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Why Would a Developer Choose to Include Fewer Parking Spots?
For years Chicago’s zoning ordinance, which requires large amount of off-street car parking as part of most new residential buildings, has prevented developers from taking full advantage of transit-friendly locations. However, a transit-oriented development ordinance that passed last year lowers the required number of parking spaces for buildings near transit stations. As Steven Vance reported, Centrum Partners is proposing to build a five-to-seven-story rental building next to the Brown Line’s Paulina stop at 3400 N Lincoln Ave, which would be the first known development to take advantage of the parking minimum reduction.
February 27, 2014