After a previous redevelopment plan led by McCaffery Interests floundered, a new development team has been selected to take over the redevelopment of the former U.S. Steel factory, a 440-acre stretch of prime lakefront land on the southern edge of Chicago.

In an early morning announcement released via email Tuesday– one that wasn’t paired with an on-site staged event–the Mayor’s Office revealed a green-tech development company, Emerald Living, is in the process of acquiring the property owned by the former manufacturing giant U.S. Steel.