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 … Chicago’s recently passed Condominium Deconversion Ordinance, designed to decrease the number of condominiums that investors purchase, took effect Oct. 16. 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. New Ordinance Aims to Slow Condo Deconversion Trend in Chicago Posted by Helaine Cohen on Saturday, September 21st, 2019 at 9:26am. Early in summer 2019, City of Chicago Alderman Brendan Reilly (42nd Ward) introduced a proposal to add a new section to Chapter 13-72 of Chicago’s Municipal Code to increase the percentage of unit owners required to sell and “deconvert” an entire condominium property in Chicago to 85% of the total unit ownership. In the state of Illinois, the sale of a condominium association must be approved by at least 75% of owners. Deconversion Ordinance Passes. 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. To use the dashboard, navigate to our public dashboard portal. 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. The City of Chicago's Affordable Requirements Ordinance Dashboard is now available for public use, as of November 6th, 2019. 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 ordinance increases the number of “yes” votes needed from condo unit owners to sell the building to …
With the apartment market in Chicago showing no signs of slowing down, investors are getting more creative in their search for yield. Although Lake Point Tower will remain as-is and won’t be redeveloped into apartments, discussions about condo deconversions have only heated up …
In September, the City of Chicago passed its own ordinance increasing the deconversion approval threshold to 85% of unit owners. Chicago Passes New Legislation Effective Immediately. The buyer, Becovic Management Group LLC of Chicago, plans to convert the condo … 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 City Council meets on the third Wednesday of each month. In response to complaints from condominium owners who were forced to To use the dashboard, navigate to our public dashboard portal. Illinois law requires owners representing a 75% voting interest to vote in favor of selling their condominium community to a developer or investor. KSN attorney Kelly C. Elmore , working with Associate Omar Malik as well as KSN’s sophisticated deconversion condo closing team, closed all 296 residential units of the 88-year-old building. • 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.
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