When 525 Hawthorne Place was converted, there was a lot to recommend the development – competitive pricing, good floor plans and some great views. Prices started in the $260s for large one-bedrooms in a building with a large pool, a sun deck, 24-hour door staff, garage parking and a fitness center – all steps from the lake in Lakeview East.
But Yo hears that even residents who love their units and the building have been less than happy with Vilas Development Corporation, headed by Ganesan “Dr. Vish” Visvabharathy, which converted the 200-plus-unit building to condominiums. According to one active resident, the developer has maintained ownership of some common elements, including the pool and laundry areas – key assets for residents and potential moneymakers for outside owners. The association would like to maintain and control these major amenities in its building, but negotiations reportedly have not gone well and the possibility of a lawsuit has been raised.
Have an insider’s take on the situation at 525 Hawthorne Place, or at another condo conversion facing similar issuess? Click on “Comments” below and give us the scoop.
It’s not unusual for a developer to set up and retain laundry rooms, etc. as separate condo units.
My favorite – another Dr Vish project – is the reported separate rooftop unit for a cell phone antenna at 3410 Lake Shore Dr.
At Newberry Plaza the developer originally retained control of the laundry room and allegedly stuck the condo association with the utility bills for it.
The most “interesting” story of a developer hold-back in a condo conversion might be the original plan for Park Place Tower, 655 Irving Park Rd. Originally (in 2001) the lower floor units were going to be sold as condos, with the upper floor units to be made into upscale “corporate apartments” and sold to the condo association to be rented out and used as an income stream. However, shortly after the first units went on the market, the converter decided to abandon the original plan and turn the upper-floor units into condos instead. As a result, many of the first group of buyers were unable to “flip” their properties because they were now competing with the developer’s upper floor units. A rather messy situation for all concerned.
anon,
Makes you wonder. One of my clients, back in the day, had a habit of slapping “Sold” signs on all the good units. When the dogs sold, he then put the good stuff on the market at higher prices.