R2 Snags Gold Coast Condo After Legal Battle

R2 Companies just pulled off a gritty Gold Coast condo deconversion, snagging the historic 1886 building at 127 Maple Street after a four-year grind—buying out all 20 units and the adjacent 20-spot parking lot. Previous attempts by developer Fifield to turn it into a 43-story tower collapsed twice, blocked by neighbors and aldermen, while Triton Real Estate initially stepped in but struggled with the building’s dilapidated state and cash-only sales due to lender hesitance. Legal drama between owners, including a lawsuit over a past buyout deal, delayed closure until last August. R2’s persistence paid off, and now they’re set to renovate the units while preserving the building’s shell—unlike Fifield’s failed high-rise dreams. With Chicago’s new apartment construction at historic lows, these complex but lucrative deconversions are becoming prime targets for developers seeking rental-ready assets in prime real estate. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/8ebb83061b0fcc75