Condo Buyout Makes A Mess Of Board Elections In Chicago

An ongoing condo buyout deal has reduced a board election to name-calling and other petty tactics. Residents are divided on the issue and wish the board would take a stand.

Condo Buyout Turns Elections Upside Down

The Chicago condo board election for the potential $96 million sale of a 310-unit building at 200 North Dearborn Street has become a contentious affair similar to political campaigns. Delayed for over a year, the sale has left residents in limbo. It has even sparked internal conflicts among five owners vying for two seats on the condo association’s board.

Amid the uncertainty, the board has resorted to legal action against holdout unit owners who haven’t signed closing documents despite a previously approved vote. This situation stems from the aftermath of Strategic Properties of North America’s troubled attempts to acquire individually owned condos for large-scale apartment conversions.

The whole situation mirrors a recent case where the condo board of Ontario Place backed out of a $190 million bulk buyout with Strategic, leading to frustrations among condo owners.

Upcoming Elections Could Change Everything

Despite a supermajority approving the sale in July 2022, the deal has experienced delays. This has caused frustration among residents. Some are now expressing dissatisfaction with the potential buyer and the law firm representing the board and fellow condo owners.

Amid the chaos, condo owner Alonya Udartseva has expressed her dissatisfaction. She urges the board to either finalize or abandon the sale to end the ongoing limbo. The upcoming board election could change everything, as new members could alter the course of the deal.

The pressure on the condo board has escalated due to the complex and divisive nature of the sale. Attorney David Bloomberg, advocating for legislative transparency, believes boards have excessive control.

Residents Fighting Among Themselves

Seventeen months of uncertainty have eroded trust among unit owners, leading to infighting and insults. Some owners who initially supported the sale now face backlash. Candidate Jon Taylor was once in favor of the sale. Now, he seeks to impose buyer deadlines or withdraw from the deal.

The lack of communication between buyers and the board has fueled distrust among condo owners. This has contributed to speculation, conspiracy theories, and frustration. As the election approaches, the outcome may impact the board’s direction. This could mean a second failed conversion for Strategic Properties in less than a year.