The City Council approved a Cook County Class 7(b) property tax incentive on May 20 to support the first phase of the 1901 Project, a $500 million development planned near the United Center.
The measure is intended to encourage commercial development in areas identified as needing economic investment. The initial phase will be located on about 12.3 acres of surface parking south and west of the stadium, along Damen Avenue and Adams Street. It will include a 6,000-seat music hall, retail and restaurant space, a hotel, parking garages, and green space.
According to city officials, the incentive is expected to provide approximately $54.7 million in tax savings over its twelve-year term. During that period, improvements totaling around 800,000 square feet are projected to generate an additional $46.3 million in net tax revenue compared with current levels. The project is also expected to create nearly 2,000 construction jobs as well as about 600 permanent positions and 180 part-time roles.
The Class 7(b) program supports projects that would not otherwise be economically feasible without assistance in designated areas requiring commercial growth.
The multi-phase plan for the site ultimately aims to invest more than $7 billion redeveloping over fifty acres surrounding the United Center. The Chicago Department of Planning and Development promoted efforts such as enhancing walkable neighborhoods and accessible waterfronts while supporting business development and community enhancements through its staff of more than 150 members led by Commissioner Ciere Boatright according to the official website.
