- A city panel on Tuesday approved $96 million in tax-increment financing to help pay for a major shopping center and nearly 1,000 homes on the massive South Works property on the south lakefront.
The unanimous vote by the Community Development Commission marks a major step forward for Chicago-based developer McCaffery Interests Inc., which has been planning a development on the vacant steel mill site for more than five years. The TIF grant would help fund the project’s initial phase on the northwest corner of the 530-acre lakefront site, which sits between 79th Street and the Calumet River.
- Overall, McCaffery and U.S. Steel plan to build 13,575 residential units, 17.5 million square feet of commercial space and a 1,500-slip marina at South Works, a process that could take as many as 45 years to complete and cost more than $4 billion.
Forty-five years? 13,575 residential units? 1,500 boat slips?
Are these people high? Have they even seen the number of board-ups across the city? The market is saturated with houses that won't sell. Retail space is standing empty and has been for years. No one is buying boats and the suburban owners are moving to cheaper slips out of the city. This has "long-term disaster" written all over it.
Are these people high? Have they even seen the number of board-ups across the city? The market is saturated with houses that won't sell. Retail space is standing empty and has been for years. No one is buying boats and the suburban owners are moving to cheaper slips out of the city. This has "long-term disaster" written all over it.
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