The U.S. Steel South Works site has reportedly found a buyer.
SOUTH CHICAGO — U.S. Steel has reached a deal to sell the 440-acre South Works site, according to Mayor Rahm Emanuel.
Emerald Living will purchase the land along the lake with views of the skyline from U.S. Steel and will build a mixed-use development that will include up to 20,000 housing units, according to the announcement sent out late Monday.
Emanuel’s office is expected to provide more details about the plan’s use of environmentally friendly technology later Tuesday for the site that stretches from 79th Street to the Calumet River east of Lake Shore Drive.
U.S. Steel put the land on the market last July after deciding it didn’t want to be a direct partner in the developing the property. There was speculation over the last year that the property had become too big for a single development and would be split up.
But in January, developers were back proposing mega-developments for the site, including a partnership between Spanish and Chinese firms proposing modular 12,000 modular houses.
It’s still unclear what Emerald Living is proposing or what it will need to make its plans succeed where others have failed.