Together, two prominent Chicago families are planning a $7 billion building on the West Side of the city, centered on the home court of the Chicago Bulls basketball team.
The Bulls’ and the Blackhawks’ owners, the Reinsdorfs and the Wirtzes, have revealed that “the 1901 project” will occupy a 22-hectare plot and accommodate a 6,000-seat concert hall, an 11-hectare elevated park, residences, a hotel, and retail establishments.
Affordably priced housing, better transportation, and the development of green areas and pedestrian zones are all planned for later phases.
“The 1901 Project symbolizes a continuation of our families’ 100-year-and-counting commitment to the future of Chicago’s West Side,” stated Bulls president and owner Jerry Reinsdorf’s son, Michael.
“This investment will bring substantial benefits and resources to the community by creating a thriving, connected neighborhood.”
The first phase of construction is scheduled to start in the parking lot next to the United Centre stadium in the spring of next year.
Smaller and minority-owned firms will have access to subcontracting, mentoring, and apprenticeship possibilities in addition to partnerships with nearby companies. It is anticipated that the building project will generate 63,000 temporary employment, and the finished products will add 12,000 permanent positions.
We’re currently waiting on local feedback and approval on the plan. Private funds will be used to finance the development.
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