3730-3740 Lake Shore Drive Condominium Association Meeting Vintage Condo Challenges
In January 2009 the publication Condo Lifestyles documented the herculean efforts of 3730-3740 Lake Shore Drive volunteer board and committee members.
Although in 1929 an abrupt and financially disastrous ending to the decade occurred with the collapse of the stock market, the bankruptcy of many businesses and the loss of personal fortunes, buildings endured. One of these illustrious edifices, 3730-40 Lake Shore Drive, designed by architect Walter Aleschlager, was opened for occupancy in 1924. It continued in a rental mode until 1977 when it was converted to condominiums and and became its new incarnation the 3730-3740 Lake Shore Drive Condominium Association.
Because of a lack of parking, in 2005 the association added a garage with 80 interior and 65 exterior spaces, the latter of which are distributed between 46 on the roof and 19 on the side of the garage. Total cost of the addition was $4,500,000. “The project was funded by selling 58 spaces at $50,000 to $55,000 each,” said Lou Lutz management agent. A supplemental loan from Harris Bank of $1,819,567 covered the balance. Repayment of the loan is made from funds obtained through renting out the remaining spaces.
The association had a solid community foundation. There has been a, “strong and committed ownership for years,” said Lutz and that played a large part in the major improvements to the property. Like:
- Roof Top Garden
- Exterior Facade Renovation
- Fire Escape Repairs
- Security System and Cameras
- Passenger Elevator Upgrade
- Lobby Renovation
In his position as association leader, Neil Donovan has seen how well almost everyone cooperates and works together on major issues and in planning and meeting for social activities “There is a great deal of community spirit evidenced by participation in various committees along with resident organized parties and get-togethers.”