What Chicago Apartment Building Owners and Residents Need to Know about TOD and the Updates on the Chicago Bus Lines
When you’re a Chicago resident or business owner, you’ve probably heard the phrase “TOD” tossed around a few times, but you might be unsure of how it affects you. Chicago TOD even made some recent changes that you should be aware of. Here is a simple explanation to help you understand TOD and the implications it has on Chicago business owners and residents.
What is TOD?
“TOD” stands for transit-oriented development. This is a type of urban development focused on building cities with public transportation users in mind. The goal is to ensure that Chicago apartment buildings, office spaces, and shopping centers are located close together and in close proximity to public transportation. Residents should at least be able to easily walk to the various types of public transportation, and, from there, quickly get to key places they would need to go in their day-to-day lives. Generally, 1/8th to 1/4th of a mile is considered an acceptable walking distance to and from public transportation in TOD areas.
Chicago TOD Changes
Chicago recently changed their TOD ordinance (also called Transit-Served Location) to include more bus lines than before. Now the ordinances include businesses and homes that are located within one-fourth mile of the following bus routes:
• Ashland Avenue
• North Lake Shore Drive
• Sheridan Road
• Western Avenue
• 39th Street
• 55th Street
• 63rd Street
• 67th Street
• 68th Street
• 69th Street
• 70th Street
• 71st Street
• 79th Street
Some of the roads on the south side of Chicago are also included. With the latest changes to the ordinances, these streets now have reduced minimum off-street parking ratios. The updated requirements are fifty percent lower than the old ones, in an attempt to increase emphasis on public transportation over privately-owned vehicles. The change mirrors the declining popularity of commuting, especially in urban areas.
If you would like to get the minimum parking requirement even further reduced for your business, sometimes the city makes exceptions. To get the reduction, the alderman of the ward must approve the Administrative Adjustment. The specific zones to which these new rules apply are B, C, D, and M.
How TOD Affects Chicago Apartment Building Owners
This is great news if you are building a brand-new Chicago apartment building, or if you would like to expand your business or apartment complex. You won’t have to pay to expand your parking capabilities, which means you get to keep more of your profits. In addition, building a new business or an expansion no longer requires as much space as it used to!
With these reductions, businesses are required to provide bicycle parking spaces in place of the old car parking space requirement to meet the same numbers. Of course, bicycles take up less space, which means you can spend less money on building a parking lot. However, businesses do not need to provide residents with more than fifty bicycle parking spaces.
If TOD is important to you, check out Root Realty’s properties. You’ll find that our properties are located in close proximity to public transportation, making it easy for you to get around even if you don’t own a car. With these Chicago apartment buildings, transportation will be just one less thing that you have to worry about.