Chicago McCaffery Interests announced that its affiliated development company, Chicago Lakeside Development, a public-private partnership between U.S. Steel Corp. and McCaffery Interests, has received the approval of the Chicago Plan Commission for the Chicago Lakeside Development Master Plan.
Approval was also granted for the enactment of a Planned Development Ordinance providing Phase 1 of the site with the required land-use entitlements required to move forward with the project.
Daniel McCaffery, president and founder, McCaffery Interests, said, “The approvals by the Planning Commission are the result of more than four years of collaboration and negotiations with the City of Chicago. It hasn’t been easy but the positive economic and social effects of these actions will last for a very, very long time. The development of these 369-acres will signal a new and positive future for southeast Chicago.”
Located just 10 miles south of downtown Chicago on a 369-acre parcel of land, the Chicago Lakeside Development Master Plan creates a community based on innovative sustainable principles to the former U.S. Steel South Works plant site, which is adjacent to Chicago’s South Shore neighborhood.
The 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 sq. ft. of retail and other commercial space, a new high school, and a 1,500 slip marina.
Planned to be constructed in a minimum of six phases, the Chicago Lakeside Development Master Plan will take an estimated 25 to 45 years to complete and will cost more than $4 billion in both public and private funds.
Phase 1 will include a mixed-use shopping and residential district. Commencement of construction is projected for 2012.