|3925 N. Clarendon Proposal (Jonathan Splitt Architects)|
Ald. Cappleman's development page was just updated with a new proposal that would bring 18 units of housing to a parking lot in the Lakeview section of the 46th ward.
|The current parking lot at 3925 N. Clarendon (Google)|
Developer George Bahramis met with East Lake View Neighbors on January 17 to discuss the proposal which would include a mix of 4 three bedroom units, 4 two bedroom units, & 7 one bedroom units as well as 3 studios with parking for 2 vehicles and 20 bicycles.
Bahramis is requesting a zoning change from the existing B3-2 to a B2-3 (TOD).
View the plans here.
This sounds excellent. I think this project would be made even better by ground-floor retail, to really round out that intersection with commercial space. But even just the 18 units rather than a parking lot is a big win.ReplyDelete
Are any of these new developments reaching peak capacity? I walk by several new ones on Sheridan Rd and Broadway, etc. and they have "leasing" signs and they look half empty. All this building, is anybody moving in? I know the Optima on Broadway is only 30% -40% occupied. Why are developers building all these buildings with companies laying off (Google, the banks) and people moving out of Chicago? I don't get it.ReplyDelete
After the 2008 mortgage lending crisis, lending institutions require all developers to create a pro forma analysis that would demonstrate a return on their investment before they would grant a loan. That also includes documenting the vacancy rates within the area. If the vacancy rate is high, the developer won't qualify for a loan.Delete
In the long run, a developer appreciates the requirements placed on them because they don't want to lose money either. With the housing shortage across the country, we can expect more housing to get built, but interest rates and costs to build are also having an effect on when a development can happen.
Looks really good. Love the skinny mid-rise buildings like this. Nice density boost and parking reductionReplyDelete