Chicago City Council approves phase 1 redevelopment of Chicago Lakeside Development
September 09, 2010 | Staff Writer | Print Article | Email this Article
Chicago Lakeside Development, LLC, a venture of Chicago-based McCaffery Interests, Inc. and Pittsburgh-based US Steel Corporation have announced that the Chicago City Council has approved a redevelopment agreement (RDA) for the creation of Phase 1 of the Chicago Lakeside Development Master Plan.
The plan is Phase 1 of a proposed development of nearly 500 acres on the southeast side of Chicago. Phase 1 will include the construction of new public infrastructure and the mixed-used development identified as The Market Common, an 800,000-square-foot project featuring retail, restaurants, entertainment venues and residential units.
Daniel McCaffery, president and founder, McCaffery Interests remarks: “We share the vision of the Chicago City Council, Mayor Daley and Alderman Pope and Jackson to bring to life a vibrant master-planned urban community based on innovative sustainable principles. We commend the city council’s actions to support the Phase 1 redevelopment agreement. Our team is committed to this important Chicago neighborhood and look forward to working with community leaders, associations and municipal departments on the continuous development process.”
The approved RDA focuses on a 76-acre land parcel bound by 79th St, 83rd St, Brandon Ave and US Route 41 in the Chicago Lakeside Development Phase 1 Tax Increment Financing Redevelopment Project Area. TIF assistance in the amount of $96 million is allocated for the construction of new streets, sewers and other public infrastructure. Chicago Lakeside Development will invest an additional $397 million on construction and development of The Market Common. Construction is scheduled to commence as early at 2012. The project is estimated to generate more than 1,500 temporary construction jobs and 1,000 permanent jobs.
About the Chicago Lakeside Development Master Plan:
Planned to be constructed in a minimum of six distinctive phases, the Chicago Lakeside Development Master Plan long-term vision includes an estimated $450 million in new public infrastructure, 125 acres of public land, miles of lakefront access, new bike paths, and expansive commuter rail and bus service — all surrounded by 13,575 new homes, 17,500,000 square feet of retail and other commercial space, a new high school, and a 1,500 slip marina. Designed by Skidmore, Owings and Merrill in conjunction with Sasaki Associates and Antunovich Associates, it is perhaps the largest public-private development project ever undertaken in the City of Chicago. It will take an estimated 25 – 45 years to complete and will cost more than $4 billion in both public and private funds
The Chicago Lakeside Development Master Plan has already earned national and international recognition and is the recipient of four prestigious awards including the 2009 AIA National Honor Award Regional & Urban Design, 2009 Chicago Athenaeum International Architecture Award, 2009 AIA Boston Chapter Sustainable Design Award Urban Design & Master Plan, and 2007 AIA Chicago Chapter Sustainable Design Award.
Tags | Chicago, Chicago Lakeside Development, McCaffery Interests, Multifamily, Retail, US Steel Corporation
© 2012 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or menzies@rejournals.com
As a lifelong resident of the US Steel site area, I am DELIGHTED to hear about this.
Just wondering if any plans currently exist for the boarded up buildings in the blocks just west of the US Steel site?
Thank you for any information you can provide.
God bless you; in the Love of the Lord!