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| Just Tires, 4809 N. Broadway (Google) |
Although details are still developing, we recently learned about an surprising real estate sale that may lead to the loss of a longtime Uptown business.
Just Tires, which has been just north of the intersection of Lawrence and Broadway for well over 20 years, appears ready to close as West Coast-based developer The Krausz Companies acquired the property for $4,200,000.
The zoning classification of the property, B3-5, was a likely driving factor in the sale of the lot, along with the central location in the middle of the entertainment district and across the street from the Uptown Theatre.
No proposal for redevelopment has been brought forward at this time, but it seems all but definite that Just Tires will close. We are working on digging up the plans for the lot and the adjacent lot, which is also headed to residential after completion of the CTA track and station rehab at Lawrence.
It is notable that the developer can build residential on the lot using the existing B3-5 zoning. If they do so, the city's affordable requirements will not be triggered. If a zoning change is requested, there will be a chance of affordable units on-site or an in-lieu contribution to the Low Income Housing Trust Fund.
Read more at REjournals.
UU Note: The stretch of Broadway that became the Just Tires property in question is visible in this 1932 Uptown aerial shot. The building on the right with the Aragon advertisement stands today and is home to Demera. The storage facility on the left still stands as well.
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| CTA Aerial of Uptown, 1932 |
What is the large building behind the Just Tires and Demera building? It'
ReplyDeleteThat appears to be a power plant. It's likely burning coal, and generating steam.
DeleteThis is sad. Everytime I pass JT, it's always busy with cars so it's not losing money. I'm passing a lot of new apartment developments on the north side and they aren't half filled (Optima). And the street level store fronts are vacant with no businesses.. Is this what Chicago is going to look like in the future? A lot of new "luxury" apartments, and no street level businesses in them?
ReplyDeleteThe new owner has not contacted the 46th Ward Office. Typically, if there's a thought about changing the zoning, a potential buyer would first contact me. For now, I am going to assume the new owner will be building as of right.
ReplyDeleteWhen a property owner is working with a bank to get a loan for a large development, they are required to do a pro forma analysis to prove that their new development will produce a return on the bank's investment. If they are going to do market rate apartments, that analysis includes a review of vacancy rates of micro units, studios, 1-bedroom, and larger apartments. That's what often determines the mix of units for a development. The vacancy rate for smaller apartments is extremely low, with some buildings at less than 5%. The lower the vacancy rate, the higher the rents will be for an area.
Not wanting a repeat of the 2009 mortgage lending crisis, banks are much more cautious about granting loans. Ironically, because fewer loans were granted, less housing was built, and that led to the housing shortage we have today.