Residents Fight Condo Conversion In Hyde Park

CHIACGO (CBS) — Ten people who live in a residential cooperative in the Hyde Park neighborhood are going to court to keep the building from being turned into condos.

Crain’s Chicago Real Estate Daily reported this week that residents of the building at 5000 S. East End Ave. cannot pay their share of the “massive and unnecessary” $8.5 million special assessment for the conversion, and thus will end up being evicted.

The building is now a co-op, in which residents own shares in a corporation that owns the building, and shareholders lease their units from that corporation, Crain’s explained.

Residents of the 98-unit building approved the condo switch Tuesday night.

The 28-story building is in the Indian Village district, a cluster of high-rise buildings that is technically in the South Kenwood neighborhood but is usually considered part of Hyde Park. says the neo-Gothic prewar high-rise was the tallest building on the South Side until 1965, when it was surpassed by the South Shore Beach Apartments. Among the former residents of the building is former U.S. Senator and recent mayoral candidate Carol Moseley Braun, Emporis says.

  • Don't make neighborhood better

    We peeps have spent years running down the neighborhood and we won’t stand by idly and watch anyoine try to make the neighborhood better. We bes gots our rights. Call Barack Osama for help.

    • Maddie

      You don’t live in that neighborhood, you can tell from your sarcasm (ha ha) you think you are funny with that peeps comment ,we can tell you are making fun of some real concerns for some people who no doubt will end up being pushed out because they can’t afford to live there after the conversion.

  • Frank John Reid

    Turning a co-op into “Luxury Condos” doesn’t improve the neighborhood. It only drains money out. Of course, if there’s anything defective in the Luxury revamp, you have the right to sue the daughter of a Nigerian General….

  • Ann Sabin

    Coincidentially, the article forgot to mention that you can turn in your keys and surrender your unit and not pay the bill. A developer will pay it and for that he gets the unit and flips it for a cool $200K PROFIT per unit. The coincidence is that the developer is only the nephew of one of the coops’ members of the Board of Directors! What a coincidence. I wonder who really gets the profit?!!

  • A. Wells

    Perhaps a criminal investigation is in order. Pam Zekman, where are you?

blog comments powered by Disqus
Daily Weather Reports Delivered To You!SIGN UP NOW: Get daily weather reports every morning from meteorologist Steve Baskerville!
CBS Sports Radio RoundupGet your latest sports talk from across the country.

Listen Live