Quote:
Originally Posted by WrightCONCEPT
Just curious, what factors do you see as reason(s) why this type of TOD zoning has not occurred or developed for the Green Line on the South and even Western Legs on Lake Street from Cicero to maybe California?
|
Concerns about crime, rent, economic stability largely make it very difficult to finance new construction unless you can get significant Government assistance.
The city has racked up tens of millions of dollars from this new program allowing density bonuses to developers downtown. I think those monies are supposed to go towards supporting commercial real estate and businesses (rightfully so). But I wonder if a mixed use building, particularly one owned by a member of the community as opposed to some north side investors, would qualify? If so you can unlock a lot of money to make the development of 3-5 story apartment buildings with ground level storefronts financially feasible. People often forget that a rental property is as much of a business as any other.