Although Lake Point Tower will remain as-is and won’t be redeveloped into apartments, discussions about condo deconversions have only heated up in recent weeks.
Last month, 42nd Ware Ald. Brendan Reilly and 48th Ward Ald. Harry Osterman introduced a new ordinance, which was approved by the City Council’s Committee on Housing and Real Estate, that will make condo deconversions significantly harder for developers, which most agree is a good thing for residents and increases protection.
Prior to the ordinance, a minimum of 75% of condominium owners in a building had to approve a bulk sale under Illinois State Law.
But now, the new ordinance raises that threshold to 85%, which most say will slow the trend of condo buildings being converted into rentals.