Quote:
Originally Posted by VKChaz
Could not garages replace some of the lot spaces?
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Yes, but they are also limited by a low FAR for the net site area. (.6)
I don't know how much the existing development uses, but a relief letter from Patsy earlier this year said they have enough left over for their 5 story addition.
If more is left over, they could technically, double deck their parking, create a new subarea sized to leave their current developments in compliance with with that FAR under the reduced net site area. Spin off the subarea, get it cut out of the original PD and rezoned.
Understand though, PDs are not just a handshake agreement. They are binding contracts intended to run the life of the development.
On a project like the UC, the city might have sweetened the deal with City property, bonds, eminent domain and street vacation. These debts don't go away just because someone thinks they can make more money doing some thing else.
The only place I've been able to find where the city allowed a major dissection of a PD is at 63rd and Halsted. and in that case every subsequent development was negotiated under the terms of the original PD and then cut out. Even after most of the original development was demolished.