The massive and long-vacant South Works steel mill property on Chicago’s south lakefront will be transformed into residential development with as many as 12,000 homes, making it one of the biggest such projects in the city’s history.
According to Crain’s Chicago Business, the 430-acre parcel was put up for sale last summer by U.S. Steel and Spanish housing developer Barcelona Housing Systems has emerged as the winning bidder. Barcelona plans to develop the site
The 430-acre parcel was put up for sale last summer by U.S. Steel and, according to Crain’s Chicago Business, Spanish developer Barcelona Housing Systems has emerged as the winning bidder. Crain’s reports Barcelona plans to develop the site in four phases with 3,000 homes each. The homes will also reportedly be “inexpensive and affordable” because of a “type of modular housing” developed by Barcelona.
The Barcelona Web site also mentions the development will have a similar concept as the city of Barcelona. It will allow “the land use to be optimized for infrastructure and improving the quality of life; it will allow residents to enjoy this new 21st Century urban planning concept, with extensive green spaces, sustainable internal mobility, high use of renewable energies, common social areas, digital urban and community processes, urban vegetable gardens, etc.” the site reads.”
While the potential is exciting for developing a long-dormant piece of Chicago lakefront, observers were quick to note such a venture will cost billions of dollars and is likely to take decades to complete.
U.S Steel put South Works Steel Mill up for sale after a potential deal with another developer for 13,000 homes on the site collapsed. In the final round of bidding, U.S. Steel selected Barcelona Housing Systems over Chinese developer Country Garden and an undisclosed Chicago development group.
No purchase price for the land was revealed, but one source told Crain’s U.S. Steel was seeking $55 million to $80 million for the Chicago lakefront property.