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SOUTH SHORE DRIVE EXPANSION LEADS TO CHICAGO LAKESIDE DEVELOPMENT

Friday, August 27, 2010 / McCAFFERY INTERESTS, INC.

13,575 New Homes Planned on Lakefront:

SOUTH SHORE DRIVE EXPANSION LEADS TO CHICAGO LAKESIDE DEVELOPMENT

By DeBat Media Services

     CHICAGO—The planned expansion of South Lake Shore Drive beginning in 2012 will create a pedestrian friendly four-lane boulevard leading to the heart of Chicago Lakeside, a proposed new mixed-use lakefront neighborhood.  

     A sweeping master plan by McCaffery Interests Inc. for Chicago Lakeside calls for the development of up to 13,575 homes, 17.5 million square feet of retail and commercial space, parks and a new harbor with 1,500 boat slips on the last major piece of land available for development on the eastern edge of the South Chicago neighborhood on the city’s lakefront.

     Planned to be constructed in a minimum of six distinctive phases, or a walkable collection of neighborhoods, the Chicago Lakeside Development master plan will take an estimated 25 to 45 years to complete and will cost more than $4 billion in both public and private funds, McCaffery said.

     Development of the 369-acre tract “will signal a new and positive future” for southeast Chicago, said Daniel McCaffery, president and founder of McCaffery Interests. Chicago Lakeside Development, LLC, the development entity, is a public-private partnership between U.S. Steel Corporation and McCaffery Interests.

     Envisioned by planners as a “new downtown for the South Side of the city,” the Chicago Lakeside Development site is located on a vacant land peninsula that juts out into Lake Michigan just 10 miles south of downtown Chicago.

     “The master plan creates a new community based on innovative sustainable principles on the former U.S. Steel South Works plant site which is adjacent to Chicago’s South Shore neighborhood,” McCaffery said.

     “Chicago Lakeside is being developed in the spirit of Daniel Burnham—make no small plans,” McCaffery said. “It will involve the development of two miles of Lake Michigan shoreline in an area of the city that would benefit greatly from everything we do.”

     McCaffery said Chicago Lakeside will “create opportunity and jobs” and bring thousands of people to a new emerging neighborhood. “This will do more for the Southeast Side of Chicago than anyone can imagine,” he said.

     The design concept for Chicago Lakeside follows Burnham’s legendary master plan for the city’s 23.5 miles of shoreline that placed great emphasis on its great potential for recreational use and the preservation of natural beauty, experts say.

     Chicago Lakeside has been approved by the Chicago Plan Commission. Earlier this year, the city’s Community Development Commission approved $96 million in Tax-Increment Financing (TIF) to help pay for a major shopping center and nearly 1,000 homes on the massive former South Works property on the south lakefront.

The TIF grant would help fund infrastructure improvements including streets and sewers for the project’s initial phase on the northwest corner of the 530-acre lakefront site, which sits between 79th Street and the Calumet River.

     The $54-million expansion of South Shore Drive from 79th Street to 87th Street will coincide with the late 2012 pre-construction site work of Chicago Lakeside. The new four-lane boulevard will bisect the development.

     In addition, the community would be served by four nearby Metra train stops at 79th, 83rd, 87th and 93rd streets.   

     McCaffery’s long-term visionary plan calls for an estimated $450 million in new public infrastructure, 125 acres of public land, miles of lakefront access, new bike paths, and expansive commuter rail and bus service—all surrounded by new homes, condominiums and rental apartments, retail and other commercial space, a new high school, parks and a lakefront marina.

     Later phases could include university and educational components, science and research facilities and power generating solar panels and possibly wind turbines spinning on off shore breakwaters in Lake Michigan. The master plan calls for some sites to be sold to additional residential and commercial developers, McCaffery said.  

     Designed by Skidmore, Owings and Merrill in conjunction with

Sasaki Associates and Antunovich Associates, Chicago Lakeside is perhaps the largest public-private development project ever undertaken in the city of Chicago.

     The Market Common, Phase I of Chicago Lakeside, is envisioned to include a mixed-use shopping and residential district on a 76-acre parcel at the northwest corner of 79th and Brandon. The $397 million first phase would comprise 848 residential units and 844,000 square feet of retail and other commercial space.

     “The Market Common development encompasses a complimentary mix of retail, restaurants, entertainment venues and residential units—bringing together the best ideas in land use and planning to create an entirely new, environmentally-friendly, accessible and diverse urban community experience,” said McCaffery.

     The initial residential construction phase will be 250 rental apartment units and 136 rental townhomes, followed by about 600 high-rise housing units in three lakefront towers. A marketing center is scheduled to open on the site this fall. Commencement of construction is projected for early 2013 and the first stores are scheduled to open in 2014.

McCaffery said it received a positive response from prospective retail tenants for the shopping center when it revealed its plans at the recent International Council of Shopping Centers trade show in Las Vegas.

     The Chicago Lakeside Development master plan has already earned national and international recognition and is the recipient of four prestigious awards including the 2009 AIA National Honor Award Regional & Urban Design, 2009 Chicago Athenaeum International Architecture Award, 2009 AIA Boston Chapter Sustainable Design Award Urban Design & Master Plan, and 2007 AIA Chicago Chapter Sustainable Design Award.

     Headquartered in Chicago on Michigan Avenue’s “Magnificent Mile,” McCaffery Interests is a full-service development and management company that has been in the business of investing, developing, leasing, managing and selling real estate for more than two decades.

     For more information, please visit www.mccafferyinterests.com or call 312-944-3777.

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Published by : Aimee L. DeBat
Aimee L. DeBat
DEBAT MEDIA, INC
1633 N. North Park Avenue
Chicago, IL 60614
312-944-1177 wk
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debatnet@aol.com
aimee@debatmedia.com
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