Land prices in Chicago are definitely cheaper than other large cities.
But at the same time, the fire code and zoning make it pretty rare that a 6-floor building is the right economic choice. You might as well build it to be 10-15 floors. The approval process isn’t going to be more difficult or time consuming, your per-unit costs will be lower, and there’s no shortage of banks willing to finance it. This is also quite different than most other large cities.
But at the same time, the fire code and zoning make it pretty rare that a 6-floor building is the right economic choice. You might as well build it to be 10-15 floors. The approval process isn’t going to be more difficult or time consuming, your per-unit costs will be lower, and there’s no shortage of banks willing to finance it. This is also quite different than most other large cities.