Now we know what Appraisal Research Counsellor’s Gail Lissner was probably referring to when she said that 2007 would be the year of redeveloping old industrial sites. Crain’s reports that the city is close to picking a developer for part of the old South Works steel mill on the Far South Side (the site that was previously slated for a Solo Cup Co. factory and is still owned by Solo), which would be a major catalyst for revitalizing South Chicago. Forest City Enterprises, the force behind Central Station, and McCaffery Interests Inc., are both proposing a mix of residential and retail projects made up of residential and retail units.
McCaffery leads a joint venture that controls 275 acres north of the South Works site. Both sites will need to be integrated somehow. When we spoke to McCaffery president Daniel McCaffery earlier this year he said he was going to ask the city for TIF support for the parcel to the north. In terms of the Solo Cup site, our money’s on Forest City, given its track record in retail development and successful collaboration with The Enterprise Companies over Museum Park at Central Station.
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