- Community Associations, Legal Updates, Condo Deconversions
- Illinois
Located in the heart of Chicago near Millennium Park, Field Harbor Parking Condominium Association (FHP) was sold on October 5, 2021 in one of the most recent “deconversion” sales in the city. This transaction encompasses 407 individually deeded parking spaces in the Lakeshore East area. KSN handled the closing of this private, indoor, and fully covered garage condominium association during a peak real estate boom and coronavirus pandemic.
The sale of all units, commonly known as a deconversion sale due to the trend to deconvert condominium units into apartments, was approved by a vote of the unit owners under Section 15 of the Illinois Condominium Property Act in early 2021. Approval of this transaction required approval of 85% of the ownership under the City of Chicago’s Municipal Ordinance.
KSN attorney Kelly Elmore: “Field Harbor Parking was a particularly challenging deconversion sale, and unique with the association consisting of only parking spaces. Despite it being an uncommon deconversion, KSN, @properties, the strong Board members, and committed Unit Owners worked together to overcome a number of obstacles in order to get the deal closed. Section 15 sales are very complex real estate transactions. COVID-19 has only added more obstacles. However, we were able to work with the buyer, the broker, and sellers to address the current, unprecedented conditions and complete this sale. Our firm is distinctively set up to handle these complex deconversion negotiations and ensure that Associations can complete the closing.”
KSN’s full-service Condo Deconversion department is dedicated to navigating the entire Section 15 sales process including legal guidance and administrative support.
As of October 2021, KSN attorneys have closed over sixty five condominium deconversions, including:
663 W. Grace Street Condominium Association – a Chicago, IL condominium association located in the Lakeview neighborhood with 80 units, closed in April 2021
Deerfield Gardens Condominium Association – a Lake County, IL condominium association with 36 units, closed in July 2020
1400 Lakeshore Drive Condominium Association – a Chicago IL condominium association located in the Gold Coast with 401 units, closed in November, 2019
River City Condominium Association – a downtown high rise-condominium association with 449 units, closed in December 2018
Flats on LaSalle – a downtown condominium association with 250 units, closed in December 2018
Surfside Condominium Association – a high-rise association located on N. Sheridan with 188 units, closed in December 2018
Century Tower Private Residences Condominium Association– a downtown high-rise condominium association located in The Loop with 296 units, closed in February 2018
625 Wrightwood – a Lincoln Park condominium association with 98 units (residential and parking), closed in January 2017
Clifton Village – a Northside Chicago condominium association with 38 residential units, closed in August 2017
Loyolton – a Northside Chicago condominium association with 42 residential units, closed in December 2017
2625 N. Clark Street – a Northside Chicago condominium association with 272 units (residential and parking), closed in November 2016
If your condominium association has been approached by an interested buyer, your association is in the middle of a potential sale or de-conversion, or you are a buyer interested in converting income property into condominiums, please contact KSN to discuss your legal needs. Please visit www.ksnlaw.com or call 1-855-537-0500.
Since 1983, KSN has been a legal resource for condominium, homeowner, and townhome associations. Additionally, we represent clients in real estate transactions, collections, landlord/tenant issues, and property tax appeals. We represent thousands of clients and community associations throughout the US with offices in several states including Florida, Illinois, Indiana, and Wisconsin.
Please note the material contained in this article is for educational and informational purposes only and does not constitute legal advice. No attorney-client relationship is established by your review or receipt of the information contained in this article. You should not act on the information discussed in this article without first obtaining legal advice from an attorney duly licensed to practice law in your State. While KSN has made every effort to include up-to-date information in this article, the law can change quickly. Accordingly, please understand that information discussed in this article may not yet reflect the most recent legal developments. Material is not guaranteed to be correct, complete, or up to date. KSN reserves the right to revise or update the information and statements of law discussed in the article law at any time, without notice, and disclaims any liability for your use of information or statements of law discussed on the article, or the accessibility of the article generally. This article may be considered advertising in some jurisdictions under applicable law/s and/or ethical rules/regulations. © 2021 Kovitz Shifrin Nesbit, A Professional Corporation.
