Chicago City Council approved a property tax incentive for The 1901 Project, a $7 billion mixed-use redevelopment spanning 55 acres near the United Center.
The Chicago City Council has approved a Cook County Class 7(b) property tax incentive for the first phase of The 1901 Project, a $7 billion, 55-acre mixed-use development surrounding the United Center. Led by the United Center Joint Venture, a partnership between the Reinsdorf and Wirtz families, the long-term project aims to revitalize the area with 9,500 residential units, 1,300 hotel keys, 660,000 square feet of office space, 670,000 square feet of retail, and extensive open space. The approved incentive is projected to provide $54.7 million in tax savings over a 12-year term.
The initial phase, estimated at $500 million, focuses on 12.3 acres and includes a 6,000-seat music hall, retail, restaurant space, hotel rooms, and parking. General contractor McHugh Construction has already commenced work on the West Garage, with foundation and tower crane permits issued. Full completion of Phase 1 is anticipated by 2028, with the development expected to generate a net increase of $46.3 million in tax revenue over the 12-year period.
Development is active across an entire city block in Chicago's Fulton Market, with ongoing construction at 900 W. Fulton.
Foundation work is underway for a new five-story mixed-use development at 4650 North Magnolia in Chicago's Uptown neighborhood.
Chicago City Council approved a package of development measures including a 64-unit supportive housing project and the $500M first phase of the 1901 Project.
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