United Center Owners Unveil Transformative $7B Private Investment on Chicago's West Side

United Center Joint Venture, alongside city and community leaders, announce plans for The 1901 Project, a catalytic development for Chicago's West Side and a world-class destination for all of Chicago.

CHICAGO, July 23, 2024 /PRNewswire/ -- United Center next-generation owners Michael Reinsdorf and Danny Wirtz today jointly announced plans for the largest private investment on Chicago's West Side: a catalytic mixed-use development project that includes housing, retail, entertainment and public open space on more than 55 acres of privately owned land surrounding the iconic arena campus.

Spearheaded by the Reinsdorf and Wirtz families, The 1901 Project will transform the West Side with a jolt of new development, bridging neighborhoods and enhancing opportunities for residents, businesses and all of Chicago.

"The 1901 Project represents a continuation of our families' commitment to the future of Chicago's West Side," Michael Reinsdorf said. "This investment will create a thriving, interconnected neighborhood, delivering significant benefits and resources to the community we have long called home." 

Spanning an estimated ten years, The 1901 Project is a long-term, multi-phased development inspired by Chicago's motto "Urbs in Horto" (City in a Garden). The vision features a more than 10-acre elevated urban design strategy created by RIOS - an internationally recognized design collective. The public park, led by Field Operations, aims to establish new open space that connects the community to nature, furthering the legacy of iconic public spaces throughout the city and includes a walking path that will celebrate the West Side and Chicago's rich history of sports and music. The first phase of the project aims to begin in spring 2025 on property that is today surface parking lots adjacent to the arena. This initial phase will feature:

• A 6,000-seat capacity theater-style music hall: An intimate, premier venue designed to attract music, arts and cultural events, enhancing Chicago's entertainment industry.
  
  
• A one-of-a-kind elevated park: Innovative green space strategically integrated on the West Side of the campus, providing more than 10 acres of public recreational and community gathering space.
  
  
• Parking and transportation: Reimagined parking facilities and improved pedestrian experience with enhanced walkability, lighting, roads and bike lanes uniquely designed to blend into the development.
  
  
• Hotel and retail programming: A mix of hospitality and retail options aimed at boosting local commerce and creating jobs.

"The vision for The 1901 Project is to bring impactful investment and economic opportunity to the West Side that complements and supports its rich history and galvanizes its vibrancy," Danny Wirtz said. "We aim to create a development alongside our neighbors to deliver jobs, housing, commerce and community resources, creating a more prosperous future for all residents."

Phase I development will include partnerships with key organizations to facilitate a strong, local workforce partnership. Integrated into the vision is a robust minority business strategy through MBE/WBE construction partnerships as well as apprenticeships, mentorship and subcontracting opportunities to ensure smaller, diverse companies participate in its development. 

"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," said Danny Wirtz. "We have a once-in-a-lifetime opportunity to expand on a legacy that makes all of Chicago proud."

Future phase development envisions housing that spans various unit sizes and includes affordable, market rate and luxury housing to ensure a vibrant mix of residential offerings for single persons and families.  Transportation enhancements will better connect the neighborhood through multi-modal means including bike, pedestrian, car and rail enhancements.  Immersed in green spaces and sustainability features as well as decorative lighting, pedestrian plazas and landscaping will also aid in community safety and accessibility.

 "It is fitting that we announce this project today as we also remember Rocky Wirtz, who was more than my business partner and confidante. He was my dear friend," said Jerry Reinsdorf, co-chair of United Center Joint Venture. "We shared a commitment to our city and understood our responsibility to give back through our charity arms and by seeking out economic opportunities for our neighbors who live and work in and around the United Center. Today's announcement builds on this effort led by both families to leave a lasting legacy on the West Side." 

All in, the $7B investment is set to deliver substantial economic benefits to the West Side, with an estimated $4.5 billion in stabilized economic impact and $104 million in stabilized tax revenue, providing significant financial support to local public services and infrastructure. The transformative development is estimated to create approximately 63,000 construction jobs, offering extensive employment opportunities during the development phase. Additionally, upon completion, The 1901 Project will support around 12,000 permanent jobs, fostering long-term economic growth and stability for the community. These investments will not only enhance the economic landscape throughout Chicago but also improve the quality of life for residents long left without such opportunities on Chicago's West Side.

"While the project still requires city and community feedback, I am excited for the investment on the West Side, which is often overlooked for this level of private investment. It's our time," said Ald. Walter Burnett of the 27th Ward. "The United Center and its leadership team have been strong and trusted partners, and I look forward to working alongside them to bring this project to life while listening and engaging with the community." 

Pending local input and approval, The 1901 Project is poised to become a catalyst for change, driving unprecedented growth and opportunity for Chicago's West Side. With a focus on inclusivity and innovation, this development promises to deliver lasting benefits for generations to come. Stay up-to-date on the latest updates by visiting The1901ProjectChicago.com.

ABOUT THE UNITED CENTER

The United Center is a 960,000 square-foot multi-use entertainment facility that has welcomed more than 70 million fans since opening in 1994. Home of the Chicago Bulls (NBA) and the Chicago Blackhawks (NHL), the United Center hosts more than 200 events each year, including the best sporting events, musical performers, family shows and special events in the industry. A commitment to creating iconic stories and providing superior service makes the United Center one of the premiere venues in the world.

The United Center, privately financed by the Wirtz and Reinsdorf families and Bulls partners, opened in August 1994 to replace the old Chicago Stadium. Chicago Stadium was the home of the Bulls and Blackhawks and hosted the 1932, 1940 and 1944 Democratic National Conventions, along with the 1932 and 1944 Republican National Conventions. The United Center in August will host the 2024 Democratic National Convention.

Led by the Wirtz and Reinsdorf families, the United Center Joint Venture has invested nearly $1.2 billion into the West Side campus, including the 2014 construction of The Advocate Center – the practice facility for the Chicago Bulls and the Fifth Third Arena – a community ice arena and practice facility for the Chicago Blackhawks – in 2017. United Center Joint Venture also privately financed the United Center East Addition, which houses employees, retail, restaurants, event space and iconic attractions including the Michael Jordan statue. 

The United Center currently provides more than $2 billion in economic impact, $35 million in taxes annually and supports 4,400 jobs.

SOURCE United Center