Quote:
Originally Posted by chicubs111
This location has just been screaming for a tall building and always gets postponed or sidetracked...maybe one day.. I feel like were starting to get a slow down of new proposals of taller buildings (over 500ft ]
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What we are experiencing is a near absolute shutdown of anything exceeding as of right zoning or the PD height threshold where the ARO kicks in. The new ARO requirements have simply made most new projects infeasible at least compared to finding an as of right site where you have to build zero ARO units. Chicago isn't NYC or SF. Our RE prices simply aren't high enough to justify 20%+ affordable and already entitled land is so plentiful here most developers aren't going to waste their time seeking an upzoning and being slapped with the ARO since they can find already entitled sites.
Serious question, name one single major apartment project that has been proposed since the latest ARO increase. What we are about to see unfold in real time is the consequences of good intentions driving bad policy. Between what I just described and the DSA takeover of the NW side, expect a rapid ransacking of all downtown adjacent, moderately priced, neighborhoods in the next 5-10 years. Logan Square will likely have zero two flats left by like 2030 as everything is converted to mini mansions and all the demand from there will be pushed into the SW, near West, and near South sides.
The only hope for stopping what is the impending San Franciscoization of our core is Lightfoot pushing through some kind of zoning reform that addresses the problem.
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