To use the dashboard, navigate to our public dashboard portal. On Wednesday, September 18, 2019, Chicago’s City Council passed an ordinance that increases the vote required to approve the sale of a condominium building from 75% to 85% ownership interests.
Illinois law requires owners representing a 75% voting interest to vote in favor of selling their condominium community to a developer or investor. Although Lake Point Tower will remain as-is and won’t be redeveloped into apartments, discussions about condo deconversions have only heated up … New condominium ‘deconversion’ ordinance gives owners more power (Above) A living room at River City from the website marketing recently deconverted condo units as rental apartments. A Chicago Police officer was found dead Tuesday night in Albany Park. The buyer, Becovic Management Group LLC of Chicago, plans to convert the condo … Photo by Dustin Halleck.
In the state of Illinois, the sale of a condominium association must be approved by at least 75% of owners. COMPLYING WITH THE CHICAGO CONDOMINIUM ORDINANCE ON INSPECTION OF FINANCIAL BOOKS AND RECORDS by Michael C. Kim Michael C. Kim & Associates In light of the recent Illinois Supreme Court Decision in Palm v. 2800 Lakeshore Drive Condominium Association, there has been renewed attention focused on the Chicago Condominium Ordinance and, in particular, the Ordinance’s provision … For some, that has meant taking big bets on large-scale developments, while for others it’s a “flock to the suburbs” and tertiary markets.
Now there is a phenomenon that has downtown Chicago owners clamoring for a new property type: condo … By Don DeBat. Deconversion Ordinance Passes.
Illinois law requires owners representing a 75% voting interest to vote in favor of selling their condominium community to a developer or investor. If you have any questions about the dashboard, please feel free to get in touch with Paul Williams by email Paul.Williams@cityofchicago.org. New Ordinance Aims to Slow Condo Deconversion Trend in Chicago Posted by Helaine Cohen on Saturday, September 21st, 2019 at 9:26am.
A condominium deconversion is a bulk sale and process by which all units in a condominium building are sold in one transaction to a real estate investor who will then turn the property into apartments. The condo deconversion vultures circling Chicago may have to adjust their sites under a new ordinance passed last week by the Chicago City Council. The vote on the sale of 21 E. Chestnut came just a few days before Chicago’s new deconversion ordinance kicked in.
• Bulk condo deconversion: A proposal to increase the size of the majority needed to win a vote to sell all of a condo building's units in bulk passed the full City Council.
To use the dashboard, navigate to our public dashboard portal. This is the largest condominium deconversion in downtown Chicago as of February 2018. How exactly does this deconversion ordinance help condo owners? On September 18, 2019, the Chicago City Council unanimously passed a new ordinance that increases the percentage of owners required to approve the sale of a condominium building in the City. Chicago Condominium Ordinance and Deconversion Section 15 of the ICPA governs the sale of a condominium building in its entirety and requires approval of not less than 75% of ownership before a property can be sold. As CBS 2’s Jermont Terry reported, Chicago Police confirmed two people, including an off-duty officer, were found unresponsive in a condo in the neighborhood shortly before 8 p.m. Read full story
The ordinance increases the number of “yes” votes needed from condo unit owners to sell the building to …
The City Council meets on the third Wednesday of each month. Although Lake Point Tower will remain as-is and won’t be redeveloped into apartments, discussions about condo deconversions have only heated up … New Ordinance Aims to Slow Condo Deconversion Trend in Chicago Posted by Helaine Cohen on Saturday, September 21st, 2019 at 9:26am. ... a massive amount of vintage buildings in Chicago were converted to condominiums as the margin to be gained was huge. Chicago Passes New Legislation Effective Immediately. Chicago is reporting resident deals like the $112 million-dollar 1400 N. Lake Shore Drive property and the $60 million-dollar condominium to apartment deconversion of Century Tower in the Loop,” said Alexander Argianas, Vice President of Argianas & Associates.