Two well-known Chicago families have joined forces to plan a $7bn development on the city’s West Side, around the home ground of the Chicago Bulls basketball team.
The Reinsdorfs, who own the Bulls, and the Wirtzes, who own the Blackhawks ice hockey team, have announced that “the 1901 project” will fit a 6,000-seat concert venue, an 11ha elevated park, housing, a hotel and shops in a 22ha area.
Future stages will include affordable housing, transport improvements and the creation of green spaces and pedestrian areas.
Michael Reinsdorf, the president of the Bulls and son of owner Jerry Reinsdorf, said: “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 neighbourhood, delivering significant benefits and resources to the community.”
Construction of the first phase is due to begin next spring in the parking area adjacent to the United Centre stadium.
Partnerships will be created with local companies, as well as apprenticeships, mentorship and subcontracting opportunities for smaller and minority-owned businesses. The construction work is likely to create 63,000 temporary jobs, and the completed assets a further 12,000 permanent roles.
The scheme is still awaiting local input and approval. The development will be financed with private money.
