McCaffery Interests Announces Chicago's Lakeshore Drive Will be Extended Through Chicago Lakeside Development

CHICAGO, April 5, 2012 /PRNewswire/ -- On Tuesday, April 3rd, McCaffery Interests together with Chicago Mayor Emanuel announced that Lakeshore Drive will be extended by two miles to connect to and continue through Chicago Lakeside Development, a master-planned, nearly 600-acre mixed-use development located on the former US Steel South Works land in Southeast Chicago.

To be completed in 2012, this new "main street" will serve as the catalyst for transforming the southeast lakefront into a green, high-tech community for a "New Chicago". On the graded road bed of Lakeshore Drive's two-mile extension, Chicago Mayor Emanuel said, "The effort is part of a push to connect a forgotten and landlocked section of the southeast side of Chicago to the rest of the city, increasing its economic value."

"Extending Lakeshore Drive further south and transforming the former US Steel South Works site will provide an economic boost to the southeast side of Chicago," added Governor Pat Quinn. "Together, the State of Illinois and the Federal Government will invest $19 million to complete a project that creates jobs and improves the quality of life from 79th to 92nd streets and beyond." 

Mayor Emanuel was joined for the announcement at the highway construction site by developer Daniel McCaffery, Chairman and CEO of McCaffery Interests, Inc.; master planner, Richard Tomlinson, Managing Partner of Skidmore, Owings & Merrill LLP; State Senator Kwame Raoul; State House Majority Leader Barbara Flynn Currie; and Chicago Aldermen Sandi Jackson and John Pope.

By the summer of 2013, new street lighting, landscaped medians, upgraded landscaping at the entrance of Rainbow Park, new sidewalk, driveways, curbs and gutters, sewers and signage, as well as 600 trees, will line a landscaped grand boulevard to and through the nearly 600-acre development that will re-energize the entire southeast lakefront as part of the Mayor Emanuel's recently announced "Building a New Chicago" multi-billion-dollar initiative.

Mayor Emanuel's announcement came just days before McCaffery Interests and Skidmore, Owings & Merrill reconvened an international team of next-generation infrastructure experts that also include Cisco Systems and Clean Energy Trust. This team will complete their initial recommendations for making the new Lakeside development – and its surrounding neighborhoods – a global model of advanced energy, water, waste and information communication technologies to support a 21st-century lifestyle at the former industrial site bordered on three sides by Lake Michigan.

"What was once an eyesore will become an economic engine. What was once a strain on our infrastructure will now become and show the strength of our infrastructure," added Mayor Emanuel.

"It's spring time for Lakeside and the vibrant new sense of place that it will create for the entire southeast lakefront. In a little over a year, a grand green boulevard will give tangible evidence that the City's public sector and private sector are joining forces to do great things for Chicago," remarked Daniel McCaffery.

Skidmore, Owings & Merrill partner Richard Tomlinson said, "Lakeside is an initiative of global significance. A place that transforms the rules for energy delivery, water stewardship, environmental design, energy recovery from waste, and digitally enhanced living. Next generation transit and walkable neighborhoods will make it possible to live in Lakeside without having to own a car."

The benefits of the next-generation technologies being planned for Lakeside's multi-decade build out are designed to positively impact surrounding neighborhoods and the entire southern lakefront – with new green-collar jobs, major retail amenities, new parks and beaches, and important transit improvements.

For more information about Chicago Lakeside Development, please visit www.mccafferyinterests.com or call (312) 944-3777.  Follow Chicago Lakeside Development on Facebook.

About McCaffery Interests, Inc.:

McCaffery Interests, Inc. is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, leasing and managing real estate for more than 20 years. The McCaffery Interests portfolio of planned, completed and managed projects exceeds 20 million square feet and includes office, mixed-use, hotel, and residential properties, as well as large, master-planned communities and land developments. With offices in Chicago, IL and Washington, DC, and more than $2 billion of prior projects, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information, please visit www.mccafferyinterests.com or call (312) 944-3777.

SOURCE McCaffery Interests, Inc.