Post by mikecubs on Jul 24, 2024 4:39:29 GMT -6
United Center owners pitch $7B investment called 1901 Project to revitalize neighborhood
The owners of the United Center pitched a $7 billion plan, called the 1901 Project, to upgrade the Near West Side neighborhood.
The 1901 Project, which is named for the United Center's street address, is being sold as a transformational multi-billion-dollar neighborhood investment that would change the face of the entire area surrounding the arena.
The 55 acres mega-project would redevelop all of the surface lots into an entirely new mixed-use neighborhood, including everything from a new music hall and a hotel to retail, park space and up to 5,000 residential units.
"This is not an entertainment district. We're building an entertainment district. We're transforming this neighborhood," said Michael Reinsorf, president and CEO of the Chicago Bulls.
The 10-year project would create a year-round retail and entertainment district and would create revenue opportunities for the teams in much the same way that the redevelopment of Wrigley Field's surroundings did.
"It's been, I think informally, probably the last five to 10 years we've been talking about this. So it's not we woke up one day and drew up some plans. You're making a major generational bet," said President and CEO of the Chicago Blackhawks Danny Wirtz.
Wirtz and Reinsdorf also said they are committed to covering the entire $7 billion price tag with private funds.
Where the planners are turning to the city for help, however, is when it comes to providing additional public transportation options. While there is already a Green Line station under development at Damen, just blocks from the United Center, developers want to see a new Pink Line station as well. That would have to be funded by the city, possibly with TIF funds.
"If we can get more people to get on the Pink Line to come here CTA will make more money so it's a win-win for CTA. It's a win-win for the city," said 27th Ward Ald. Walter Burnett.
The plan would, according to organizers, create 63,000 jobs and 13,000 permanent jobs. It would also take about ten years to complete.
All plans depend on approval from city council. If given the green light, groundbreaking could begin as soon as spring 2025.
abc7chicago.com/post/united-center-owners-7b-investment-pitch-includes-hotels/15085340/
The owners of the United Center pitched a $7 billion plan, called the 1901 Project, to upgrade the Near West Side neighborhood.
The 1901 Project, which is named for the United Center's street address, is being sold as a transformational multi-billion-dollar neighborhood investment that would change the face of the entire area surrounding the arena.
The 55 acres mega-project would redevelop all of the surface lots into an entirely new mixed-use neighborhood, including everything from a new music hall and a hotel to retail, park space and up to 5,000 residential units.
"This is not an entertainment district. We're building an entertainment district. We're transforming this neighborhood," said Michael Reinsorf, president and CEO of the Chicago Bulls.
The 10-year project would create a year-round retail and entertainment district and would create revenue opportunities for the teams in much the same way that the redevelopment of Wrigley Field's surroundings did.
"It's been, I think informally, probably the last five to 10 years we've been talking about this. So it's not we woke up one day and drew up some plans. You're making a major generational bet," said President and CEO of the Chicago Blackhawks Danny Wirtz.
Wirtz and Reinsdorf also said they are committed to covering the entire $7 billion price tag with private funds.
Where the planners are turning to the city for help, however, is when it comes to providing additional public transportation options. While there is already a Green Line station under development at Damen, just blocks from the United Center, developers want to see a new Pink Line station as well. That would have to be funded by the city, possibly with TIF funds.
"If we can get more people to get on the Pink Line to come here CTA will make more money so it's a win-win for CTA. It's a win-win for the city," said 27th Ward Ald. Walter Burnett.
The plan would, according to organizers, create 63,000 jobs and 13,000 permanent jobs. It would also take about ten years to complete.
All plans depend on approval from city council. If given the green light, groundbreaking could begin as soon as spring 2025.
abc7chicago.com/post/united-center-owners-7b-investment-pitch-includes-hotels/15085340/
