New Development Could Bring Numerous Businesses to Chicago Neighborhood

Plans are in the works for a 260,000 square-foot privately-funded development to potentially be built just east of the United Center, home of the Chicago Blackhawks and Chicago Bulls. Led by the Bull’s owner, Jerry Reinsdorf, the development is envisioned to include a team store, restaurants, bars, and possibly team offices, parking, and a green roof.

The project’s proponents point out that the area currently consists of “a sea of parking lots” and say that the neighborhood’s residents would appreciate the addition of these types of establishments. The also expect that the project could bring nearly 800 jobs to the area – 300 during the building’s construction and another 500 long-term.

 

New Development Could Bring Numerous Businesses to Chicago NeighborhoodThey also point to the fact that the United Center brings nearly a-million-and-a-half fans to the area each year, many of whom eat and drink at West Loop businesses that offer shuttles to the United Center. They envision the area surrounding the United Center becoming an entertainment district in itself, similar to the neighborhood surrounding Wrigley Field. The once-gritty area does seem to be on the rise, with a 2010 survey showing that the median income rose by over 16 percent in the past decade.

However, there are hurdles to overcome. First, the possibility that the developers would be required to fund a new bus line to accommodate the area. Second, property tax issues involving the extension of a property tax abatement set to expire in 2017. Additionally, the owners of the Chicago Cubs are seeking support for a large-scale Wrigley Field renovation.

Real estate developers, business owners, and those considering starting a business in the Chicago area need the guidance of a top business and tax law attorney. Denice Gierach of The Gierach Law Firm has years of experiences representing Chicago and Naperville businesses, and, as she holds her Masters Degree in Business Administration, also has a firm grasp on the numerous issues related to owning a business in Chicago.