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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 Business reported.
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.
Photo courtesy of @properties.
- ◦Sale/Acquisition
