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.
Emporis.com 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.