CHICAGO -- The owners of the NBA's Bulls and NHL's Blackhawks received the go-ahead to transform the area surrounding the United Center on Wednesday after the Chicago City Council approved a $7 billion plan to replace the parking lots with green space, mixed-income housing, a music hall and more.

The 1901 Project, touted as the largest private investment in Chicago's West Side, is being spearheaded by the Reinsdorf and Wirtz families, who own the arena. It is to be built in phases on more than 55 acres of privately owned land over about a decade-long period.

"Today is a historic moment for the West Side," Bulls CEO Michael Reinsdorf said in a statement. "This project is more than just development. It's a bold and unprecedented commitment to the future of our community. We are excited for the opportunity to reimagine what the future can look like. Our team is eager to get to work and turn this vision into reality."

The first phase calls for a 6,000-seat theater, multilevel parking facilities with rooftop greenspace, more pedestrian-friendly sidewalks and bike lanes, and hotel and retail space. Plans for future phases include housing and transportation enhancements.

"We set out to do something with no existing blueprint," Blackhawks chairman Danny Wirtz said. "Our commitment is to create spaces that empower all generations, fostering a thriving community that enhances the cultural and economic fabric of the West Side."

The approval for this project comes at a time when the NFL's Bears and MLB's White Sox -- also owned by the Reinsdorfs -- are looking to build new stadiums with public funding.

The Bears are trying to build an enclosed stadium next to Soldier Field as part of a reimagined museum campus. They also own a 326-acre tract of land in suburban Arlington Heights that could also be the site of a future home, and have looked at the old Michael Reese Hospital site on the near South Side.

The White Sox are looking to move out of Guaranteed Rate Field on the South Side and construct a new stadium as part of a ballpark village in the city's South Loop with green spaces, residences and businesses.