City Makes Four North and Northwest Side Parking Lots Available for Redevelopment
Four underutilized parking lots owned by the City of Chicago in Lake View, North Center and Portage Park are being made available for purchase and redevelopment, Department of Planning and Development (DPD) Commissioner Maurice Cox announced today.
Ranging in size from 26 to 111 parking spaces, the lots are part of a citywide initiative to return surplus, City-owned land to private ownership. The broader initiative is expected to generate more than $10 million in near-term revenues for the City, according to DPD.
"These City-owned properties have very limited demand for public parking anymore so we’re entertaining purchase offers that maximize their value for taxpayers,” Commissioner Cox said. “Their sales will also enable improvements that contribute to local development patterns and overall neighborhood livability.”
Between April and December of 2019, the lots' parking utilization ranged from 3 to 12 percent of capacity, according to the Department of Finance. Parking utilization rates ranged from 2 to 4 percent during the same period in 2020.
The North Center and Portage Park properties are in the process of being re-zoned to new district designations that are commensurate with adjacent land uses, Cox added.
The lots include:
- 1530 W. Barry Ave.: 19,049 square feet. B1-1 zoning. 53 spaces.
- 1635 W. Melrose Ave.: 18,787 square feet. B3-1 and B3-3 zoning. 47 spaces.
- 3840 N Lincoln Ave.: 11,439 square feet. B1-3 zoning pending. (Currently B1-2) 26 spaces.
- 4050 N. LaPorte Ave.: 37,601 square feet. RT-4 zoning pending. (Currently B1-1) 111 spaces.
The properties have been used for parking-related purposes for more than 50 years. Formal real estate appraisals are pending for each site.
The real estate brokerage firm Cushman & Wakefield was retained by the City of Chicago this summer to market and solicit offers for each site. Each proposed sale would require approval by City Council, following a 30-day alternative proposal period from other potential buyers.
For sales information, contact Cushman & Wakefield directors Kathleen Nelson (312) at 470-1874 or Dirk Riekse at (312) 470-1817.