1901 Project Breaks Ground: 7 Billion Dollar Remake of the United Center Area Begins

What was announced

On June 3, 2026, city officials and the United Center's owners held a ceremonial groundbreaking for the 1901 Project, a privately funded redevelopment of the surface parking lots surrounding the arena on Chicago's Near West Side. Block Club Chicago, WTTW, the Chicago Sun-Times, and Chicago YIMBY all reported the event, with the development carrying a roughly 7 billion dollar price tag across its full buildout.

The project is named for the United Center's address at 1901 West Madison Street. It is led by Bulls President and CEO Michael Reinsdorf and Blackhawks Chairman and CEO Danny Wirtz, whose families jointly own the arena. Reporting also noted former Bulls guard Derrick Rose as a partner on the development, announced earlier in February 2026.

The phase-one scope

The first phase, the part that actually broke ground, is concrete and limited. According to Block Club Chicago's June 3 report, phase one includes a 6,000-seat music hall, a 233-room hotel, retail and restaurant space, and two new parking structures. That first phase is targeted for completion in spring 2028.

This matters because megaprojects are often described by their final totals while only a sliver is funded and underway. The 1901 Project is no exception. The music hall and hotel are real and financed, but the housing, the green space, and the rest of the district remain future phases that depend on market conditions and later financing.

What the full buildout promises

Across all six planned phases, the developers project 9,463 housing units, with 1,893 of them, or about 20 percent, dedicated to affordable housing. The plan also calls for 1,309 hotel rooms in total, along with retail, restaurants, and public open space spread across the 55 acres. Several outlets reported a new CTA station as part of the plan, described in some coverage as a Pink Line stop; treat the exact transit timing as not yet finalized, since station delivery depends on later phases and separate transit funding.

The full timeline is long. Coverage from WTTW and others put projected completion of all six phases around 2040. In other words, this is a 15-year build, not a ribbon-cutting that changes the neighborhood overnight.

• Broke ground June 2026: a 6,000-seat music hall, a 233-room hotel, retail and restaurant space, and two parking structures, targeted for spring 2028.
• Promised at full buildout: 9,463 housing units including 1,893 affordable, 1,309 total hotel rooms, public open space, and a planned CTA station.
• Still future: nearly all of the housing, the public realm, and the transit improvements, projected across phases running to roughly 2040.

The public-money question

The 1901 Project is described as privately funded, but it is not free of public support. Reporting indicated the project received a roughly 55 million dollar property tax incentive that reduces its taxes for about 12 years. That is a meaningful subsidy, and it has drawn the usual debate about whether public incentives for billionaire-owned sports franchises are the best use of city tools.

For the purposes of this news report, the relevant fact is simply that a tax incentive exists and is sized at around 55 million dollars over roughly 12 years. Owners weighing the project's neighborhood impact should factor in that the development carries city backing, which generally signals municipal commitment to seeing it through.

What it means for owners on the Near West Side

Here is the practical takeaway for people who own near Madison Street, in the United Center area, or in the surrounding West Side blocks. A confirmed groundbreaking on a privately financed phase, backed by a city tax incentive and the families that own two major franchises, is a real signal. Surface parking turning into a music hall, a hotel, and eventually thousands of homes tends to support nearby land values over time, especially as the public realm and any transit stop arrive.

The caution is timing. Phase one finishes in 2028, and the bulk of the housing is years beyond that. Owners should not price their property today as if 9,463 units already exist next door, because they do not. The honest read is that the 1901 Project strengthens the long-term case for the Near West Side while leaving the next few years dependent on how fast later phases get financed.

If you own near the United Center and want a grounded read on what a phased megaproject means for your specific value and timing, that is exactly the kind of question our investor-led team helps owners think through, with no pressure to act.