Subscribe: 
“Indulge in the the soaring ceiling heights and private rooftop deck,” the Renaissance Lofts Web site invites visitors. “But don’t pause for too long because only a limited number of these extraordinary lofts remain.” In fact, there are exactly 10 more opportunities to “intoxicate your senses” with the Renaissance Lofts’ “graceful living and luxurious finishes” before the 37-unit loft development is sold out.
In 2007, the Kopley Group converted the 1920s-era commercial building at 1791 W Howard St in Rogers Park into lofts, which can be seen in these photos by Wayne Cable, and prices currently range from the $170s to the $280s for one- and two-bedroom homes. As with the Lofts at 1800, another Kopley Group conversion in North Center, Lynne Jackson says the development has been successful largely because a two-year “buyback guarantee” from the developer is extended to all available homes in the building.
“We’re not even negotiating price,” she says. “The whole building is secure. Out of 37 units, we’ve got only 10 left, and we’ve sold at least eight since July – all at full price.”
Kopley is able to offer the buyback guarantee because Kopley Group President K. Nicholas Kopley’s portfolio is diversified, Jackson says, as he owns a number of rental properties on the far north side and car dealerships in Alabama.
“Let’s say, worst case scenario, he has to take back some of these, we know that we’ll just rent them out for a while, if we have to,” Jackson says.
- Rate and review Renaissance Lofts at NewHomeNotebook.com.
Related posts:
{ 12 comments }
This was my first home purchase. I was pretty excited. I liked the building, the unit I was looking at was great and everything seemed to fall into place I thought I was buying from a reputable developer.
Unfortunately, the issues that I soon experienced sort of colored that opinion. First I found the hard way that my brand new double paned windows passed wind like a bear who had just eaten a barrel of beans. The windows that they put in were junk and 6 “repair visits” later it’s not much better.
Since the condo association has not been turned over from the developer yet, we still don’t know how much money we have in the bank and how the money is being spent. The property report that was supposed to be updated “as things change” according to local ordinance was last updated in 2006 when the building was gutted.
The assessments are low right now, but we can’t determine they are accurate without access to the records (we been asking for over 4 months to see the books without success) and an updated property report, we won’t know how much the assessments will go up to make sure that we can replace capital items.
The developer won’t give us a date when the common elements will be finished and remains very uncommunicative. My advice to anyone looking here is Caveat Emptor! It may end up being a great place to be, but not at the moment.
Wow, thank you for the heads up! I was interested in this building but now I’m not so sure. Thanks for posting! Is there anyway I can contact you to get more information?
JT,
Although Kevin sounds like a credible owner, there’s no guarantee that he’s not a competitor or someone with an axe to grind.
Do your own due diligence, perhaps by waiting outside the building and talking to owners.
Another option is for Kevin to comment, authorizing me to send you his e-mail address without making it public.
JT,
I also looked at the units here. During my visit, I ran into a condo owner and asked him about the building & neighborhood etc. He too mentioned something about there being an issue with the windows, although he wasn’t very specific (maybe it was Kevin?).
He said there were some other on-going issues in the building and said that if he had to do it all over again, he wouldn’t have purchased here. Apparently he bought his place prior to the developer’s buy back guarantee so he is stuck.
The developer’s buy back seems like an awesome incentive and made me seriously consider the place. However in the end I bought in another area of the city.
I’m not sure about the details on the guarantee as I never got to that point. A wise buyer should scrutinize every line of the fine print/terms and conditions with a good real estate attorney.
I’m a credible owner guys. I’m a first time buyer also, and I expected much more communication and concern from the developer given their reputation and promises.
I’m not the one that Steve J talked to, so that has to tell you something if it’s more than one person having the issues.
I have the buyback, but considering the market and the tax implications since I’m a first time buyer, it doesn’t work out well for me at this point, but that may change here soon. I have another year and a half.
I’m also very much one of those people who expects to get what they pay for. I know that seems not be a popular way to look at things these days, but it’s the way I feel.
I like my unit, but the issues with windows and basic lack of accountability from the developer make me almost at the point where I’ll take the loss and find somewhere that I can at least see how my condo assessments are being spent.
If you are interested in some of the issues, try doing a search on the development name over at yahoo groups….
Thanks for the update, Kevin.
Here’s a direct link to a Yahoo! Group formed to discuss the issues owners are having with this building.
It appears that you need to be signed in with a Yahoo ID and join the group before you can see the content. I joined the group and reviewed several pages of posts.
There are definitely issues that should be fully explored by anyone considering the purchase of a unit.
Note also the concerns I voiced in this comment about Kopley Group hype.
Joe:
Just so you know that this is not a ax grinding session, the City of Chicago Business Practices and Consumer Protection Office has now gotten involved due to complaints about some of the things going on over there.
Cheers
Kevin,
I did spend some time at your Yahoo Group. From what I can see there and here, you’re serious and responsible in your approach.
I have to disagree with Kevin. Although there is some truth to the fact that we had some window issues they have now been repaired and the windows in my unit, which give me awesome city views are now just fine. I appreciate Kevin’s involvement and his speaking out for the owners at this development but I think the issues he has encountered are isolated and to my
to my understanding, from the multiple meetings we have had with the developer, have all been resolved. I really love my unit and have had am awesome experience with all of the Kopley staff. I wouldn’t want anyone to think that living here is not a good idea. We want to get more neighbors!! That’s one of the best aspects of this neighborhood and building. We are part of a very diverse community which I could not experience in the other “nice” neighborhoods of our city. I’d encourage anyone to come check out a place here and would be definitely up for meeting with anyone wanting to know more at my place so they can see how awesome it is!!
AJ not as isolated as you think.
http://groups.yahoo.com/group/lofts1791/
TK,
Please explain, for the benefit of those who don’t have a Yahoo account or don’t want to join the group to understand your point.
Also, I note that you appear to have posted as JT earlier in this thread. What’s that all about?
Since my move in last August, we’ve had exactly two “meetings” with the developer.
One was about parking that was promised but now we don’t have any more.
The other was a special meeting hat was because 20% of the unit owners had signed a petition that forced them to meet with us.
Many promises were made including actually finishing up the building and fixing the windows and doors. Neither of these seem to be any sort of priority with them. They kept trying to tell us that it was a “unit” issue and not a more prevalent problem. Then I started hearing stories from other unit owners. My favorite was one of the guys who had the entire window fall out of the frame into his bedroom. My mind boggled at this.
They only recently closed off an open elevator pit that had been open since they started construction in 2006. As of last week, we still have open drains in the basement hallway to our storage units (They’ve been cited twice by the city for a building code violation on the drains and twice for the elevator).
I’ve had both the window manufacturer and the installer and the latest “solution” to fix them was to go to home depot and stuff them with insulation. They have been to my unit at least 6 times to “fix” issues. I’ve had Home Depot over to look at them and they say that these windows are problematic at best.
I sent a certified letter to them several months ago and they’ve yet to respond. I’ve talked with several other unit owners who have similar issues with their windows. I told them I wanted them replaced. They have never responded to this letter or many followup emails.
Don’t get me wrong, I like my unit, but I want what I paid for.I want windows that don’t leak or pass air like they aren’t there.
They have steadfastly refused to provide us with the detailed expenditure reports that we are supposed to get every year by law. They won’t let us have access to look at the associations records(also one of our rights by law). They won’t explain how they are figuring electric bills, or what budget items are and are generally won’t communicate other than to complain that they are being “inundated” when they simple won’t answer or respond to emails, certified letters or anything.
In addition, the City of Chicago Consumer Protection Department, based on a complaint documentation provided to them issued 3 subpoenas to the developer, the architect and the developer run condo association. They don’t usually do that unless there is a good reason.
I might be seen as a “complainer”, but the thing is that if these issues were addressed the first time, or even communicated, I wouldn’t be complaining at all.
All I want to to enjoy the first property I ever bought and paid alot for. I only want what I paid for and nothing less and nothing more.
Comments on this entry are closed.