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Chicago & Midwest  + Illinois  + Apartments  | 

Deal for Massive South Works Redevelopment Falls Apart

Dublin-based Emerald Living has walked away from its purchase and sale agreement to acquire and redevelop US Steel’s former South Works facility on Chicago’s south lakefront. The mixed-use project would have built up to 20,000 modular homes on the site’s 440 acres.

In a statement, Emerald Living CEO Barry O’Neill said, “We believe our vision for this property had the necessary ambition and creativity to activate this unique site to become a catalyst for regeneration throughout southeast Chicago. Against that backdrop, it is very regrettable we were unable to reach common ground with US Steel based on the findings of our diligence works.”

A US Steel spokeswoman told the Chicago Sun-Times the company still hoped to sell the site. The Emerald Living sale is the latest in a series of South Works deals that have fallen apart since the facility closed in 1992.

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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