Originally Posted by VivaLFuego
Residential property, perhaps. Are commercial properties increasing in value, too? The high vacancy on that stretch of Clark retail suggests otherwise, with asking rents (and thus, commercial loans more than a few years old) based on a time long past when there was the added mid-day retail demand due to the many hospital workers, guests, and family members.
LP area retail needs a LOT more housing units to make up for the lost spending power that the multiple shuttered/shuttering hospitals brought... and the Webster Square debacle suggests new housing units will be scarce indeed. Indeed, LP was one of several nice north side areas that has significantly fewer total households in 2010 than it did in 2000 due to the gradual deconversion of three-flats into McMansions, with totally inadequate replacement multi-family construction to keep up the total population numbers. Ideally, the Children's Memorial redevelopment would add literally several hundred new housing units while also provide some substantial office, educational, and other employement-oriented space to maintain at least some of the mid-day demand in the area.
That is a great point and should be echoed throughout the city as to why we need more intense use / density not less.Of course in certain areas there will be a transformation of the retail type....I mean I think the condo conversion etc near the southport corridor from what was essentially a working class neighborhood to the multi-million dollar SFH that are present there has been a boon to the retail strip on southport from IP to Addison.
So it is possible that those new fangled millionaires in their faux french embassy homes may lead to significantly different type of retail....think spas, fancy bistros, boutiquey retail etc