Have you heard there may be a top-down authorization for some areas of Lincoln Park which may force the properties in certain zones to be labeled "landmarked" with the intent of preserving the original quality construction properties throughout the neighborhood and attempting to decrease the amount of demolition going on to make way for the mega mansions going up.

This would have a huge impact on development and construction in the area not to mention a 'regular' homeowner who is interested in a renovation or addition. Both would see costs soar and the impact on property value would be significant.

Lincoln Park is one of the few areas that has benefited from the construction of these larger single family homes so much that an average tear down in the area is as high as $1.1 million since what is driving the land value are the ceilings of the new developments averaging around $3.3 million.

Lincoln Park Median Price Comparison

I am all for preserving the fabric for those who choose to keep and maintain the vintage structures within our community, but when large areas are forced to be considered landmarked to prevent a few buildings from moving aside to keep the developments and new single-family homes coming, I wonder to what end this purpose serves.

Where we really need regulation is on the design pallet of some of these new houses (here and throughout the city). I have no idea how some of thise ugly monstrosities are being built but let's police the general facade improvements and not limit the development opportunities which are significantly improving the land values in our neighborhood

Median Price Comparison

 
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Jim Gramata

Chicago, IL

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Gramata Realty Group

Address: 1875 N Damen Avenue, Chicago, IL, 60647

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