Not allowed or just not common?
Looks like not allowed.
Chicago code:
Bookmark18-27-230.70 General.
Means shall be provided to disconnect all conductors in a building or other structure from the service-entrance conductors.
(a) Location. The service disconnecting means shall be installed at a readily accessible location in the basement or first floor area of a building or structure, within the main wall, at a point not exceeding 5 ft (1.92 m) from the point of entry. When the distance of the service raceway needs to exceed 5 ft (1.92 m) from the point of entry into the building, the service raceway shall conform to the requirements of Section 18-27-230.6.
Exception: For the purposes of this section, readily accessible locations include dedicated electrical rooms, meeting the following conditions:
(1) Access to room either from inside or outside the building shall be provided for all occupants;
(2) Rooms shall have a secure, locking-type door(s) that prohibits access to persons other than tenants and/or occupants of the building.
(3) Rooms shall be of the same construction as the building;
(4) Rooms shall be for the exclusive use of the electrical service metering and distribution equipment;
(5) A panelboard with main and branch circuit protection shall be provided within the interior of each unit or space being served;
(6) A wall switch controlled lighting outlet shall be provided for illumination in all such electrical rooms.
Service disconnecting means shall not be installed in bathrooms.
In high rise buildings or similar buildings, the disconnecting means for the multiple services recognized by Section 18-27-230.2(b)(2) shall be located in a dedicated fire-rated room as near as practical to the serving utility vault. The rooms for the ?Main? service disconnecting means which serve the building common element loads shall have a three-hour fire rating. The electrical service rooms for tenant loads shall have a 2-hour minimum fire rating. These rooms shall be for the exclusive use of electrical equipment. Separate service disconnecting means shall be required for each tenant floor. These disconnects shall be permitted to be located on a floor other than the floor served. Where more than one service is permitted to serve one floor, the various disconnecting means and their locations shall be prominently identified as required by Section 18-27-230.2(e). All such rooms shall comply with Section 18-27-110.26.
(b) Marking. Each service disconnect shall be permanently marked to identify it as a service disconnect.
(c) Suitable for Use. Each service disconnecting means shall be suitable for the prevailing conditions. Service equipment installed in hazardous (classified) locations shall comply with the requirements of Articles 500 through 517.