August 4, 2017
Emerald Living is acquiring a 440-acre site in Chicago envisioned as “New SouthWorks,” a mixed-use development on the former U.S. Steel South Works facility along Lake Michigan that closed 25 years ago. The green-tech developer plans build as many as 20,000 residential units, as well as office and retail space on land that offers extensive lakeshore frontage and views of the Chicago skyline.
Emerald Living’s Barry O’Neill says they plan to work with the city and local community “to develop a new, exciting vision for this site and the surrounding South Chicago neighborhoods.”
The developer has five months to close the sale, following environmental review and site due diligence. Cushman & Wakefield’s Larry Goldwasser represented U.S. Steel in the sale.
A unit of Dublin-based WElink Group, Emerald Living plans to use an innovative, environmentally-friendly technology pioneered by Spanish partner, Barcelona Housing Systems (BHS), for large-scale residential projects.
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