In the 1970s and 1980s, condo conversions were all the rage in Chicago. In 2017, however, developers are scooping up multi-family buildings en masse and "deconverting" condo units into apartments.
"The condominium deconversion trend is gaining momentum in Chicago, where three more big high-rises are flirting with plans to go rental," reports Alby Gallun.
According to Gallun, the deconversions are reversing the condo conversion trend that transformed the city in the 1970s and 1980s. Times have changed, however:
Today, amid a hot apartment market, developers are willing to take on the often messy task of re-assembling condo buildings, wagering they'll be worth more as apartments. In the most recent big deal, Strategic Properties of North America completed a $51.5 million acquisition of Bel Harbour, a 30-story, 207-unit high-rise overlooking Belmont Harbor in Lakeview.
The article also devotes attention to the process developers use to deconvert condos. An Illinois state law allows developers to "take over all the condos in a building in one deal only if owners of 75 percent of the units in a property approve the sale." Developers often pay a premium to buy that support, offering a financial incentive for condo owners to approve the sale.
Meanwhile, a few fairly large condo deconversions are in the works. Developer Golub has offered $60 million to buy and deconvert Century Tower, a 28-story building in the Loop.
Read the full story: These big condo towers could be rentals once again
Portland Affordable Condo Project Offers a Path to Homeownership, but is it a Long-term Solution?
The project's affordability currently rests on temporary subsidies and market goodwill. For tenants who can’t buy—and future buyers looking for affordability—the risks are significant.
Gainesville in Final Discussions on Mandatory Inclusionary Zoning Ordinance
A see-saw battle over land use and housing policy continues in the city of Gainesville.
Report Links Housing Growth and Climate Resilience
Data from three U.S. metro areas show a failure to address land use and sprawl as a key factor driving climate change.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Amtrak, CN end decades-long dispute with eight-year agreement
The new operating agreement establishes an updated framework for the companies to work together, including processes to resolve disputes.
Judges permit Denver to divert 77,000 acre feet from the Colorado River for reservoir expansion
Overuse and climate change have caused the Colorado River’s water levels to plummet.
NYC DOT wants faster, more permanent street upgrades
The city is examining ways to build more concrete infrastructure without getting entangled in 'decades-long' projects.
'Something we’ve never seen before:' rising utility rates could strain city finances nationwide
Data centers, climate change and other factors have caused utility rates in the United States to increase by 38% since 2020.
Trump to overrule local leaders, lease millions of acres of America’s Pacific Island territories’ seafloors to mining companies
International law says that the Indigenous people of America’s territories have a right to prior and informed consent regarding projects that impact their countries.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
Harvard University Graduate School of Design
KFH Group Inc.
Greater Baltimore Committee
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello