Tag: retail

Redevelopment potential of the Walgreens stores in Chicago

March 7, 2025 / / 0 Comments

There are 110 Walgreens in Chicago that are mapped in OpenStreetMap. If a bunch of Walgreens stores are going to close after the company’s acquisition by a private equity firm called Sycamore Partners, what would the redevelopment potential be?

Two one-story Walgreens stores with large parking lots in Chicago.

For this analysis I located all 110 Walgreens using a filter in Chicago Cityscape, enabled the real estate data platform’s housing calculator to estimate the number of dwelling units allowed at each location. Then, manually, I removed the stores that were inside larger buildings leaving behind the strip mall-style locations – and a couple of standalone locations without parking lots (like this one in Lincoln Park).

Topline number: the Chicago zoning map is currently set so that if all of the one-story Walgreens stores were converted to housing approximately 3,642 homes could be built.

According to Will Loux, who advises on investing in “triple net” (NNN) leased properties, “Redeveloping these properties in the near term could be challenging due to the nature of the leases Walgreens signs. The leases tend to be long term NNN leases meaning the landlord collects rent while Walgreens is responsible for the majority of the costs associated with property ownership (taxes, insurance, and maintenance), giving the landlord little incentive to negotiate an early termination of the lease even if there are higher and better uses.”

Walgreens stores in Chicago are generally all the same size, with roughly the same size parking lots. But the zoning districts that have been applied to these properties range widely, with some stores allowing over 200 homes and others allowing 9 or 10 homes. Not every property can be expected to be redeveloped in a given year so higher zoning capacities for new housing should be well-distributed across a neighborhood and across a city.

Notes

It’s not a perfect analysis; some Walgreens parking lots are shared with other businesses (like the one at 7510 N Western Ave, where the entire strip mall is zoned to allow 267 homes), and I don’t know how much of that area should be “assigned” to the Walgreens store’s zoning capacity. While some, like 7510 N Western Ave and 3000 S Halsted St, might overestimate the number of homes allowed, there are also some that have an underestimate of homes allowed.

Another example is 1500 W Wilson Ave, where there is a Walgreens store and a Staples store which are owned by the same entity and share a parking lot. Excluding the shared parking lot the Walgreens could be converted to 16 homes and including the shared parking lot the Walgreens could be converted to 41 homes.

Galaxy brain take: including the shared parking lot and the Staples store, the Walgreens could be converted to 89 homes. For the purpose of my analysis I used the 16 homes number.

Probably the single best redevelopment opportunity is the Walgreens next to the Sheridan Red Line station, which is currently zoned to allow 97 homes. A future redevelopment could even include a rebuilt pharmacy and convenience store.

At least two two-story Walgreens store were included:

New bike shopping

November 22, 2010 / / 0 Comments

I know it’s winter time, and it took 2 hours, but it was worth it.

The showroom at Working Bikes Cooperative expanded after their move to 2434 S Western Avenue, giving my sister a lot of choices to peruse. She needed a new bicycle. Her current one had poorly working brakes, wheels in bad condition, and lacked features every urban bike should have: a way to protect the rider from puddles, snow and wet pavement; a way to carry stuff; an appropriate number of gears; a way to protect the rider’s pants from grease and getting them caught in the gear.

Over 50 bikes for sale right now, along with countless parts like seatposts, brakes, handlebars, fenders, and chain guards.

Working Bikes had road bikes, hybrid bikes, mountain bikes, and vintage cruiser bikes from Huffy, Schwinn, Miyata, Nishiki, Trek, and Schwinn. It’s no wonder Schwinn dominates – their bikes were made in Chicago for decades after the company started here. Bikes are still made under that name, and even though the quality may not be the same, the brand still has power and relevancy.

After walking around the showroom several times where I pointed out my preferred bikes for her (3-speed cruisers) and asking her questions, she selected, on her own, a Schwinn 3-speed cruiser that had been spray painted black. I supported the choice as it also had fenders (this helps keep the bike and the rider free of snow) and a chain guard (yay).

She talked to a staff member about test riding the bike and went off down 24th Place. She said of the ride, “I felt like I was cheating on Big Blue but it felt soo right.”

She bought a black Schwinn – not pictured. The day’s rain didn’t stop us.

I test rode the bike to ensure it was in working order. After more than twenty years, the internal gear hub still works – but I completely expected this.

I found a used Wald quick release basket and after showing my sister how easily it attached and detached, she was sold. The manager priced it on the spot at $10. When new it costs about $19. I pointed out the oddly short rear fender so my sister picked out a long blue one from a parts bin that the manager priced at $5. The blue was for flare. And finally, we found a slightly longer seatpost for $1. After tax, my sister’s new urban-appropriate bicycle came out to $119.

Our journey took two hours because it first took us longer than 30 minutes to get there as we yubered there on my Mundo. After she test rode the black one, I wanted her to test ride another Schwinn that came with an already long rear fender and had different gear ratios. I don’t remember how long it took us to get home, but we enjoyed some pan fried veggies and pasta when we arrived.

Related: Working Bikes Cooperative, which uses profits to send rebuilt bicycles to poorer countries, blended with West Town Bikes, a learning bike shop, gives you B.I.C.A.S. in Tucson, Arizona.