More unit owners would have to approve deconversion under proposed ordinance
Loop North News

CONDOMINIUM LIFESTYLE

UPDATE: Ordinance O2019-5753 was passed by the Chicago City Council, 50-0, on September 18.

13-Sep-19 – More unit owners in a Chicago condominium that has an offer would have to approve deconversion of their building if a proposed ordinance takes effect.

At least 85 percent would have to approve the sale, up from 75 percent.

Ordinance O2019-5753 is sponsored by 2nd Ward Alderman Brian Hopkins, 48th Ward Alderman Harry Osterman, 42nd Ward Alderman Brendan Reilly, and 43rd Ward Alderman Michele Smith.

Osterman says across the city, there is “an increase in the number of concerns about this issue.”

A condominium’s bylaws could still require that a higher percentage of owners approve a sale.

Introduced on July 24, the ordinance was approved on Wednesday by the Committee on Housing and Real Estate and will go to the full City Council for a vote on September 18.

 Read the ordinance

By Steven Dahlman | Loop North News | sdahlman@loopnorth.com

Published 13-Sep-19 1:28 AM

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