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River City's Condo Owners Not Sold On Deconversions

River City at 800 South Wells

Deconverting condos into apartments is popular these days, as expanding rent spreads and demand for apartments drive the multifamily market. Marc Realty Capital set its sights on deconverting the 448 condos in Bertrand Goldberg's iconic River City complex in the South Loop, which would be the largest condo deconversion in Chicago, if successful.

So far, Marc Realty has struggled to get a majority of condo owners on board. Under Illinois law, 75% of a condo complex's owners must agree to deconversion before it can happen. So far, only 58% of River City's owners are in favor of the plan, according to Crain's. Recent votes among owners show 25% are against the plan, while another 17% didn't vote.

Marc Realty principal David Ruttenberg says his firm made solid offers of $225/SF to River City's owners and seems ready to move on to other deconversion opportunities. But there is a faint glimmer of hope. River City's condo board meets June 28 to ratify the vote, which could change before then. River City started as apartments before converting to condos in the early aughts. [Crain's]