United States Steel Corporation and Southworks Development, LLC, Announce Agreement for Sale of South Works Property
United States Steel Corporation (NYSE: X) and Southworks Development, LLC, (Southworks Development) today announced an agreement for the sale of 275 acres of land on the former site of U. S. Steel's South Works steelmaking facility, located on the shore of Lake Michigan 10 miles from downtown Chicago. Southworks Development is a joint venture of Lubert-Adler Real Estate Fund IV, McCaffery Interests, Inc., and Westrum Development Company. Terms of the agreement, which is subject to approval by U. S. Steel's board of directors, were not announced.
"We are delighted to have reached an agreement that will return the South Works property to productive use," said Garrett F. Hurley, president of U. S. Steel Real Estate. "Our goal for South Works has been to find a development company committed to mixed use of the site that will provide homes, retail and commercial development, and recreational opportunities for the local community."
Southworks Development envisions a mixed-use development on the former South Works site, including single and multi-family residences, retail and other commercial uses.
Daniel McCaffery, president of McCaffery Interests, Inc., stated, "Our partnership is eager to work with city and community leaders to meet the challenges and opportunities of this great site."
McCaffery Interests, Inc. is a Chicago-based developer known for mixed- use, retail and residential projects. McCaffery projects include Nike Town and the Hotel Burnham in Chicago. Westrum Development Company, based in Fort Washington, Pa., focuses on developing underutilized urban areas. The Lubert- Adler Funds, also based in Pennsylvania, have more than 50 years of experience working with local partners to implement value-added redevelopment strategies.
For more information about U. S. Steel, visit www.ussteel.com .
SOURCE: United States Steel Corporation; Southworks Development, LLC
CONTACT: John Armstrong, +1-412-433-6792, or Carlee Vargo,
Web site: http://www.ussteel.com/
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