Residential Conversions Initiative
ULI Chicago’s Residential Conversions Initiative provides a framework to help communities navigate the opportunities and challenges associated with converting underutilized commercial spaces into residential units. The initiative lies at the intersection of two key challenges that communities across the Chicago region and the country are facing:
- Tackling rising commercial vacancy and
- Expanding housing options, especially at price points that are affordable for middle and lower-income households.
ULI Chicago’s public policy committee worked over the course of a year, engaging a range of stakeholders including property owners, business district leaders and municipal planners, analyzing land-use patterns, and reviewing local plans to develop its findings and recommendations. While clearly not a “cure-all” for solving commercial vacancies or the affordable housing crisis, strategically executed residential conversions can help restore vibrancy to urban as well as suburban corridors and neighborhoods.
View the recommendations presentation here.
View the Q&A session here for a deeper dive.
Click here to download the Retail Conversions Initiative slide deck.