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Southside of Chicago - Next Gold Coast ?

For those of you who have been waiting for a development project on the Southside of Chicago which could potentially change the entire landscape of property lining South Lakeshore Drive, Watch video here your wait could be coming to a close. McCaffrey Interests has recently released plans to completely overhaul a 470-acre piece of land that was formerly a U.S. Steel Plant on Chicago’s Southside. The master plan known as Chicago Lakeside would include high-ride living, top-rated shopping, numerous lakefront amenities, and attract thousands of tourists, homebuyers, and consumers alike. Given that this old factory yard is almost entirely surrounded by water and also has an old shipping lane running directly through the center of it, the development options are extremely unique and are actually quite desirable, despite the poor economic conditions of today’s market. This fabulous new community will also be the only place in Chicago where “Lakeshore Drive will be to the west of where you live” and it will have the ability to anchor so many other Southside neighborhoods such as Hyde Park, South Shore, South Chicago, and the Eastside.

There is arguably no other development project comparable to this in the world and perhaps the best way to describe it to Chicagoans is that the project is essentially a new Navy Pier-but on steroids. The half-mile long shipping lane would certainly have the same waterfront appeal as the heavily trafficked Navy Pier strip however; Chicago Lakeside is large enough to be a city within a city and house so much more than just restaurants and boutique shops. It is reported that phase 1 will include 1,000 new homes, 800,000 square feet of retail and could potentially get under way sometime in 2012. The possibilities are endless and the excitement for Chicago Lakeside is even greater. To many of us, it’ll be a historic and monumental change to so many neighborhoods desperate for a new identity and I think we all need to embrace it, keep our fingers crossed, and only hope it can be as successful as the plans suggest it can be. 

What do you want to see as part of Chicago Lakeside? Give us your suggestions below and contact Ted Guarnero with Baird & Warner at (312) 810-6693 for all downtown Chicago Real Estate information.

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