X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Multifamily developers got a wet blanket thrown at them by 40th Ward Alderman Patrick L. O’Connor, whose turf covers six North Side communities. The City Council’s committee on zoning endorsed O’Connor’s effort to downzone stretches of properties in Edgewater, Lincoln Square, North Park, Rogers Park and West Ridge from R-4 to R-3, effectively cutting the maximum size of any new buildings by 25%.

In addition, an area along Lincoln Avenue near Catalpa Street will be downzoned from B4-3 to B4-2. Instead of a 30,000 sf building on a 10,000-sf site, a developer would be limited to 22,000 sf. Also, property in the 5400 block on North Western Avenue is being rezoned in an attempt to stop what O’Connor believes is a proliferation of car repair shops.

O’Connor’s motivation for downzoning residential property, which directly or indirectly affected 6,000 property owners, is to stem the trend of teardowns throughout the city. Single-family homes, two- and three-flats have made way for larger condominium buildings throughout the city, which proponents of downzoning say creates parking and traffic problems as well as pricing out long-time homeowners.

However, not everyone is in favor of O’Connor’s efforts. Mark Ridge, who owns a two-flat in the Edgewater neighborhood, figures downzoning could cost property owners $100,000 in market value, while property taxes will likely increase.

“I’m one block off Clark (Street),” Ridge says. “Everything around me is an apartment building. It’s already happened there.”

In Ridge’s case, the zoning change means a 5,670-sf multifamily building would be allowed on his property, rather than a 7,560-sf building previously allowed.

Meanwhile, other aldermen blessed zoning changes paving the way for small multifamily redevelopments that include:

• An $8-million, 20-unit townhouse project at 4137-47 N. Narragansett Ave.

• A 12-unit, $3-million retail and condominium building at 5643-53 N. Clark St., replacing a one-story retail building.

• A 10-unit condominium building on 6,200 sf at 1506-08 N. Sedgwick St., replacing a three-flat and small commercial building.

• A 10-unit condominium building at 2749-51 W. 18th St., replacing a 15,300-sf industrial building.

• An eight-unit retail and condominium building on a vacant lot at 2156-58 N. Damen Ave.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.