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| 4600 N. Marine (Valerio Dewalt Train Architects) |
A reader writes "the permit to begin construction of the foundation for 4600 N. Marine has cleared review and will be issued shortly."
That means construction is about to begin on the upcoming 303 unit, 12 story development. The building will rise on the site of a mostly unused former Weiss Hospital parking lot at Wilson & Clarendon.
Just yesterday, construction barriers were erected around the property and the site has been cleared in anticipation of digging for the foundation.
More to come as the project progresses!
More affordable housing! These buildings are sitting for years! What are they trying to do?
ReplyDeleteWhenever developers start the process to obtain a loan to build, they must complete a pro forma analysis to prove to their lender that the area has low vacancy rates. That's because banks don't want to risk having developers miss their mortgage payments.
DeleteThe Uptown area high-rises have very low vacancy rates which leads to higher rents. The best way to help stabilize the market is to build more. When the demand for more apartments continue to soar, developers will go after the neighborhood's naturally occurring affordable housing and rehab them to meet the demand. When they do that, they typically don't need a zoning change, so the City is not allowed to require them to provide affordable housing.