T
he owners of the United Center in Chicago have expanded their land holdings on the Near West Side as part of a $7 billion redevelopment plan. The Wirtz and Reinsdorf families, who own the Blackhawks and Bulls, paid $35.8 million for several parking lots near the arena. The purchase price breaks down to $13.5 million for a parcel near Honore Street, $10.8 million for lots at Damen Avenue and Madison Street, $7.2 million for a site bordered by CTA tracks, and $4.3 million for a lot at Paulina Street and Warren Boulevard.

    The families have spent about $45 million acquiring parking lots near the arena over the past two years as part of the 1901 Project, a 55-acre development initiative that aims to transform the area surrounding United Center into an entertainment district. The project includes plans for a 6,000-seat music hall, over 9,500 residential units, and retail spaces.

    The redevelopment plan was approved by the Chicago Plan Commission earlier this month and is awaiting final approval from the City Council. The first phase of construction, which will include the music hall, a hotel, and park space, is expected to cost around $400 million and be completed by 2028. Subsequent phases will include residential and retail spaces north of the arena and commercial projects near a proposed CTA Pink Line station.