Many residents of Chicago find that the neighborhoods around public transportation in certain communities of the city lack adequate walkable housing. The city’s Equitable Transit-Oriented Development Plan aims to change that. This plan has the potential to have far-reaching consequences for property owners in the city. Many will choose to work with a real estate attorney to fully understand the potential impacts.
What the Plan Says
Transit-Oriented Developments are high-density housing options that have little parking because they are near transit stations. These are common throughout Chicago but tend to be in the city’s more elite neighborhoods. The Equitable Transit-Oriented Development Plan (ETOD) lays out steps to bring more affordable developments to all areas of the city to assist people in all walks of life.
The 2020 plan starts with building the internal capacity infrastructure of the city. An ETOD workgroup has been created to develop this infrastructure. It also makes the regulations surrounding TOD easier in communities where these housing options are needed. The plan is embedded in the “We Will” citywide planning initiative, which adds health, equity, and safety criteria into zoning and land-use decisions. Finally, it has measures to support small business and commercial investors in these areas.
Mixed-Use Developments Coming
As the details laid out in the ETOD plan come to fruition, mixed-use developments on the South and West sides are going to start opening. With the help of a real estate attorney, investors can potentially make an impact in these areas by getting in on the ground floor of important city development. Retail and office spaces combined with housing make these impactful for the local community.
Focus on Less Parking, More Development
Large parking areas make public transit less accessible. In areas with a lack of TOD, this is problematic. The plan will focus on changing this so there are a greater number of mixed-use developments and a smaller number of large parking areas. This will encourage people to make use of public transit options instead of relying on personal vehicles.
Working with a real estate attorney who understands the ins and outs of development in Chicago will help the city’s investors make the most of the coming changes. As the initiatives in the ETOD come to fruition, the South and West sides of the city are going to change.
