CHICAGO — The owners of the NBA’s Chicago Bulls and NHL’s Blackhawks unveiled a $7 billion plan Tuesday to replace the parking lots surrounding the United Center with green space, mixed-income housing, a music hall and more.

The 1901 Project, touted as the largest private investment in Chicago’s West Side, is being spearheaded by the Reinsdorf and Wirtz families, who own the arena. It would be built in phases on more than 22 hectares (55 acres) of privately owned land over about a decade-long period starting as soon as next spring if approved by the city.

“The 1901 Project represents a continuation of our families’ commitment to the future of Chicago’s West Side,” Bulls CEO Michael Reinsdorf said in a statement. “This investment will create a thriving, interconnected neighbourhood, delivering significant benefits and resources to the community we have long called home.”

The first phase calls for a 6,000-seat theatre, a multi-level parking facility with more than four hectares (10 acres) of public green space on its rooftop, more pedestrian-friendly sidewalks and bike lanes, and hotel and retail space. Plans for future phases include housing “that spans various unit sizes and includes affordable, market rate and luxury housing” as well as transportation enhancements.

“While this is just the beginning, we have already started to engage with our neighbours and community partners to identify areas of opportunity for community wealth generation from this private investment,” Blackhawks CEO Danny Wirtz said in a statement. “We have a once-in-a-lifetime opportunity to expand on a legacy that makes all of Chicago proud.”

The 1901 Project bears some similarities to what the Ricketts family did with the area surrounding Wrigley Field about a decade ago. Along with the renovations to the famed ballpark, the owners of baseball’s Chicago Cubs replaced a parking lot with a plaza and constructed a hotel as well as a team office building.

The Chicago White Sox, also owned by the Reinsdorfs, are looking to move out of Guaranteed Rate Field on the South Side and construct a new stadium as part of a ballpark village in the city’s South Loop with green spaces, residences and businesses. The NFL’s Chicago Bears are trying to build an enclosed lakefront stadium next to Soldier Field as part of a reimagined museum campus, and they also own a 130.4-hectare (326-acre) tract of land in suburban Arlington Heights that could also be the site of a future home. The two teams are seeking public funding for those projects.

The owners of the Chicago Bulls and Chicago Blackhawks have announced a massive $7 billion plan for the redevelopment of the United Center area. The plan, which is being spearheaded by Jerry Reinsdorf and Rocky Wirtz, aims to transform the area surrounding the iconic sports arena into a vibrant mixed-use district that will include residential, commercial, and entertainment spaces.

The redevelopment project, which is being called “Chicago Live,” will span over 100 acres and will be one of the largest urban revitalization projects in the city’s history. The owners have partnered with some of the top architects and developers in the country to bring their vision to life.

One of the key components of the plan is the construction of a new state-of-the-art arena that will serve as the home for both the Bulls and Blackhawks. The new arena will feature cutting-edge technology and amenities, making it a world-class sports and entertainment destination.

In addition to the new arena, the Chicago Live project will also include a mix of residential buildings, office space, retail shops, restaurants, and entertainment venues. The goal is to create a vibrant and dynamic neighborhood that will attract residents, visitors, and businesses alike.

The owners have stated that they are committed to working closely with the community to ensure that the redevelopment project benefits all stakeholders. They have already held several community meetings to gather input and feedback from residents and local businesses.

Overall, the $7 billion plan for the redevelopment of the United Center area is an ambitious and exciting project that has the potential to transform the West Side of Chicago. With the support of the city and the community, the owners of the Bulls and Blackhawks are confident that Chicago Live will be a success and a lasting legacy for generations to come.