Strategic Properties of North America, a New Jersey-based investor company, has officially lost its attempt to complete a takeover of Ontario Place, a 51-story high-rise at 10 E. Ontario Street in Chicago’s River North neighborhood, Crain’s Chicago Business reported.

The $190 million deal would have been one of the largest condos-to-apartments transactions—known as “condo deconversion”—in Chicago and possibly the entire nation. The ill-fated deal was delayed several times due to financing issues, with the building’s condo board offering a final extension on closing to July 31 under the condition that Strategic Properties put up more money. However, Strategic refused, and an email sent to condo owners on June 6 declared the sale terminated.

The deal could have marked a high point for Strategic Properties, the most prolific condo deconverter in the city. It’s unclear if Strategic Properties or another investor would approach the board with a new offer for the building.

Photo courtesy of @properties.

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.