The 1901 Project, touted as the largest private investment in Chicago's West Side, is being spearheaded by the Reinsdorf and Wirtz families, who own the arena. It would be built in phases on more than 55 acres of privately owned land over about a decade-long period starting as soon as next spring if approved by the city. "The 1901 Project represents a continuation of our families' commitment to the future of Chicago's West Side," Bulls CEO Michael Reinsdorf said in a statement.
"This investment will create a thriving, interconnected neighborhood, delivering significant benefits and resources to the community we have long called home." The first phase calls for a 6,000-seat theater, a multilevel parking facility with more than 10 acres of public green space on its rooftop, more pedestrian-friendly sidewalks and bike lanes, and hotel and retail space. Plans for future phases include housing "that spans various unit sizes and includes affordable, market rate and luxury housing" as well as transportation enhancements.
"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," Blackhawks CEO Danny Wirtz said in a statement. "We have a once-in-a-lifetime opportunity to expand on a legacy that makes all of Chicago proud." Alderman Walter Burnett said the project requires city and community feedback.
He also expressed support for the plan.