South Chicago Neighborhood Is New Hot Property

After over a century of being cut off from Lake Michigan, the southeast side is gearing up for the newest, largest development project in years in the sleepy, working-class neighborhood of South Chicago.
August 8, 2006, 12pm PDT | calumetman
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News of redevelopment begun in the late 1990's petered out in 2004. Things looked grim when the promise of light industry fizzled with the land acquisition and subsequent back out of the Solo Cup Company. The lakefront Mud-to-Parks Project seemed to lag after it's initial start in March of 2004.

But now the long awaited plans of Chicago-based McCaffery Interest Inc. along with partners residential developer Westrum Development Co. and the private-equity firm Lubert-Adler Real Estate Funds seem to be full steam ahead.

The community should begin gearing up to be some of the hottest property in Chicago. The lakefront site is larger than the Loop, and with the redirection of South Lake Shore Drive access to downtown will never be easier or more beautiful anywhere else along the Lakefront. Should Chicago win the bid for the 2016 Olympics this area is certain to receive another great shot in the arm.

Thanks to Mark Abbott

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Published on Sunday, July 30, 2006 in Crain's Chicago Business
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