Record-Setting River North Condo Deconversion Deal Nears the Finish Line
A developer’s record-setting deal to take over a 51-story condominium tower in River North has cleared a major hurdle, securing the approval of the building’s owners after a divisive debate over the proposed sale, Crain’s Chicago Businessreported.
Strategic Properties of North America plans to convert Ontario Place, a 467-unit high-rise at 10 E. Ontario St., back into apartments, a popular investment strategy amid a strong rental market. At $190 million, it would rank as the biggest condos-to-apartments deal ever in Chicago, and possibly the entire country, according to Crain’s.
In a vote completed Sept. 10, Ontario Place condo owners approved the sale to New Jersey-based Strategic, which has emerged as the city’s undisputed leader of condo “deconversions.” However, the deal continues to face opposition from a small but vocal minority of owners who argue the sale process has been rigged against them.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).