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.

Hate to tell ya this "Amigo", but that is sort of the essence of how life works.