Quote:
Originally Posted by trvlr70
Of all the offensive parking garages out there, 401 N State is not of them. I like how this one looks. Go develop a real eye sore.
|
If you read the letter in the PD filing, it simply looks like the owner is trying to put a value on the land. Obviously, that land is worth more if it comes with the ability to tear down the garage and build a taller structure.
However, the letter from the city indicates that this is NOT possible within the rules of the existing PD, so any would-be developer would have to go through a re-zoning process (the Brendan Reilly special) in order to tear down and build new. Without zoning in place, the land will be worth less on the open market and any sales might need to have a zoning contingency.
The letter did indicate that the city is willing to flex the rules a little bit to allow for changes of use to be granted administratively, without involving the alderman or community. This was done already to allow IBM to be converted from office to hotel use when it became the Langham.