HANCOCK BOARD PROPOSES NEW RENTAL CAP PLAN

After extreme controversy and resistance to the original plan to Cap Rentals at the John Hancock (175 E. Delaware) the Hancock board has decided to bring a new proposal to the table.

The Hancock board earlier this month proposed a “soft cap” according to Crain’s Chicago Business which would limit rentals to 160 units, or roughly 23% of the building’s 705 condos. Furthermore, this plan also has exceptions in the rule which would permit leases to family members or another owner during a renovation, for instance. Ballots for this measure were recently passed out to each owner in the Hancock. Two-thirds of the Hancock’s owners must vote in favor of the proposal in order for it to pass and have it be added to the association bylaws.

Currently the Hancock has 20.8% of the condos leased, which is 147 units. While many owners may be upset about a rental cap some renters have questions about whether or not they’ll be able to stay in the building.

More than likely all currently rented units will remain grandfathered in and will allow the unit owners to continue to rent their units. Of course all leases stay in place 100% and are fully enforceable.

The one thing to remember, however, is that the owners do not have to vote on this issue within a certain time frame. The ballots have no deadline to be returned which means it might be a very long while before we have an answer. In the meantime another building is trying to pass a rental cap; The Chandler, 450 E. Waterside.

Paul Blackburn is a licensed Illinois Realtor and Associate Broker with @ Properties. He can be reached anytime via e-mail at Paul@PKBlackburn.com

HANCOCK RENTAL DISPUTE CONTINUES – Rentals in the Hancock

Well the dispute continues at 175 E. Delaware, the John Hancock regarding capping rentals in the building. It apparently has gotten so bad that many of the board members are not even spoken to in the building. Yes, that is right – it is civil war time in the Hancock. So with all this talk about rentals in the Hancock what do units actually rent for? Well, lets take a look shall we?

 

Right now there are 14 units listed on the MLS for rent. The cheapest is a studio listed at $1500/mo and the most expensive is a furnished 3 bedroom at $3,990. In the middle there are 1 Bedrooms starting from $1850 and 2 Bedrooms from $2,600.

The Hancock does have great amenities from a large gym to a great pool (amazing views from both). The issue with the gym is that it is a bit dated, but it is cared for very well. My favorite convenience in the building is Potash Grocery Store. Not only is this great on cold days, but you can get everything from Breakfast to a great bottle of wine.