Bridgeport is a low-density Chicago neighborhood, most sites yield between 5 and 15 units. We have to assemble adjacent parcels to develop a multifamily project of 30+ units. Assemblages are composed of properties that have good criteria for development.
How to analyze properties for assemblages?
Assemblages require adjacent sites with high development multiples or the capacity for more than what is presently on them. First need to know what you can build on each site and what is existing and determine if demolition of what is existing is the right thing to do.
For example, suppose the site has an old non-historical building of 3,000 SF of area and allows for 20 units, equating to approximately 20,000 SF. In that case, this is probably an excellent site for new development. If three or four of these are next to each other, you can combine them to create a larger 80-unit project.
Can we leverage the Chicago zoning map to find assemblages?
Deepblocks digitized the Chicago zoning map to help anyone find assemblages. You simply search for sites that allow for more than seven, in the case of Bridgeport, and that also have less than 3,000 SF of existing building area.
All you have to do then is see which of the highlighted properties are next to one another.
Can zoning and demographic trends increase efficiency?
The combination of zoning and demographics increases efficiency in site selection. Once you identify the assemblages, the next step is to determine which demographic criteria better match the desired target market.
We continue to test information overlays to further increase the efficiency of site selection.
More will be revealed,
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Olivia Ramos is the CEO of Deepblocks, an AI-powered software that automates the site selection process for developers and investors.
See how quickly you can find your next development site here (our record is 3 minutes).