Monday, May 28, 2018

Chicago’s 20,000 Modular Home Project Goes in the Lake

An ambitious scheme to build 20,000 new homes on Chicago’s massive South Works site will not be happening after all.

Irish developer Emerald Living announced recently announced the termination of its agreement to buy the 440-acre former industrial parcel from U.S. Steel. The development comes roughly one month after reports that soil contamination threatened to hold up the Far South Side megaproject.

Related Article: US Steal? America For Sale

Emerald Living parent company WELink along with Spanish-based modular home builder Barcelona Housing Systems first revealed a grand vision to bring 12,000 homes to the vacant site in early 2017. The “New SouthWorks” plan soon grew to include an incredible 20,000 new residences.

The development team ran into trouble during the due diligence period after signing a Purchase and Sale Agreement (PSA) with U.S. Steel last summer. Despite the aforementioned environmental concerns and the fact that Barcelona Housing Systems had stepped away from the project, Emerald Living publicly reaffirmed its commitment to the plan as recently as April.

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