Groundbreaking for 1901 Project, designed to transform Near West Side development, set for Wednesday

CHICAGO (WLS) -- The groundbreaking for the 1901 Project on Chicago's Near West Side is set for Wednesday afternoon.

The $7 billion project is designed to transform development and investment around the United Center.

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Phase One includes building a new music venue, hotel and parking garage.

Among those attending the ceremony are Bulls President Michael Reinsdorf and Blackhawks CEO Danny Wirtz.

Chicago Mayor Brandon Johnson will also be in attendance.

It all begins at 1 p.m. in Lot K of the United Center.

A Chicago City Council Committee last month approved a $55 million tax break for the project.

This is a developing story; check back with ABC7 Chicago for updates.