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Old Posted Jul 16, 2019, 4:23 AM
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HomrQT HomrQT is offline
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Join Date: Dec 2009
Location: Forest Park / Uptown, Chicago
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Quote:
Originally Posted by Mr Downtown View Post
Things I learned at tonight's meeting:
  • DPD has only had one meeting with Landmark Development, and requested something like 17 specific pieces of information. None have yet been supplied. Though they won't publicly say so, they seem as puzzled as other observers about how this deal could make any sense whatsoever.
  • The Central Station PD has at least 3,100 dwelling units approved but not yet used. It also has 3.1 million sq ft of office and 2,500 hotel keys that can be traded in (at the rate of 3:1) for additional dwelling units.
  • Some 4.7 million square feet of bulk is approved and not yet used. For comparison, what's built in Central Station (and approved, such as NEMA's sister) north of 14th St. is around 5 million square feet.
  • As soon as a "master plan" for the air rights area south of Waldron is approved, that unlocks another 2000 dwelling units and 3.8 million square feet of FAR. (I hope I didn't double count.)
  • The PD includes language that vests the approvals once certain amounts of development took place within a specified time. The usual rule is that property owners have no rights to their future zoning, but in this case they apparently do.
  • The city's new Zoning Administrator, Patrick Murphey, is a pretty sharp guy who can get to the point clearly.
  • Most of the neighbors who ask "questions" at public meetings like this . . . not so much.
Great info. It's interesting to watch this play out. Like others I'm skeptical but I enjoy watching the process.
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