In addition to deteriorating properties and declining equalized assessed valuation, about 14% of the parcels in the area have changed hands in property tax sales, Hastings says. "This could lead to more widespread disinvestments in the surrounding area," he adds.
Most of the parcels, vacant since 1994, are zoned for multifamily development with a small portion slated for commercial use. "In spite of being vacant for eight years, the site has locational benefits," Hastings says, noting the neighborhood's close proximity to Lake Michigan, Loop, parks and King High School.
No parcels are being targeted for acquisition by the city, Hastings says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
