Older, smaller buildings in mixed-vintage neighborhoods are outperforming newer, larger buildings in Chicago – they are launching 2X the number of jobs in new businesses, attracting innovative entrepreneurs at higher rates, and are also consuming 12% less energy. The ULI Chicago and National Trust’s recently released summary report “Building on Chicago’s Strengths: The Partnership for Building Reuse” documents how older buildings contribute to the City’s vitality and launches an Action Agenda to leverage them as a driver for neighborhood-based economic development.
For developers who are looking to deliver unique spaces as part of a smart development strategy, reusing older buildings with “good bones” makes sense.
Video Clip: Building Reuse = Building Smarter
The summary report’s Action Agenda identifies measures such as code modifications to allow more flexibility for reuse projects, streamlining review processes, and advocating for increased flexibility and expansion of Federal Tax Credits to make it easier for developers to tap into potential building reuse opportunities.
To get involved with the Building Reuse Initiative, please contact Swasti Shah, Director of Community Engagement, ULI Chicago at email@example.com or 773.549.4972.