Parking Increasingly Passé in Downtown Chicago Towers

Midwest, Ticker
Wednesday, March 28, 2012
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Crain’s has an encouraging report on the drop in demand for parking spaces in Chicago’s downtown residential buildings. At Lakeshore East, which includes Studio Gang’s Aqua tower, only 40% of renters are leasing parking spaces. The developers had forecast a 55% demand. As a result many buildings are dropping the price for spaces. Other factors including buildings with on-site car sharing and secure bicycle storage areas are also likely cutting demand for parking spaces. As a result, some developers are rethinking how much parking to include in new projects, which would mean smaller podiums and more active street life, something any city would want.

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