CHICAGO, Oct. 7, 2019 /PRNewswire/ -- Chicago's historic Lake Point Tower, the only building situated east of Lake Shore Drive and surrounded by Lake Michigan, will remain permanently owner occupied and will not be deconverted to apartments.
Unanimously, the Lake Point Tower Condominium Association (LPTCA) Board, as well as a supermajority of unit owners, recently adopted two amendments to prevent the building from being changed back into apartments. The first measure, adopted on August 22, 2019, caps the number of units that may be leased at any time at 25 percent. On September 26, 2019, a second amendment relating to condominium ownership was adopted that prohibits any Unit owner from owning or controlling any interest in more than two percent (2%) of the Association.
The LPTCA Board took these strong actions to reassure owners their properties would be protected after owners received multiple solicitations from outside investors.
"The LPTCA Board is vehemently opposed to engaging in a sale of the building to a large investor or any hostile takeover efforts of the association. Votes in favor of the amendments show property owners overwhelmingly support the action," said JoAnn O'Brien president of Lake Point Tower Condominium Association.
"By taking these steps, the unit owners of Lake Point Tower are sending a strong message to the public, and developers, that they will not be bullied into a deconversion or allow a real estate investor and its affiliates to own and/or control of large block of units, which would not only adversely affect unit values, but change the atmosphere of the building and potentially change the quality of life for those unit owners on a fixed income," said Howard Dakoff of Levenfeld Pearlstein, LLC, the attorney for LPTCA.
"Chicago's Lake Point Tower is one of the world's most famous skyscrapers," said O'Brien. "The additional steps taken by the Board and unit owners further solidifies that the building will remain condominiums."
Lake Point Tower is an iconic 70-story high rise sitting on Chicago's lakefront. The design of the building has fascinated architects and historians alike since it was built as the tallest apartment building in the world in 1969. Converted to 875 condominiums in 1988, the building also is host to 20 businesses and has played a prominent role in several Hollywood films such as Straight Talk, While You Were Sleeping and The Lake House.
Property Values at Lake Point Tower Remain Strong:
"Over the last 12 months, the building has seen robust growth in its sales this year showing continued appreciation in value, said Jim Kinney, Vice President of Luxury Home Sales at Baird & Warner in Chicago. "Lake Point Tower is an attractive asset and a crown jewel on Lake Michigan which continues to stand as a very sought after building in the marketplace."
About Lake Point Tower
Lake Point Tower was designed by architects George Schipporeit and John Heinrich, both of whom were influenced by modern master Ludwig Mies van der Rohe. Its dark curvilinear silhouette and prominent setting east of Lake Shore Drive at the base of Navy Pier have made it a Chicago icon. One of the first projects to create a total urban environment, the complex includes amenities such as a grocery, dry cleaner, health club and penthouse restaurant. It also boasts one of the earliest green roof features: a private 2.5-acre park with lagoon, waterfall and swimming pool designed by renowned landscape architect Alfred Caldwell.
SOURCE Lake Point Tower Condo Association