Irish company Emerald Living and Spanish company Barcelona Housing Systems are buying the U.S. Steel South Works site in South Chicago for $64 million, according to Chicago Magazine. The two developers plan to bring a large, mixed-use development to the 440 acre site.

The land, located at 85th Street and South Lake Shore Drive, is the city’s largest undeveloped lakeshore property, according to the report.

The developer plan to build 20,000 housing units, restaurants, a shopping mall, and a factory that will produce modular housing components, according to the report.

Chicago Magazine predicts a development of this magnitude could have a revitalizing effect on South Chicago. It could attract grocery stores and middle-income buyers to the area. 

The two European developers are waiting to make the purchase official until the land is determined to be free of industrial toxins. The inspection is expected to be done early next year, according to the report.