Possible Ontario Place Condo De-conversion Could Be Biggest We've Ever Seen

Posted by Leo Clark. on Wednesday, August 25th, 2021 at 8:32am.

Ontario Place Condo DeconversionA plan to turn a 51-story River North condo tower into apartments is back up for a vote. Condo owners at Ontario Place recently had the opportunity to let their voices be heard in terms of a nearly $190 million “deconversion” plan.

The plan’s come up for a vote before and been defeated. Last August, owners at Ontario Place rejected a $188 million proposal that would have resulted in turning the condo building into apartments. 

At the time, some of the owners alleged the condo board was trying to improperly push through the building’s sale. The previous vote failed with less than 74-percent approval from owners.

In order to proceed, a city ordinance requires approval from 85-percent of condo owners. More than 22-percent of owners voted against the deal last year. Some condo owners did not cast a vote.

The latest deal includes $1.5 million that compensates condo owners for what they would have spent on renovations. The new plan also makes leasebacks optional. Originally, the developer wanted condo owners to rent back their units for a year. 

The developer behind the proposal, Strategic Properties of North America, is based out of New Jersey. The firm is the leader in Chicago deconversions. Over the past several years, it has completed deconversion deals in the Gold Coast, Lakeview and Lincoln Park.  

Usually, condo owners end up getting more from a bulk sale than they would if they sold their units individually. Still, some argue the price isn’t enough, especially considering how much the downtown apartment market’s rebounded over the past year.

Photo: Google Maps

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