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Mega-Projects’ Chief Hurdle: Lack of Transit
A major factor in the Emanuel administration joining the Metropolitan Mayors Caucus’ call for a statewide transportation capital bill is undoubtedly the mega-projects on the drawing board for Chicago.
Lack of adequate transportation is the biggest obstacle facing the developers of these projects in convincing potential tenants, CBRE’s Todd Lippman told Crain’s Chicago Business.
Even more than the challenge of convincing suburban residents to trek to these projects using existing transit options, there’s the matter of enhancing city transit to meet changing tastes—especially for projects with lengthy time horizons.
For example, Lippman told Crain’s, tenants clamored for available parking 30 years ago, but “now the big thing is having a staging area big enough for Ubers. Maybe five to 10 years from now, it will be self-driving car parking. You’re preparing for something we know is going to be different, but we don’t know what it’s going to be.”
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