The iconic Lake Point Tower condo building could be returning to rentals. About 30 years ago the tower changed from rentals to condos, and it appears the property may change back, and make history once again.
First constructed as rental apartments in the late 1960s, the property converted to condos in the late 1980s. At that time, it was the city’s largest conversion project. If the condos revert to apartments, it would again break records, this time marking the largest condo-to-apartment conversion project in Chicago history.
According to reports, some condo owners recently received letters inquiring about buying up units in the building and changing them to rentals. Current state law requires at least 75-percent of ownership to be in agreement in order for that to happen.
Lake Point Tower is home to more than 850 condos and truly lives up to its name with some unobstructed water views. The tower is the city’s only high-rise east of Lake Shore Drive.