Two prominent Chicago families are collaborating on a $7 billion development on the city’s West Side, near the Chicago Bulls’ home ground. The Reinsdorfs, who own the Bulls, and the Wirtzes, who own the Blackhawks, have announced “The 1901 Project,” which will include a 6,000-seat concert venue, an 11-hectare elevated park, housing, a hotel, and shops over a 22-hectare area.
Future phases will feature affordable housing, transportation improvements, and the creation of green spaces and pedestrian areas. Michael Reinsdorf, president of the Bulls and son of owner Jerry Reinsdorf, stated: “The 1901 Project represents a continuation of our families’ 100-years-and-counting commitment to the future of Chicago’s West Side. This investment will create a thriving, interconnected neighborhood, delivering significant benefits and resources to the community.”
Construction of the first phase is set to begin next spring in the parking area adjacent to the United Center. The project will establish partnerships with local companies, and provide apprenticeships, mentorship, and subcontracting opportunities for smaller and minority-owned businesses. The construction work is expected to create 63,000 temporary jobs and 12,000 permanent roles upon completion.
The scheme is awaiting local input and approval and will be financed with private funds.