Even as the real-estate boom has gone bust and the economy struggles to recover, Chicago's moving to address one of its greatest development opportunities.

Yes, the timing hardly could be worse. But the potential — wow, there is potential at the huge vacant tract on the city's South Side where the U.S. Steel South Works once operated.

A commercially viable development on this nearly 600-acre site would be a boon. Done responsibly, it would turn a neglected eyesore into something worthy of architect Daniel Burnham's vision for the lakefront.

Mayor Richard Daley recently asked the City Council to approve almost $100 million in bonds for roads and sewers that would be repaid through property taxes generated by the project. Yes, we're talking tax increment financing, which has been controversial — think West Loop. This site, however, is perfect for a TIF district.

It is mostly empty. There's little there but memories of an era when the steel industry put thousands of Chicagoans to work. But the site has a commanding view of downtown and the city's south lakefront, and a wide expanse of waterfront. This is pure opportunity.

Nothing much has happened here for years. Ideas have come and gone. So Chicagoans could be excused if they greet the new plan for a $400 million residential and commercial build-out with a great big yawn. Even the current proposal has been four years in negotiations.

Still, we're intrigued and encouraged. And relieved that the city will condition any infrastructure assistance on proof from the developers that their plans are financially viable.

Phase one of the plan by Chicago's McCaffery Interests, Inc., would build on 76 acres and wisely set aside 125 acres for public space. The entire shoreline would be open, connecting with Rainbow Beach & Park on the site's northern border at 79th Street. That parkland would serve as a magnet for construction around it.

Any development depends on infrastructure, and this site has practically none besides a portion partly developed years ago for a never-built manufacturing plant. Extending Lake Shore Drive southward would simply and effectively link the neighborhood by car to the rest of the city. Public transit options, not far away now, would need to be expanded.

McCaffery isn't counting on a casino or Navy Pier-esque tourist trap to draw traffic. Its plan for a city-run marina makes sense, however, since it takes advantage of the site's waterfront location and promises to lure upscale dollars.

The new South Chicago neighborhood should feel like, well, Chicago. It will pay heed to the industrial character and history, embodied in the imposing ore walls that once held raw materials for South Works steel furnaces. McCaffery intends to restore one of those walls as the centerpiece for a park.

The project still faces high hurdles. Any real estate development does these days. But the step forward by the city is welcome, particularly since the South Side lost the opportunities that would have come if Chicago had won the Olympic Games.

McCaffery wants to break ground in 2012 and build the site in phases. The ultimate goal: a city within the city, housing 150,000 people.

It's a bold dream. We hope the developers can pull it off.

PAINTING FEATURES HIGH ALTAR of ST. BRIDE CHURCH (circa 1950)

St. Bride Church, the Mother Church (founded 1893) of Chicago’s South Shore neighborhood, has commissioned a painting of its traditional High Altar by renowned artist Mitch Markovitz.  The painting, portraying a scene from the mid 1950’s, shows the “elevation of the host” during a traditional Mass and is done in Markovitz’s distinctive style reminiscent of Norman Rockwell.  Commissioned by current and past parishioners, the painting was unveiled at St. Bride’s Annual Spring Luncheon on May 16^th .

Copies of the painting, suitable for framing, areavailable in two sizes for purchase.  The 30"x20" size is $35.00 including shipping.  The 9"x13" size is $25.00 including shipping.   Check can be made payable to ST. BRIDE CHURCH.   Posters are also available at the Parish Offices and at Mass on Sundays.

MITCH MARKOVITZ - Biography - Artist and Illustrator

At present, Markovitz is a professional commercial illustrator and artist based in rural Knox, Indiana where he lives with his wife Renee’ and their children Julia and Matthew. Mitch has recently unveiled in, cooperation with the Starke County, Indiana Tourism Commission, his "Starke Beauty" poster campaign promoting Starke County.

Most recently assembling the "At the Shore" series of travel/advertising posters for Atlantic City, New Jersey. Markovitz has executed the posters as well as directed the project including the "is Atlantic City" series of illustrations.

In 1996 he was engaged by the Northwest Indiana Forum to be the Founding Artist and Art Director for the renowned "Just Around the Corner" series of posters focusing on life in Northwest Indiana. In connection with this project Markovitz illustrated, in part, and co-authored the book "Moonlight in Duneland." This work is an anthology of the advertising art of the Chicago South Shore and South Bend Railroad. Markovitz served as the advertising director and chief illustrator for the South Shore Railroad from 1984 until 2001.

In 1990, Markovitz was the first fine artist to exhibit his work at the New York City Transit Museum with his "Subway Series." The series is a collection of over a dozen works centered around the New York City Subway and its environs.

His works are featured in the corporate collections of Walt Disney, Nisource, Inc, Lake Erie Land Company, Businessman's Insurance Corporation, BP, Atlantic City Convention and Visitors Authority, Valparaiso University. 

Markovitz is a Non-resident Vice President of the Indiana Society of Chicago and is a frequent contributor to WIMS- AM Radio (1420 in Michigan City).  His artwork can be seen at www.mitchmarkovitz.com