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Chicago

Condo deconversion moves forward on Gold Coast

Peak Properties plans to turn 68 units into apartments on North LaSalle

Peak Properties' Mike Zucker with 1211 North LaSalle Street
Peak Properties' Mike Zucker with 1211 North LaSalle Street (Loopnet, LinkedIn)

An almost century-old Gold Coast hotel that was converted into condos in 2006 will soon be converted into apartments.

Peak Properties is overseeing a condo deconversion at 1211 North LaSalle Street, the Chicago Business Journal reported. The 19-story brick building will be converted into a complex with 68 residential units.

“The building has a lot of history behind it. Known as ‘The Mural Building,’ it was originally built as a hotel [in 1929], then it was used as apartments and then it was converted to condos,” Mike Zucker, managing partner of Peak Properties told the outlet.

The building, which will be remodeled, will have a mix of 800-square-foot one-bedroom units and 1,200-square-foot two-bedroom units.

The ground floor of the building, which previously housed retail, will be converted into “standard amenities” and include coworking space, a fitness room and coffee lounge.

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Peak Properties initially planned to convert the building into 16 floors of four condos each where a buyer could live in one of the units and rent out or sublease the other three. That idea “didn’t go according to plan,” Zucker told the outlet, so Peak Properties had to alter the development plan.

Zucker said that since the building consists mainly of renters, it wasn’t too hard for Peak Properties to get the minimum 85 percent of the owners in the building to agree to the deconversion.

“Since that law was passed there have been fewer condo conversions. Because this building had mainly renters and there were no owners living in it, it was a pretty easy vote,” Zucker told the outlet. “I think on the first go around we got like 90 percent.”

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— Victoria Pruitt

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Condo DeconversionsGold Coast