Chicago Bulls, Blackhawks Still Buying Land for Arena District

The owners of United Center in Chicago have grabbed up more land on the Near West Side as part of their $7 billion redevelopment plan around the arena.

A venture controlled by the Wirtz and Reinsdorf families, owners of the NHL’s Chicago Blackhawks and NBA’s Chicago Bulls, paid $35.8 million for parking lots located at 1700-1718 West Monroe Street, 1757 West Warren Boulevard, 1851-1857 West Adams Street as well as 2012 and 2046 West Madison Street, Crain’s and CoStar reported.

The price breaks down to $13.5 million for the Adams Street parcel, near Honore Street; $10.8 million for lots at Damen Avenue and Madison Street; $7.2 million for a parcel bordered by CTA tracks, Paulina, Madison and Monroe streets; and $4.3 million for a lot at Paulina Street and Warren Boulevard.

The two families, headed by Blackhawks Chairman Danny Wirtz and Bulls President Michael Reinsdorf, purchased the lots on Dec. 31 from an affiliate of Chicago-based Red Top Parking.

Over the last two years, the Wirtz and Reinsdorf families have spent about $45 million acquiring parking lots near the arena, according to the Chicago Sun-Times. These acquisitions serve as a crucial step in advancing the 1901 Project, a 55-acre development initiative that draws its name from the United Center’s address at 1901 West Madison Street.

By redeveloping the area surrounding United Center, the families hope to make the sports arena the focal point of a broader entertainment district.

The 15-year redevelopment project calls for the construction of a 6,000-seat music hall, over 9,500 residential units, 1,300 hotel keys, retail and public green spaces.

Plans also include two parking garages: one west of the arena, featuring a 2.5-acre rooftop park and retail space, and another to the south that will also host a 233-key hotel. The 1901 Project marks the largest private investment on Chicago’s West Side.

The 1901 project was approved by the Chicago Plan Commission earlier this month, leaving a final sign-off from the City Council before construction can begin.

The first phase, which is slated to cost around $400 million, will include the music hall, the 233-key hotel, a park and retail. Construction is expected to be completed by 2028.

Subsequent phases will include residential and retail spaces north of the arena between Madison Street and Washington Boulevard. The targeted delivery date for this phase is 2031.

By 2034, commercial and residential projects near a proposed CTA Pink Line station at Monroe Street are anticipated. The plans also include a high-rise residential tower northeast of the arena by 2037 and smaller developments west of Damen Avenue by 2040.

— Andrew Terrell