Logan Square Could Get Yet Another TOD, Right Across From An Existing One
By Mae Rice in News on Aug 4, 2017 7:00PM
It seems like every time we cough, a new transit-oriented development (TOD) sprouts up in Logan Square. And it looks like the neighborhood could get yet another TOD near the California Blue Line stop.
The parcel of land at 2274 N. Milwaukee Ave., currently home to the Family Dollar store and its parking lot, is on the market on LoopNet for $4.5M. The 27,360-square-foot lot has TOD "potential," according to the listing from Baum Realty Group.
The property is right across the street from MiCa—a two-tower, transit-oriented development where rents start at $1,495 a month—but Milwaukee Avenue can never have enough TODs.
A TOD on the property would face a few obstacles. For one, the Family Dollar has two years left on its lease. For another, the buyer would likely want to rezone before building a TOD. As Steven Vance noted over at Chicago Streetsblog , the current zoning for the lot only allows for 13 units. MiCa, by contrast, has 216 units.
So a TOD isn't imminent—but it feels inevitable. The listing notes casually that there are 65,510 people within a one-mile radius of the property, and they have an "increasing average household income of $86,000+." That's high for Chicago, where the median income was $63,153 in 2015, though on the rise.
[H/T Curbed]