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  #45121  
Old Posted Jun 8, 2019, 9:34 PM
the urban politician the urban politician is offline
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So when is this Aldermanic privilege thing going to end (if ever)?

https://therealdeal.com/chicago/2019...-resi-project/
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  #45122  
Old Posted Jun 8, 2019, 11:39 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by the urban politician View Post
So when is this Aldermanic privilege thing going to end (if ever)?

https://therealdeal.com/chicago/2019...-resi-project/
Pretty absurd for a project that's 25% affordable housing and 35% "workeforce housing" whatever that means.

Oh well, more money for me...
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  #45123  
Old Posted Jun 9, 2019, 12:11 AM
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  #45124  
Old Posted Jun 9, 2019, 12:49 AM
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Originally Posted by LouisVanDerWright View Post
Pretty absurd for a project that's 25% affordable housing and 35% "workeforce housing" whatever that means.

Oh well, more money for me...
The understanding that I have is that he wants more family sized units.

Given that the building is of finite size, this means that the developer will need to build fewer apartments. Thus, less affordable housing.

This new Alderman is brilliant!

Anyhow, if I were the developer I would comply, and then just market it to groups of roommates.
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  #45125  
Old Posted Jun 9, 2019, 12:54 AM
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Gems ii

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  #45126  
Old Posted Jun 9, 2019, 2:08 AM
SamInTheLoop SamInTheLoop is offline
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Quote:
Originally Posted by the urban politician View Post
The understanding that I have is that he wants more family sized units.

Given that the building is of finite size, this means that the developer will need to build fewer apartments. Thus, less affordable housing.

This new Alderman is brilliant!

Anyhow, if I were the developer I would comply, and then just market it to groups of roommates.

Is that why it doesn’t meet “his standards”? I didn’t read that....but I did see earlier comments more generically about what he wants to see more of in his ward. Honestly I don’t know much about him or what to expect, but I can’t help but have a sneaking suspicion that we should expect less development broadly in the 1st, which of course means an acceleration in price and rent growth (though less a not insignificant supply-induced demand effect - which a lot of market watchers completely miss), and a corresponding acceleration in the pace of gentrification.
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  #45127  
Old Posted Jun 9, 2019, 2:10 AM
SamInTheLoop SamInTheLoop is offline
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1201 W Lake

Looks good for a McCaffery development, low bar as it is and all.

PS I consider Lincoln Commons more of a Hines.
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  #45128  
Old Posted Jun 9, 2019, 2:45 AM
LouisVanDerWright LouisVanDerWright is offline
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Quote:
Originally Posted by SamInTheLoop View Post
Is that why it doesn’t meet “his standards”? I didn’t read that....but I did see earlier comments more generically about what he wants to see more of in his ward. Honestly I don’t know much about him or what to expect, but I can’t help but have a sneaking suspicion that we should expect less development broadly in the 1st, which of course means an acceleration in price and rent growth (though less a not insignificant supply-induced demand effect - which a lot of market watchers completely miss), and a corresponding acceleration in the pace of gentrification.
Supply induced demand? You actually think people are moving to Logan Square because they are building TOD there? Lol...

Listen, nobody moves places because big new buildings are being built, big new buildings are built because people want to live there. All this is going to do is massively accelerate price gains. I'm already seeing $800k+ SFH sales in Avondale where there has been categorically no large scale new construction. At this rate I expect to start seeing $1mil+ sales in the next couple of years.

Quote:
Originally Posted by the urban politician View Post
The understanding that I have is that he wants more family sized units.

Given that the building is of finite size, this means that the developer will need to build fewer apartments. Thus, less affordable housing.

This new Alderman is brilliant!

Anyhow, if I were the developer I would comply, and then just market it to groups of roommates.
Yeah "family sized units" i.e. things I would lose my real estate license if I said...

I'm telling you, one of these days an alderman is going to get sued on Federal Fair Housing violations...
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  #45129  
Old Posted Jun 9, 2019, 3:59 AM
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Quote:
Originally Posted by LouisVanDerWright View Post
Pretty absurd for a project that's 25% affordable housing and 35% "workeforce housing" whatever that means.

Oh well, more money for me...
I think workforce housing refers to City workers required to live within City boundaries. How this can be legislated is unknown to me.
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  #45130  
Old Posted Jun 9, 2019, 6:24 PM
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Sears Tower Debasement.

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at least this top corner is still clean.
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  #45131  
Old Posted Jun 9, 2019, 9:03 PM
AlpacaObsessor AlpacaObsessor is offline
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Quote:
Originally Posted by jpIllInoIs View Post
I think workforce housing refers to City workers required to live within City boundaries. How this can be legislated is unknown to me.
Whereas affordable housing is generally targeted towards people making <60% of the area median income, workforce housing is targeted towards people making 80% -120% of the area median income. I think it's a way aldermen have been trying to solve the problem of giving options to the ultra poor and ultra rich while leaving out people in the middle (not that I agree with these sorts of prescriptive solutions).
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  #45132  
Old Posted Jun 9, 2019, 9:28 PM
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South Bank

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  #45133  
Old Posted Jun 9, 2019, 9:46 PM
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^ The riverwalk looks really nice... it's not open for public use yet right?
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  #45134  
Old Posted Jun 9, 2019, 10:31 PM
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Originally Posted by SIGSEGV View Post
^ The riverwalk looks really nice... it's not open for public use yet right?
Not last week when I was there.
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  #45135  
Old Posted Jun 10, 2019, 1:27 AM
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  #45136  
Old Posted Jun 10, 2019, 2:44 AM
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  #45137  
Old Posted Jun 10, 2019, 2:10 PM
LouisVanDerWright LouisVanDerWright is offline
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Quote:
Originally Posted by harryc View Post
June 3

at least this top corner is still clean.
Did anyone else see this awesome shot someone posted on Reddit?



https://www.reddit.com/r/chicago/com...s_ghost_tower/
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  #45138  
Old Posted Jun 10, 2019, 2:51 PM
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^^ Getting a Taipei 101 vibe from that shot for some reason. Love it.
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  #45139  
Old Posted Jun 10, 2019, 3:41 PM
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Quote:
Originally Posted by the urban politician View Post
The understanding that I have is that he wants more family sized units.

Given that the building is of finite size, this means that the developer will need to build fewer apartments. Thus, less affordable housing.

This new Alderman is brilliant!

Anyhow, if I were the developer I would comply, and then just market it to groups of roommates.
The school is existing, but the plan includes new construction in the former parking lot/schoolyard. So there is a way for the developer to add square footage and put up a bigger building if needed.

Not that said "family-sized units" would be cost-effective to build...
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  #45140  
Old Posted Jun 10, 2019, 4:24 PM
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Quote:
Originally Posted by LouisVanDerWright View Post
Yeah "family sized units" i.e. things I would lose my real estate license if I said...

I'm telling you, one of these days an alderman is going to get sued on Federal Fair Housing violations...

I'll defer to you guys because I'm not a real estate agent, but is it really a violation or discrimination for a politician to comment on housing mix? For example if an alderman says "I'm being told by people that it's hard for families to find housing, that means there needs to be more 3-4 bedroom units in the mix", is that discriminating against people who don't have kids?
Is it discrimination against families to want affordable studios and 1 bedrooms?

If we're at the point where saying "I want more 4 bedrooms built" is a fair housing violation because it restricts supply of studios, then we have a massive housing shortage and should focus on that.
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