As a groundbreaking for The United Center’s $7 billion megadevelopment draws closer, the stadium’s owners dropped another $26 million on surrounding land owned by local investor Joseph Feldman, public records show.
The latest purchase of the properties at 100 South Damen Avenue, 2020 West Adams Street and 100 South Seeley Avenue comes shortly after the stadium owners made another purchase of separate parcels owned by Feldman.
An LLC tied to The United Center’s owners spent $19 million on parking lots at 2037, 2041 and 2043 West Warren Boulevard, 2000 West Madison Street and 16 North Damen Avenue last week.
The massive redevelopment known as the 1901 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.
With the latest purchase, the ownership group has spent at least $136 million on land alone for the project.
The owners previously told Chicago City Council that they expected to break ground on the project this previous summer, but have yet to do so.
It’s unclear why the groundbreaking didn’t take place on its original timeline, but Blackhawks owner Danny Wirtz confirmed to reporters at an event this week that the project will break ground this spring. The event was a celebration of the completion of a new addition to the Blackhawk’s nearby practice facility, which began before the 1901 Project was proposed.
Representatives of The United Center and Feldman did not respond to requests for comment on the recent land purchases.
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 will include rooftop green spaces above parking garages.
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.
In other stadium news, Chicago’s Major League Soccer team owned by MorningStar founder Joe Mansueto, broke ground this week on its forthcoming $750 million stadium at Related Midwest’s downtown adjacent property, The 78.
The soccer stadium, which is also privately funded, is reviving Related’s megadevelopment site which has undergone several iterations of development proposals.