Thousands of city-owned vacant properties throughout Chicago’s south and west sides have been marketed for just $1 each, and the city is now looking to sell nearly 1,000 vacant lots through its Large Lots Program. Last week, Mayor Rahm Emanuel introduced an ordinance in the Chicago City Council which authorizes the sale of 952 more properties via the $1 Large Lots program. The ordinance is slated to be reviewed later this month by the Chicago Plan Commission, Chicago Cityscape highlights.
According to a press release from the mayor’s office, the city has sold 580 of the vacant properties through the $1 program as of last week. The mayor’s office adds that many of the sold properties will likely be transformed into community gardens, side yards, and other general landscaped outdoor space.
While the opportunity to purchase a property for just $1 may sound enticing to developers and builders, there are a number of prerequisites to participate. To purchase one of the available lots, buyers must already own property on the same block, be current on their property taxes, and be in good financial standing with the city.
Chicago Cityscape has mapped the properties that are going to be purchased for $1 once the latest ordinance has been adopted.
Update: This post has been updated to clarify that the ordinance introduced to the Chicago Plan Commission is to authorize the sale of 952 properties through the $1 Large Lots program.
- 952 Vacant Lots Proposed for $1 Sales Through Mayor Emanuel's Large Lots Program [City of Chicago]
- Map: Chicago is selling 951 more Large Lots for $1 to adjacent neighbors [Chicago Cityscape]
- Hundreds of $1 city-owned lots still up for grabs [Curbed Chicago]