Property Tax Incentive Would Support Phase One of 1901 Project

Property Tax Incentive Would Support Phase One of 1901 Project

The $500 million initial phase of the 1901 Project near the United Center would be facilitated by a Cook County Class 7(b) property tax incentive proposed to City Council today by Mayor Brandon Johnson.

Planned for approximately 12.3 acres of surface parking located south and west of the stadium along Damen Avenue and Adams Street, the phase consists of a 6,000-seat music hall, retail and restaurant space, a hotel, parking garages and green space.

The incentive would provide an estimated $54.7 million in tax savings over its 12-year term. Over the same period, the planned 800,000 square feet of improvements would generate a net increase of $46.3 million in tax revenue compared to current levels, in addition to creating nearly 2,000 construction jobs, 600 permanent jobs and 180 part-time positions.

The Class 7(b) incentive supports projects that would not otherwise be economically feasible in areas determined to need commercial development.

The multi-phase 1901 Project is planned to ultimately invest more than $7 billion to redevelop more than 50 acres surrounding the United Center.