Chicagoland Home Values are expected to rise in Andersonville, Lincoln Square and Ravenswood neighhorhoods with the announcement of the planned Ravenswood Station, transit oriented development. In Chicago, when we say location, location, location, what we really mean is walkability and transit, transit, transit.
According to the National Association of Realtors, residents of communities with easy access to transit, needed stores and services and walkable streets spend an average just 12 percent of household income for transportation costs, versus 36 percent in areas where residents must drive long distances to reach key services.
The new transit oriented Ravenswood Station development was announced at a meeting of local home owners from Andersonville, Ravenswood and Lincoln Square neighborhoods, hosted by Alderman Schulter of the 47th ward. The LEED certified project by Magellan Development and Lowenberg Architects, will be similar in design to Lakeshore East, but located at the northwest corner of Lawrence and Ravenswood.
The new development will connect the soon to be relocated train stop with indoor auto and bike parking, shops and a full service gym. It will include a three storey building with a much needed grocery store, a gym, green roof and an outdoor terrace. There will be a four level parking structure connected and adjacent to the building.
The alderman responded positively to local home owners requests for additional bike parking and green plantings around the perimeter of the four level parking structure. The parking structure will include parking for 180 Metra rail commuters and 400 shoppers.
The new development will tie in nicely with the street scape project already in progress by the 47th ward to improve walk ability in the area, via installation of new sidewalks, lighting, trees and planters, benches and curbs on Lawrence from Western to Ashland Avenues.
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