$7 billion dollar investment planned for Chicago’s West Side

[July 24, 2024]  By Jim Talamonti | The Center Square

(The Center Square) – A major development is planned for the land around Chicago’s primary Democratic National Convention site.

A rendering of planned development at The United Center in Chicago - United Center
 

United Center next-generation owners Michael Reinsdorf and Danny Wirtz announced The 1901 Project, a $7 billion private investment on Chicago’s West Side.

Plans include a 6,000-seat music hall, an elevated park, hotel and retail programming.

Michael Reinsdorf said this project is not about entertainment.

“It’s important to understand this is not an entertainment district. We’re not building an entertainment district. We’re transforming this neighborhood,” Reinsdorf said.

Vice Mayor and 27th Ward Alderman Walter Burnett Jr. said people will be excited to see development west of Ashland Avenue instead of only east.

“To all the developers out there, all of the people looking to invest in things, invest West! Go West, young man. It’s happening on the West Side,” Burnett said.

The estimated 10-year project is slated to begin in spring of 2025. The United Center is hosting the Democratic National Convention next month.

Although planners of The 1901 Project said they are making the largest private investment on the city’s West Side, some government involvement is expected.

United Center CEO Terry Savarise said there could be talks with the city about Tax Increment Financing funds for a new CTA station.

“We know we’re adjacent to an existing TIF. We’re open to having the conversations with the city as to how that TIF might support, whether it’s transit or some of the other infrastructure pieces,” Savarise explained.

TIF districts are specific jurisdictions where private investment of blighted areas are offset with property tax dollars over a certain increment.

Deputy Mayor of Business and Neighborhood Development Kenya Merritt responded to Savarise’s mention of a potential new CTA station.

“This project aligns with Mayor [Brandon] Johnson’s administration. Great shout-out, Terry, around equitable transit-oriented development, so, yes, we can have a conversation with CTA,” Merritt said.

Savarise insisted there would not be a request for state taxpayer money.

“We are not going to Springfield to ask for money as the White Sox have done,” Savarise said.

In addition to working for the United Center, Savarise also serves as senior vice president of Stadium Operations for the Chicago White Sox.

White Sox Chairman Jerry Reinsdorf met with lawmakers at the Illinois Capitol earlier this year in an attempt to gain taxpayer assistance for a stadium project on the Near South Side.