Tall & Urban News

A 28-story Edgewater high-rise has been listed for sale in Chicago, looking to attract investors that transform condo buildings into apartments. The brokerage group, Kiser Group, is looking for a buyer for Granville Tower, a 154-unit high-rise at 6166 N. Sheridan Road, which was originally rental units and then later became condo units in the 1980s.

The group Director expects that the property could bring in something close to $40 million, citing a lot of growing interest in the units already. 

The process of deconversioning can be beneficial for condo owners since their unit may garner a higher price in a bulk sale, but this isn't true across the board as the price doesn't always address renovations comissioned by the owner or the owner's emotional attachment to the condo, preventing them from selling. This can lead to discord among owners within a building. 

Under a city ordinance passed in 2019, owners of at least 85% of a condo building must vote to approve a bulk sale of their units, giving a small minority the power to block a sale.

For more on this story, go to Crain's.