Years later, how to make a 62-acre commercial site near Chicago's Midway Airport more functional than it has been for years is still an ongoing discussion. Some want more of the scattered and still operating retail stores. Others want to convert to industrial use, with an active proposal being voted on next month. Still others want open and green space for residents and visitors to enjoy.
Chances are most real estate professionals and investors will not pay any attention to this story, especially those with no interest in what goes on in the Chicago area. As my clients and students know, situations like this are worth monitoring from a distance. Participants in the real estate world can always learn from how situations are handled from all sides.
We have a major developer preparing the paperwork and designs needed in an attempt to implement a zoning change leading to an industrial complex. There are politicians and local representatives that will need to be impressed with that proposal and vote in its favor. Meanwhile, there is opposition to change. Being able to learn what elements of proposals with millions of dollars and plenty of jobs and opportunities to go along with it could help future proposals and projects to happen. Whether the proposal for an industrial property build passes or not, there is plenty to learn about what did and did not work in its favor.
Although this is a large-scale situation, plenty of multi-million dollar opportunities are proposed and voted upon around the country which can be a difference maker for real estate developers and investors. The more research and information you have to support your cause, the better the chances of making a life-changing opportunity happen. However, it won't happen without the right research.
https://patch.com/illinois/southside/developer-wants-demolish-ford-city-mall-proposes-massive-redevelopment-industrial
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