We’ve built a simple tool that combines data from dozens of sources to make it easy to understand the potential of a property a broker — commercial and residential — is going to sell.
For example, brokers we know will look up on Chicago Cityscape the Address Snapshot for a building they’re selling and note that it’s in a TOD zone, a TIF district, and it’s eligible to have its zoning changed to a D district.
Those are all selling points that can attract clever investors.
Look at 123 W. Chicago Ave., for example. I really like this one because the site is very underutilized currently. According to our “financial incentives checkup”, it’s got this incentives stack going for it:
- TOD status (parking reduction only)
- CHA Opportunity Area
- Difficult Development Area (relevant to developers who use Low Income Housing Tax Credits, a.k.a. LIHTC)
- Housing Choice Voucher (HCV) area where you can get a reduction in the property tax assessment if dwelling units are rented to people with HCVs