Three large condo buildings on Sheridan Road in Edgewater — 432 units combined — have flipped to rental housing since 2018 as investors assembled enough owner votes to buy out buildings facing steep repair bills. A fourth building in Lakeview was listed for deconversion in 2023; its status is unconfirmed.

EDGEWATER/LAKEVIEW — Three large condominium buildings along Sheridan Road in Edgewater — 432 units combined — have flipped to rental housing since 2018 under a consistent pattern: buildings carrying deferred-maintenance debt, owners offered a premium to exit collectively, investors capturing the conversion upside.

The earliest deal closed in late 2018 at the 188-unit Edgewater Beach at 5815 N. Sheridan. About 80 percent of owners voted to sell, according to Edgeville Buzz — clearing Illinois's then-75-percent statutory floor — after the condo board weighed "$3 to $4 million in special assessments over the next two years," a figure cited publicly by board president Shawn Swift. New York-based Greenstone Property Group paid $27.2 million. Greenstone resold the building in 2021 for $43 million to TLC Management — a 58-percent per-unit price increase after conversion to rental.

At the 90-unit Shore Manor at 5858 N. Sheridan, Sacramento-based investor Clifford Orloff of Orloff Property Management quietly assembled 65 or more units — about 72 percent of voting power — before a deconversion vote was ever called. Becovic Management Group bought the building in May 2020 for $13.3 million.

The third deal, Granville Tower — 154 units at 6166 N. Sheridan — closed in October 2023 after 86 percent of owners voted to sell. Becovic Residential paid $31.5 million. That vote cleared the bar the City Council raised in October 2019, when it amended Municipal Code § 13-72-085 to require 85-percent owner consent for any deconversion — up from the state's 75-percent floor, passed in direct response to the 2018 wave.

A fourth building, The Commodore at 3033 N. Sheridan in Lakeview — 145 units, built 1968 — was listed for a deconversion sale in March 2023 by Kiser Group, projected at more than $52 million. Its current status has not been confirmed in public filings.

The corridor's code-violation record adds texture to the financial pressure. At 5746 N. Sheridan — a 46-unit building owned by 5746 N Sheridan LLC — city records show 29 open violations, including three filed January 22 for interior wall, ceiling, and fence repairs, and two hydraulic elevator violations from March 2025 that remain unresolved. The address has generated 27 separate 311 complaints.

The corridor's biggest new-construction move is at the south end: Continuum Development received a demolition permit July 8 for the vacant Stone Medical Office Building at 2800 N. Sheridan in Lakeview — a parcel the firm acquired for $17.25 million in late 2025. The planned replacement is a 28-story, 355-unit rental tower with 71 units designated affordable under the city's Affordable Requirements Ordinance. The project is listed on Ald. Bennett Lawson's (44th Ward) development tracking page; as of this spring, it still awaited his aldermanic sign-off before advancing to a formal rezoning vote.

The Association of Sheridan Condominium/Co-op Owners, which represents 30 to 32 residential buildings with roughly 6,000 homes between Foster and Devon avenues in Edgewater, formally coordinates with Ald. Leni Manaa-Hoppenworth (48th Ward). No public position from the organization on the deconversion pace appears in current records.

The economic logic, building to building, is the same: aging infrastructure, rising assessment bills, and an investor offer that lets individual owners exit cleanly rather than fund repairs they didn't create. Chicago's 85-percent threshold makes that vote harder to reach — but not, as Granville Tower showed, out of reach.