Illinois: Suburbs' Downtown Plans Move Toward Transit-Oriented Housing

IL: Suburbs' Downtown Plans Move Toward Transit-Oriented Housing

MIKE NOLAN ON AUG 3, 2015
SOURCE: THE DAILY SOUTHTOWN, TINLEY PARK, ILL.


Aug. 01--With "walkability" a keyword in municipal planning and real estate, Southland communities are increasingly taking the term to heart as they look to enhance their downtown areas.

And so-called "transit-oriented development" continues to play a key role in those plans, with several projects completed, under way or envisioned that puts a suburb's Metra station at the epicenter of redevelopment efforts.

All of the projects include multi-family rental housing, something that would have been shunned not too many years ago by some more affluent suburbs, but which is being embraced as the demand for apartments continues to increase while home ownership rates fall.

The National Association of Realtors recently reported that how walkable a community is has grown in importance for homebuyers of all ages, but particularly those under 30 in the "millennial generation," who are also a target audience for higher-end apartments in suburbs such as New Lenox, Orland Park and Tinley Park.

The projects are also meant to appeal to empty nesters who want to downsize as well as people who work in Chicago and want to be able to walk to and from the train station. ..............(more)

http://www.masstransitmag.com/news/14063314/suburbs-downtown-plans-move-toward-transit-oriented-housing