The first phase of the massive South Works redevelopment project, the new South Lake Shore Drive / U.S. 41 opened on October 27. Although not signed from 41, you can now also access the new park at the lakefront, the slip, and massive concrete walls on the site.
I visited the site yesterday - just drive east on East 87th street and follow the dirt road to the walls. There were a lot of people fishing and checking out these very impressive industrial remnants.
FC's article on the former South Works may be found here: