Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
City Council Imposes Six-Month Ban on Demolitions Along 606 Trail
Chicago’s City Council on Wednesday approved a six-month moratorium on demolitions along the 606, the elevated trail on the city’s Northwest Side. The vote followed a council committee’s approval of a modified version of what was originally proposed as a 14-month ban on rezonings as well as demolitions in the area.
The City Council’s vote, intended to stem what some see as a tide of gentrification along the 606, coincided with the release of a study by the DePaul University Institute of Housing Studies. It found that the median sale price of buildings with four or fewer units, including single-family homes, rose 344% along the westernmost part of the 606 over a seven-year period. Citywide, the increase was considerably smaller during the same period.
DePaul’s study looked at possible ways of preserving two-to four-family affordable homes, which have been replaced with luxury apartments along the eastern half of the 606.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
