CHICAGO — An Irish company that was in talks with U.S. Steel to buy 440 acres on Chicago’s lakefront to create a new city neighborhood has walked away from the plan.
Emerald Living announced Thursday it terminated its purchase agreement with U.S. Steel for the former site of the South Works steel mill.
In a statement, Emerald Living CEO Barry O’Neill said his company was unable to reach common ground with U.S. Steel “based on the findings of our diligence works.”
Emerald Living’s deal to buy the land along the Lake Michigan shore was announced in August, with time allowed to assess any needed environmental cleanup.
U.S. Steel spokeswoman Meghan Cox said the company continues to be focused on selling the property for future development. She added the company plans to approach parties that ” previously expressed interest in the property.”