chicago-condos & Chicago Real Estate pcherry on 25 Jul 2009 08:44 am

Aqua Condos Taking Shape

July 25, 2009 - Work at Aqua is still moving along at racing speed. According to the Lake Shore East tower’s updates, all of the framing is done through the 78th floor and drywall is put up through the 65th floor. Tile has started being installed in the first condo units as well. And the huge amenities deck at this Chicago real estate development just keeps getting tweaked, with more furniture on the way for the outdoor pool and terrace plus a couple of new lounges added. And now that the media or movie room is ready to go, apartment residents can book it or one of the party rooms for a private gathering at a fee of $75 per day.

While there is still no word on a new hotel chain to occupy Aqua, there is some controversy over Chicago condo owners who use their units as “nightly vacation rentals.” Apparently some condo owners were sold units by developers with the idea that renting them out like hotel condos or suites was acceptable without obtaining any sort of license or having to pay tax. According to the Sun Times, this violates the zoning and city code, although the local alderman may be willing to reach a compromise of sorts.

If the City Council decides to work out an agreement with the condo owners, there would be certain stipulations. The condo association would have to approve each rental, the owners would have to obtain a minimum of $1 million liability insurance, pay for a $500 two year rental license and agree to periodic inspections. The current 3.5% hotel tax would apply, a minimum of 10 hours at a time has to be rented, only one renter per 125 square feet of space and the condos would have to be professionally cleaned after each guest.

After all of that, it seems as though it would be much simpler to either find a permanent renter for Condos In Chicago or invest in one of the already approved and professionally managed hotel condo buildings.

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