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Urban Planning Wed May 19 2010
South Shore Developer Lost Property to Foreclosure
The principal developer of the proposed massive redevelopment at the former U.S. Steel South Works site, McCaffrey Interests, lost one of their featured developments, The Market Common Myrtle Beach, to foreclosure last week.
The project--termed, perhaps ominously, The Market Common SouthShore--will feature nearly 14,000 new residential units, 800,000 square feet of retail and residential construction, and a 1,500 slip marina (finally!). Covering nearly 400 acres of a recently industrial zoned lakefront area, the Market Common SouthShore will rely on a massive $96m TIF subsidy and be developed in several phases over the next 20-45 years. The Market Common Myrtle Beach site also used TIF dollars.
Since 2000, McCaffrey Interests has given $27,100 to local campaign committees, including $3,850 to 10th Ward Alderman John Pope, $7,900 to Finance Committee Chair Ed Burke, $2,550 to 7th Ward Alderman Sandi Jackson, and $5,000 to Mayor Daley. Obviously all four of these local pols would have direct input into the Market Common plan.
The City's Plan Commission granted approval to the first phase of the project on April 21st, and the Community Development Commission gave their blessing on May 11--just a couple of days before the Myrtle Beach foreclosure.
Given its scope and cost, the Market Common could end up changing the South Side Lakefront completely. We'll be looking a little more closely at the plans over the coming weeks. A spreadsheet of McCaffrey's political giving is below the fold.
gb.mccaffreyinterestsgiving.5.19
