Tall & Urban News

A 51-story condominium building in Chicago is being sold and turned into apartments. 

Strategic Properties of North America plans to convert Ontario Place, a 467-unit high-rise at 10 E. Ontario St., back into apartments. At US$190 million, the sale would rank as the biggest condos-to-apartments deal ever in Chicago, according to Crain’s Chicago Business. 

The deal continues to face opposition from a small but vocal minority of owners who argue the sale process has been rigged against them. The opposition scored a victory in August 2020, when Ontario Place owners voted to reject an earlier US$188 million offer from Strategic. Under a Chicago ordinance approved in 2019, owners of at least 85 percent of a condo building must vote to approve a sale of the entire property.

In the most recent vote, 89.8 percent of the building’s ownership approved the revised offer. A “yes” vote from one key owner helped swing the balloting: Chicago-based M&J Wilkow, the owner of the building’s parking garage, representing about 4 percent of Ontario Place’s ownership.

For more on this story, go to Crain’s Chicago Business.