Parking Increasingly Passé in Downtown Chicago Towers

Midwest Ticker

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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