Strategic Properties of North America, a New Jersey-based investor company, has officially failed in its attempt to complete a takeover of Ontario Place, a 51-story high-rise at 10 E. Ontario Street in Chicago’s River North neighborhood. The $190 million deal would have been one of the largest condos-to-apartments transactions—known as “condo deconversion”—in Chicago and possibly the entire nation. Despite extending their closing date to July 31 with an additional requirement for more money from Strategic Properties, the sale was terminated on June 6 due to financing issues that could not be resolved between both parties.
This proposed transaction had potential to mark a major milestone for Strategic Properties – they are currently known as one of the most prolific condo deconverters in all cities across America – however it is uncertain if another offer will be presented by either party or if this opportunity has passed altogether. Photo courtesy of @properties
