PROPERTY PROFILE
by Christopher Comes
CHICAGO’S ICONIC LAKE POINT TOWER TO PERMANENTLY REMAIN OWNER OCCUPIED
Lake Point Tower Residents and Board Overwhelmingly Oppose Deconversion Chicago’s historic Lake Point Tower, the only building situated east of Lake Shore Drive and surrounded by Lake Michigan, will remain permanently owner occupied and will not be de-converted to apartments.
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nanimously, the Lake Point Tower Condominium Association (LPTCA) Board, 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, 2019, caps the number of units that may be leased at any time at 25 percent. On September 26, 2019, a second amendment relating to condominium ownership was
adopted that prohibits any Unit owner from owning or controlling any interest in more than two percent (2%) of the Association. The LPTCA Board took these strong actions to reassure owners their properties would be protected after owners received multiple solicitations from outside investors. “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,” said JoAnn O’Brien president of Lake Point Tower Condominium Association. “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 a 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,”
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