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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.
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