What to do with the vacant land in chicago

[SOON2BNSURPRISE]

My thought was not what the market would bear today but in 10 years. Per the city code a person that owns property next to a vacant lot can place a bid to purchase but can only use that land for a few specific purposes. Building a rental was not one of the purposes listed. The law also reads that after 10 years the restrictions would be released. My question would be something that could not happen untill the 10 year time frame had occured. At the 10 year point could someone build a rental if they wanted to. Who knows, maybe in 10 years things will be differant. LOL

Either way, I do not own a home in Chicago much less a home next to a vacant lot. I would guess that the code applies to only a few. Then again I could be wrong. How many of you own a home next to a vacant lot?

[jdiddy]

Originally Posted by ChiNaan

It's just a matter of supply and demand. If it had enough revenue-generating potential it wouldn't be vacant or won't be for long. Its not like the owners are turning down profit just because they haven't gotten around to doing anything with it yet.

Not quite that simple. Case in point - Washington and Franklin.

[ChiGuy2.5]

Originally Posted by ChiNaan

It's just a matter of supply and demand. If it had enough revenue-generating potential it wouldn't be vacant or won't be for long. Its not like the owners are turning down profit just because they haven't gotten around to doing anything with it yet.



That's exactly what I'm saying. It's because of the housing market, particularly in the places with the most vacant lots, that you can't just put up housing and expect it to be profitable. Most vacant lots aren't in the Loop, they're in places that have much less demand for new housing, office space, parking, or anything else. That's why they're vacant.

Originally Posted by jdiddy

Not quite that simple. Case in point - Washington and Franklin.

As Jdiddy said there is certainly revenue potential for any empty lot within the loop. Franklin and Washington was exactly what I had in mind. Its literally empty with a small fence around the lot. it was used to help film Transformers 3 (I work on that corner). But why they don't turn it into a parking lot, even temporarily, boggles my mind. They could make a lot of money if they did.

[jdiddy]

Originally Posted by ChiGuy2.5

As Jdiddy said there is certainly revenue potential for any empty lot within the loop. Franklin and Washington was exactly what I had in mind. Its literally empty with a small fence around the lot. it was used to help film Transformers 3 (I work on that corner). But why they don't turn it into a parking lot, even temporarily, boggles my mind. They could make a lot of money if they did.

Especially when you know what used to occupy the site...its a bigger mistake than the whole block 37 fiasco.

[ChiGuy2.5]

Originally Posted by jdiddy

Especially when you know what used to occupy the site...its a bigger mistake than the whole block 37 fiasco.

Your talking about the Old Mercantile Exchange correct? Or was something else there?