Lake Point Condo Tower Rejects Deconversion Move
The Lake Point Tower Condominium Association Board in a unanimous vote, as well as a supermajority of unit owners, recently adopted two amendments to prevent the building from being changed back into apartments.
CHICAGO—The residents of the iconic 70-story Lake Point Tower property on Lake Shore Drive here have overwhelmingly rejected a deconversion proposal to rental apartments and will remain owner-occupied.
The Lake Point Tower Condominium Association Board in a unanimous vote, as well as a supermajority of unit owners, recently adopted two amendments to prevent the building from being changed back into apartments.
The first measure, adopted on August 22, caps the number of units that may be leased at any time at 25%. On Sept. 26, a second amendment relating to condominium ownership was adopted that prohibits any unit owner from owning or controlling any interest in more than 2% of the association.
“The LPTCA Board is vehemently opposed to engaging in a sale of the building to a large investor or any hostile takeover efforts of the association. Votes in favor of the amendments show property owners overwhelmingly support the action,” says JoAnn O’Brien president of Lake Point Tower Condominium Association.
The LPTCA Board states that it took those actions to reassure owners their properties would be protected after owners received multiple solicitations from outside investors.
“By taking these steps, the unit owners of Lake Point Tower are sending a strong message to the public, and developers, that they will not be bullied into a deconversion or allow a real estate investor and its affiliates to own and/or control of large block of units, which would not only adversely affect unit values, but change the atmosphere of the building and potentially change the quality of life for those unit owners on a fixed income,” says Howard Dakoff of Levenfeld Pearlstein, LLC, the attorney for LPTCA.
Lake Point Tower was built as the tallest apartment building in the world in 1969. Converted to 875 condominiums in 1988, the building also is host to 20 businesses.
Jim Kinney, VP of luxury home sales at Baird & Warner in Chicago, says there has been robust growth in sales at the property over the last year. “Lake Point Tower is an attractive asset and a crown jewel on Lake Michigan which continues to stand as a very sought after building in the marketplace,” he says.