Condo complex sold for $17 million

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An Evanston condominium complex has been sold to a developer, North Park Ventures, that’s converting the property to rental apartments.

The sale was approved by just over the 75% of condo owners required by the city’s condo deconversion ordinance back in January, but only closed recently.

Opponents of the sale among the condo unit owners had sought to persuade aldermen to impose a moratorium on condo deconversions.

Alderman Ann Rainey’s proposal for for a six-month moratorium was rejected by the City Council at its Jan. 13 meeting after owners of units in other condo buildings said a deconversion might be the only way for them to not lose money on the sale of their units.

The sale was reported Tuesday by Chicago Business, which suggested that condo deconversions in the suburbs are becoming more attractive to developers after Chicago last year passed an ordinance raising the support needed for a deconversion from 75% to 85% of unit owners.

Robert Sekula of North Park Ventures told the paper he believes that in the coronavirus era Evanston will experience an influx of residents looking for more space in less dense neighborhoods.

 

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