Chicago Cheat Sheet: Condo deconversions could get harder under aldermen’s proposal

Also, Naperville lacking in affordable housing among Illinois biggest cities, state agency says

TRD CHICAGO /
Jul.July 26, 2019 05:00 PM
Alderman Brendan Reilly (42nd), Alderman Harry Osterman (48th), and a rendering of The River City Apartments, a former condo deconversion

Alderman Brendan Reilly (42nd), Alderman Harry Osterman (48th), and a rendering of The River City Apartments, a former condo deconversion

Aldermen want to make condo deconversions even harder
Investors buying Chicago condo buildings with the intention of turning them back into rentals would have to persuade even more unit owners to sell under a new proposal. A group of aldermen want to increase the amount of ownership needed to approve a bulk sale from the state mandate of 75 percent to 85 percent in the city, according to the plan. Aldermen Brendan Reilly (42nd) and Harry Osterman (48th) are pushing for the change, which won’t be considered by their colleagues on the City Council until at least September. [Crain’s]

State says Naperville needs to boost affordable housing
West suburban Naperville is the only Illinois community of 50,000 or more lacking affordable housing, according to the Illinois Housing Development Authority. The agency found just 7.5 percent of Naperville homes are affordable, meaning housing costs make up no more than 30 percent of the area median household income. In 2013, only 6.3 percent of Naperville housing was affordable, according to the agency. [Naperville Sun]

Sigcho-Lopez playing hard ball with Archdiocese over church property
Alderman Byron Sigcho-Lopez (25th) is moving ahead with his plan to take greater control over redevelopment of the now-closed St. Adalbert Church in Pilsen. Sigcho-Lopez this week introduced a plan to change the zoning of the property at 1650 West 17th Street to allow only parks and open space. The move would force the Archdiocese of Chicago to win the alderman’s approval for any future development of the site. “The Archdiocese’s business decision to close the church with the intent to sell it to the highest bidder without regard for impact to the community goes against everything the Archdiocese should stand for,” Sigcho Lopez said in a statement. [Block Club]

Elk Grove’s development vision for village gateway coming into focus
Contractors tore down a shuttered motel at the eastern gateway to Elk Grove Village as part of officials’ efforts to clear properties in the area to make way for redevelopment. Crews demolished the Elk Grove Hotel at 1600 Oakton Street, which the village bought for $5.6 million in August. Next week, the village plans to close on a $5.3 million deal for the closed Motel 6 across the road at 1601 Oakton Street. The village eventually hopes to sell the land to private developers to bring in higher-end hotels, restaurants and public spaces. [Daily Herald]

Developer converts shuttered school into apartments
Svigos Asset Management is opening apartments in the former John Lothrop Motley School in West Town. The Buffalo Grove-based firm bought the school, by then known as Near North Elementary, at 739 North Ada Street in 2015 for $5.1 million and converted it into the Motley School Apartments. The building’s 34 units incorporate many features of the old school, including chalkboards and gym floors. Rents start at $2,300 for one-bedrooms and range from $3,200 to $4,200 for two-bedrooms. [Block Club]


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