Chicago city council approves Lakeside redevelopment

Chicago Chicago Lakeside Development LLC, a venture of Chicago-based McCaffery Interests and Pittsburgh-based US Steel Corp. said Thursday that the Chicago City Council has approved a redevelopment agreement for the creation of Phase I of the Chicago Lakeside Development Master Plan.

The plan is Phase I of a proposed development of nearly 500 acres on the southeast side of Chicago, and will include the construction of new public infrastructure and the Market Common mixed-use project comprised of 800,000 sq. ft. of retail, restaurants, entertainment venues and residential units.

The approved agreement focuses on a 76-acre land parcel in the Chicago Lakeside Development Phase 1 Tax Increment Financing Redevelopment Project Area. TIF assistance in the amount of $96 million is allocated for the construction of new streets, sewers and other public infrastructure. Chicago Lakeside Development will invest an additional $397 million on construction and development of The Market Common.

Construction is scheduled to commence as early at 2012, and is planned to be constructed in a minimum of six phases.