The 430 acres of vacant land having formerly served as U.S. Steel‘s South Works Mill in South Chicago are now facing new plans and new owner.
After a number of meetings and discussions between U.S. Steel and the City of Chicago Department of Planning, plans for the future Lakeside Development have been called off, 7th Ward Ald. Greg Mitchell said in a statement.
Now known as 8080 Lakeshore, the 430-acre site will be divided into four parcels stretching more than three miles along Lake Michigan.
“This will relieve the pressure on one developer in taking on a huge project all at once, reducing the barriers of entry and allowing a more diverse group of developers access, and reducing the length of total project completion,” Mitchell said in a statement.
Cushman & Wakefield has been hired to sell and market the property. The news comes five months after U.S. Steel and McCaffery Interests parted ways after unsuccessfully going through with their proposal, which called for more than 13,000 homes, 17.3 million square feet of commercial space and a 1,500-slip marina, according to Crain’s.
The site is located 10 miles south of Chicago’s downtown area, near Hyde Park and the historic Pullman neighborhoods, University of Chicago, and the future Obama Presidential Library. The site is being marketed for a variety of different uses, including: Industrial, research park, entertainment, residential, and mixed-uses.