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Common goals: Rapper teams up with investors for ambitious South Works redevelopment plan
The proposal, which includes a hotel, marks at least the 3rd attempt to redevelop the sprawling former steel site since the plant closed in 1992
A group of development firms are joining the rapper Common to propose a $71 million mixed-use campus including a film production lot, hotels and concert venues on the 415-acre South Works site, according to the Chicago Tribune.
The development team also includes Los Angeles-based developer Sam Nazarian, entertainment management company RoadTown Enterprises, New York-based Morris Nasser and Chicago-based DL3 Realty. They envision a 128-acre film production campus with up to 20 sound stages, plus a sports and recreation complex affiliated with pro golfer Greg Norman.
The group is not under contract to buy the massive former home of the U.S. Steel manufacturing campus, but its members plan to meet with city planning officials before the end of summer to discuss their plans. Any proposal would need city zoning approval and the support of Aldermen Greg Mitchell and Sue Sadlowski-Garza, whose wards cover the property.
The plan is at least the third shot at redeveloping the property since the steel plant closed in 1992. Most recently, Irish developer Emerald Living folded up its ambitious proposal to build up to 20,000 homes on the site.
South Works is one of five sites being considered as a potential home for the forthcoming Chicago casino.
[Chicago Tribune] — Alex Nitkin