8 Ways Developers Will Benefit from the Broadway B3-5 Rezoning at the Expense of Edgewater Residents and Businesses

The proposed upzoning of Chicago’s Broadway corridor, extending from Montrose to Devon avenues, aims to stimulate development and revitalize the area. While this initiative presents opportunities for growth, it also raises concerns among residents and stakeholders. Here are eight key points to consider:

1. Increased Development Potential: The upzoning plan proposes reclassifying much of the corridor to B3-5 and C1-5 zoning designations, allowing for mid-rise, mixed-use developments by-right. This change enables developers to construct taller buildings with higher unit counts, altering the existing neighborhood character. 

2. Streamlined Approval Process: By establishing clear zoning guidelines, the upzoning reduces or eliminates the need for individual zoning approvals, expediting the development process. While this predictability benefits developers, it limits community input on specific projects.

3. Access to Redevelopment Sites: The completion of the CTA’s Red and Purple Line Modernization project will make several sites along Broadway, previously used for construction staging, available for redevelopment. These parcels present prime opportunities for new projects in a transit-rich area.

4. Enhanced Market Demand: The upzoning is expected to attract more residents to the area, increasing demand for housing and commercial spaces. While this influx can lead to higher occupancy rates and profitability for developers, it may also result in higher rents and property taxes, affecting affordability for existing residents.

5. Transit-Oriented Development Incentives: Proximity to the improved Red Line stations enhances the appeal of new developments. Transit-oriented projects often benefit from reduced parking requirements and other incentives, lowering construction costs for developers. However, this can lead to increased congestion and strain on public transportation systems without corresponding infrastructure improvements.

6. Support for Mixed-Use Projects: The B3-5 and C1-5 zoning designations encourage developments that combine residential units with ground-floor commercial spaces. This flexibility allows developers to diversify income streams and create vibrant, self-sustaining communities. However, it can also lead to the displacement of existing small businesses that cannot compete with new commercial entities.

7. Reduction or Elimination of Parking Requirements: The upzoning plan includes designating much of Broadway as a pedestrian street, prohibiting new curb cuts for driveways and discouraging car-centric businesses. This approach aligns with the city’s transit-oriented development policies, potentially reducing or eliminating parking requirements for new developments, thereby lowering construction costs for developers. However, this can lead to parking shortages and inconvenience for current residents such as the use of parking in adjoining areas.

8. Incentive to Replace Older Structures, Including Those with Historical Value: The upzoning encourages the redevelopment of older buildings, including those with historical value, to make way for new, higher-density projects. While this provides developers with opportunities to construct modern buildings that meet current market demands, it will result in the loss of architectural heritage and the erasure of community history. 

While the Broadway corridor upzoning offers developers a favorable environment with enhanced development rights, streamlined processes, reduced parking requirements, and access to a growing market, these benefits come at the expense of existing communities. The displacement, loss of historical structures, increased living costs, and diminished community input raises concerns about who truly benefits from such urban planning initiatives.