Condominium and Condo-Like Development

Over the last 40+ years, MPS lawyers and paralegals have worked closely with homebuilders, developers, and condominium converters with respect to projects of all type, size and stage of construction, renovation, or repositioning. We represent:

• Developers in the formulation of the legal structure, and the drafting of documents, for the division of real estate developments into parts, the conveyance of the parts to multiple owners, and the ongoing administration and maintenance of the developments. We have done this for hundreds of residential, commercial, and mixed-use developments, in urban and suburban areas.
• Homebuilders in the acquisition of portions of failed or stalled developments for the purpose of reviving and restarting the developments, often dealing with, and resolving, issues caused or aggravated by defective or flawed documentation.
• Interested parties with respect to efforts to acquire all the parts of a multiple owner development and convert it back to single ownership , commonly known as “de-conversion”.
• Developers which are renovating, repositioning and/or repurposing large buildings, like a former warehouse or public building, dividing the building into multiple parcels or condominium units, and conveying the parcels or units to end users/investors.
• Owners of shopping centers and malls to divide the centers or malls into multiple parcels and convey parcels to multiple users/investors, with a unique “condo-like” legal structure.

Very few, if any, law firms in the Chicago area have the background and experience that MPS has in these areas. We do not represent condominium, homeowners, or property owners associations.

We are available to use our expertise, on a pro-bono basis, to work with for-profit, non-profit or governmental agencies to formulate the legal structure for, and draft documentation for, affordable owner/occupant housing developments in the Chicago area to maximize the likelihood that the developments will be successful and that moderate income households which become homeowners will build sustainable family wealth, especially in challenged areas, like the south and west sides of Chicago.