SOUTH CHICAGO — With the U.S. Steel South Works site officially back on the market, it’s time for South Chicago residents to re-imagine the site all over again.
On Sunday, news came from Ald. Greg Mitchell (7th) that the 430-acre site was going on the market, this time with more flexibility for buyers who wanted just a small section.
Larry Goldwasser of Cushman and Wakefield, the broker marketing the site, said Monday he’s encouraging buyers to imagine the huge lakefront space in lots of novel ways. He said possible investors are coming back with ideas like a resort community, industrial parks and data centers.
“We’ve had developers say it’s the nicest site for an industrial park in the country,” Goldwasser said.
Three miles of lakefront with views of the skyline would make for a picturesque location for a an industrial park or just about any other use, and Goldwasser said the lakefront is where most of the early interest has been.
But for South Chicago residents who have seen dreams for the site come and go since the steel mill closed in 1992, it’s a familiar refrain for re-envisioning the property that was for the last 10 years wrapped up in McCaffery Interest’s vision for $4 billion in residential, retail and commercial development.
Dan Lira, executive director of the South Chicago Chamber of Commerce said all of the ideas sound interesting.
“It’s just another dream until businesses decide South Chicago is the place to be,” Lira said.
The city has tried for years to lure in the first businesses to the site hoping more will follow. Mariano’s in 2014 said it would build a store on the site, but earlier this year said it won’t come until other businesses develop first.
“It was going to go to Solo Cup, and that didn’t happen,” Lira said of a deal 10 years ago the city was backing with tax subsidies.
He said his concern now is that there is a robust community process that helps temper the dangers of having four different developers buying parcels with four very different ideas of how to develop them.
Goldwasser said the entire site could still go to a single developer with one vision.
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