment in the west side. The new plan is expected to create $4.5 billion in annual economic impact and $104 million in annual tax revenue. Project leaders estimate 63,000 construction jobs, as well as 12,000 permanent positions, will be added as a result.
While the project still faces a few hurdles and hasn’t been formally submitted to the city yet, reports indicate that there is plenty of support inside City Hall for it. On top of reducing the massive, concrete parking lots and bringing more business and fans to the United Center, it’s a unique opportunity for the city to capitalize, especially with a potential hotel and retail locations being considered as well.
