5 Reasons Local Edgewater Businesses Stand to Lose With The Broadway Corridor B3-5 Rezoning
The proposed upzoning of Chicago’s Broadway corridor, stretching from Montrose to Devon avenues, aims to encourage development and revitalize the area. However, this initiative will present significant challenges for existing local businesses (see photos). Here are five reasons why current local businesses stand to lose from the upzoning of the Broadway corridor:
Increased Rents and Property Taxes: Upzoning leads to higher property values, resulting in increased rents and property taxes. For small businesses operating on tight margins, these additional costs is burdensome and threatens their viability. As property values rise, landlords pass on the costs to tenants, making it difficult for local businesses to sustain operations.
Displacement Due to Redevelopment: The upzoning plan allows for taller, higher-density developments, which incentivizes developers to acquire and redevelop existing properties. This process leads to the displacement of longstanding local businesses, as new developments cater to larger, more lucrative tenants, leaving small businesses without affordable spaces.
Loss of Neighborhood Character: Local businesses contribute significantly to the unique character and identity of neighborhoods. With the influx of new developments and potential displacement of existing businesses, the distinctive cultural and social fabric of the Broadway corridor will be compromised, affecting community cohesion and the overall appeal of the area.
Increased Competition: New developments attract national chains and franchises, introducing competition that local businesses will struggle to match. These larger entities have more resources and typically offer lower prices, drawing customers away from small, independent businesses and potentially leading to their closure.
Parking and Accessibility Challenges: The upzoning plan includes designating much of Broadway as a pedestrian street, prohibiting new curb cuts for driveways, and discouraging car-centric businesses. While this approach aims to promote walkability, it will reduce parking availability for customers who rely on vehicles, making it more challenging for them to access local businesses. This reduction in accessibility could lead to decreased patronage and revenue for existing businesses.
While the upzoning of the Broadway corridor seeks to stimulate growth and modernization, it poses several risks to current local businesses, including increased operational costs, displacement, loss of neighborhood character, heightened competition, and accessibility issues. Addressing these concerns through thoughtful planning and community engagement is essential to ensure that local businesses can continue to thrive amidst the proposed changes.