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Originally Posted by Chicago Shawn
So with Alderman Arena and Moreno out, Waguespack unopposed and Rosa staying put; I suspect the Milwaukee Avenue corridor boom will completely shutdown from Devon to Division, at least for everything needing a zoning change over the next four years. Land values meanwhile will continue to increase and eventually the lid will blow off the pressure cooker when someone more favorable to development comes along. Anyone want to place bets as to where major neighborhood TOD investment might be migrating to in the interim?
Lori Lightfoot was my second choice after Daley, in large part because she wants to declare all out war on aldermanic prerogative. I think she has a lot of potential to be a good mayor, though her stance against the Amazon bid and Lincoln Yards being ‘too dense and too rushed’ gives me caution.
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Yup, this was actually an excellent election for me from a business perspective. I expect the demand will do three things:
1. Migrate to small multi family properties in the area eviscerating whatever affordable stock is remaining possibly by the next election.
2. Move to the West and Southwest sides (hello little village)
3. Manifest itself in the one section of Milwaukee Avenue that isn't controlled by a complete idiot: Ward 30. That's assuming Reboryas wins the runoff, but Jessica Gutierrez is probably corrupt AF given who her father is so I'm sure the developers will have a heyday either way.
Here's what won't happen: Guys like LaSpata won't be able to magically extract more affordable housing from whatever developers are dumb enough to ask for a zoning change in their ward. That's not how the market works, the math needs to pencil out on these projects and the ARO already pushes the limits of what can be achieved when you are getting anything less than downtown or Lincoln Park rents.
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Originally Posted by Kenmore
Results were good, glad to see forum conservatives having temper tantrums
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Literally no one is having a tantrum, bnk is a bit worked up as always, but my investments just gained a ton of value since growth is going to be pushed wholesale in my favor. I just think it's unfortunate that the people these idiots purport to represent are going to be harmed by imbecilic policy decisions. For example, I was hoping for Rosa to lose because he is really unresponsive to the neighborhood and makes policy decisions that hurt everyone, but I'll be damned if him staying in office didn't just jack up the value of property I own in his ward that's already zoned for a large condo building. Looks like I'll probably be cashing in on that (i.e. destroying 3 units of relatively cheap housing and putting up $600k condos) sooner than later.
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Originally Posted by tjp
Ugh and there are so many Logan Square parking lots I was excited to get rid of  |
There really aren't, not in Moreno's ward at least. They eviscerated everything along Milwaukee in the first ward. Really only the CVS is left. There's nothing in Rosa's ward except the Emmitt street lot. All the remaining vacant lots are north of Central Park and mostly lie in Reboryas' ward. Assuming he wins the runoff expect a flurry of proposals for the area around Milwaukee, Belmont, and Pulaski which is basically 50% vacant lots all of which are up for sale. I have half a mind to go get all of that under contract right now so I can flip out of the contract at a much higher price other developers if he wins.
I can't say how happy I am that Moreno is out, he's everything that's wrong with our system. He already cleared out pretty much all vacant lots in that area so that's great, but developers really shouldn't be able to buy a zoning change with campaign donations.
The only result I'm truly upset about is that Daley didn't edge Toni out of the runoff. The more I learn about Lori Lightfoot, the more I like her. I would love to see her come in and spend a whole term attacking perogative and reforming the building code. Our city needs to run more like all other cities in the US, with predictable planning and rules and norms and NO CORRUPTION. Again, I don't know why anyone is upset to see a slimebag like Moreno lose no matter how much of a nutty progressive his replacement is. As bad as it is to see a guy like Rosa totally shut down development in an idiotic ploy to prevent the inevitable, it's just as bad or worse to see a guy like Moreno totally abusing the system even though his policy choices single handedly created more affordable units (and market rate too!) than just about anywhere else in the city. Corruption resulting in good policy is worse than bad policy coming from a misguided young alderman. But both cases demonstrate exactly why planning decisions should not come from politicians. Land values just massively shifted all over the NW side and the whole city for that matter based upon last night's outcome. That makes no sense and isn't good for anyone except those savvy enough to read political tea leaves and cash in. And that's exactly the issue, you shouldn't have to be an expert in Chicago ward level politics to do business in this city. It generates massive uncertainty and is why a lot of national and international players avoid investing in the provincial backwaters known as Chicago neighborhoods.
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