A new report CNT released finds that acres of surface parking lots in suburban Cook County located near Metra train stations could be redeveloped to capture millions of dollars in new tax revenue, while also accommodating the growing demand for housing near transit.

The study, entitled Paved Over: Surface Parking Lots or Opportunities for Tax-Generating, Sustainable Development?, looks at parking lots near transit in nine communities in the Chicago region and compares typical costs to support the parking lots as they are today with revenue that could be generated from the redevelopment of some portion of the lots for a mix of uses.

Since 1993, CNT has been working to promote transit-oriented development (TOD) as one tool for sustaining urban communities. In their current state, these parking lots are robbing our region of economic value because there is a higher and better use for the land.

The redevelopment potential of parking lots is especially high when they are near transit because – when developed according to TOD principles – the lots can support densities that generate greater public revenues for the city, state, and county. Demand for housing near transit is growing and these sites can play a key role in a community’s efforts to meet that demand and achieve a more sustainable region.

Paved Over builds off of recent research at CNT that revealed that combined housing and transportation costs determine a location’s affordability.

And check out an article by the Chicago Tribune covering this new report, here.

This entry was posted on Tuesday, November 14th, 2006 at 12:57 pm and is filed under Press Releases, Transit-Oriented Development, Transportation and Community Development. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.