Emerald Living acquired the South Works property from U.S. Steel, which the development company has renamed New SouthWorks, according to an announcement from Mayor Rahm Emanuel.
The signing of the Purchase and Sale Agreement follows Emerald Living’s successful bid for the property. Preliminary plans for the 440-acre site show a mixed-use development with opportunities for commercial retail and office spaces along the lakeshore frontage and Chicago skyline.
The site will have a large residential component, up to 20,000 units planned with innovative, environmentally-friendly technology created by Emerald Living’s partner, Barcelona Housing Systems.
“After hours of meetings, prudence, and due diligence, we are close to completing this important first step,” said 7th Ward Alderman Greg Mitchell. “I’m looking forward to continuing the progress and bringing much needed investment and development to my community. This can be the catalyst to spark growth and create economic opportunities for the residents of the 7th Ward.”