Developers of the $7 billion megaproject around The United Center made another big land purchase last week, topping $110 million total spent on area parcels.
An LLC tied to The United Center bought a group of parking lots near the Bulls and Blackhawks arena for $19 million from local investor Joseph Feldman, according to public records.
The parking lots are at 2037, 2041 and 2043 West Warren Boulevard, 2000 West Madison Street and 16 North Damen Avenue, records show.
One year ago, project leaders bought about $11 million worth of land around The United Center, bringing their total spent on land to $92 million at the time.
The near West Side arena has been surrounded by a sea of concrete since it was built in the early 1990s. Some parking lots were owned by the United Center’s owners, but many were privately held.
Over the past few years, the arena’s owners have been buying up the surrounding lots in preparation for the 1901 Project, a massive-mixed use development that will include the construction of a new 6,000-seat music hall, 1,300 hotel rooms, 9,500 apartments — 20 percent of which will be set aside as affordable — retail space and an elaborate park system that includes rooftop green spaces above parking garages
The project is being spearheaded by The United Center as well as The Wirtz Family (owners of the Chicago Blackhawks NHL team) and The Reinsdorfs (owners of The Chicago Bulls NBA team), both of whom also run multigenerational real estate companies in Chicago.
Unlike the ongoing drama surrounding The Chicago Bears’ search for a new football stadium supported by taxpayer funding, the 1901 Project will be entirely privately financed. The distinction is helpful at a time when local and state officials in Illinois are hesitant to dole out stadium subsidies.
But like many megadevelopments in Chicago, getting started is proving easier said than done.
Leaders of the development told the Chicago City Council last spring that a groundbreaking for the project could begin over the summer. Now, the groundbreaking is at least six months behind schedule with no official start date in sight. Repeated inquiries from The Real Deal to representatives of The United Center over the past few months have gone unanswered.
Some equipment and fencing have appeared on the property, but further information about the project’s status is scarce.
Feldman and representatives of The United Center did not respond to requests for comments about the most recent $19 million land purchases.