Chicago's Near West Side could witness a significant transformation if Jerry Reinsdorf, the chairman of both the Chicago White Sox and the Chicago Bulls, has his way. According to a Chicago Sun-Times report, companies connected to Reinsdorf are on a multimillion-dollar shopping spree, scooping up properties around the United Center at an impressive pace.
In a big-money move, the Reinsdorf-affiliated RE Holdings Group LLC dropped $17.2 million for sizable chunks of a block bordering Adams, Washington, and Wood streets. Having last year also acquired another vacant lot for a hefty $5.5 million, Reinsdorf's team seems to be on a clear path toward something big. Described by one local investor as a bet on the future development potential near the arena, these simultaneous purchases are seen as part of a larger game plan, not yet fully unveiled to the public. The near arena's empty blocks might be quiet for now, but Reinsdorf's play could soon change that, adding a new layer to the neighborhood.
A piece by The Real Deal details how the acquisition involves about half of the vacant block bounded by Adams, Washington, and Wood streets, touching diagonally at 1727 West Adams and 125 South Wood. The seller, a series of LLCs managed by Joseph S. Feldman, Jr., seems to have benefited considerably from the transaction, especially considering the $340,000 he shelled out for the lot back in 2002. Requests for comment from RE Holdings executives were left without a response, and Feldman kept mum on the deal.
Adding complexity to the landscape, the Blackhawks, owned by the now-deceased Rocky Wirtz, purchased property nearby to expand their training complex. A new Commonwealth Edison substation is also in the works, which could power up both the growing community's energy requirements and investment interests. Adjacent to Reinsdorf's newly bought property, City Church Chicago has envisioned its expansion involving a large auditorium and residential units. With Reinsdorf's recent land grabs, the synergy of these projects raises questions about the future shape of the area.
There's evident synergy across plans unfolding within shouting distance of the United Center. While RE Holdings' representatives have kept lips sealed about their specific intentions, Ald. Walter Burnett (27th) confirmed redevelopment is in the cards but refused to divulge details, as nothing formal has yet been tabled at City Hall. As noted by the Sun-Times, this real estate ballet comes amid Reinsdorf seeking a whopping $1 billion in taxpayer funds for a new South Loop ballpark. A narrative is emerging, hinting at not just mere developments but a potential redrawing of the city's West Side sporting map.
