The following actions are available to unit owners under the Illinois Condominium Property Act, 2626 N Lakeview's declaration and bylaws, and general principles of condo governance. Items marked urgent address governance failures that contributed directly to this crisis. Items marked important protect individual owners' legal and financial interests. All owners are encouraged to consult with a licensed Illinois attorney before pursuing legal remedies.
Two special assessments totaling $43.6 million in five years is a governance failure. Under the Illinois Condominium Property Act and 2626 N Lakeview's declaration and bylaws, unit owners have the right to call a special meeting to recall board members and elect new leadership.
A building of 491 units needs forward-looking leadership committed to long-term capital planning — not a board that micro-manages day-to-day operations while critical infrastructure deteriorates for decades.
When a board micro-manages its property manager — dictating priorities, overriding professional recommendations, and limiting the manager's ability to plan independently — the management company cannot effectively execute long-term capital projects or preventive maintenance.
A new board should evaluate whether the current management company has the expertise and independence to manage a 491-unit high-rise through $19 million in capital projects, or whether a firm with demonstrated large-building experience should be retained.
Organize a volunteer oversight committee — independent of the board — to evaluate governance effectiveness, review financial decisions, monitor project execution, and report findings to all owners.
Include owners with relevant professional backgrounds (finance, engineering, real estate, law) with standing access to board minutes, financials, reserve studies, and contractor bids. Transparency is the first step toward accountability.
A building of this size cannot be governed sustainably by a small group of long-tenured volunteers without term limits or succession planning. When leadership is concentrated among a few very senior individuals, the building faces real continuity risk — sudden departures, health events, or burnout can leave a knowledge vacuum.
2626 N Lakeview needs a governance structure that ensures decisions are transparent and new leadership is continuously developed.
Ask management for copies of all 22.1 resale disclosure certificates issued over the past 5 years. Compare what was disclosed to prospective buyers against what the board actually knew about anticipated capital expenditures at the time each disclosure was issued.
If you sold your unit recently and the disclosures were incomplete or understated anticipated costs, you may have legal exposure to your buyer. Consult an attorney experienced in Illinois condo law.
Under the Illinois Condominium Property Act (765 ILCS 605/19), unit owners have the right to inspect and copy the association's books and records. This includes board meeting minutes, financial statements, contracts, reserve studies, engineering reports, insurance policies, and correspondence between the board, management, and vendors.
Owners should demand that all association records be made available on an ongoing basis — not just upon individual written request. A well-governed building makes documents accessible by default, not by exception. Every signed contract, every engineering report, every board email concerning building operations should be available to the owners who are paying for them.
Unit owners who believe the board's actions — or inaction — have caused financial harm may have grounds to seek injunctive relief through the courts. Injunctive relief is a court order that can compel the board to take specific actions or prohibit it from continuing harmful practices.
Potential grounds at 2626 N Lakeview may include: the board's failure to maintain adequate reserves despite known capital needs; the issuance of materially incomplete 22.1 disclosures; entering into loan terms (such as prepayment penalties) that lock the association into unfavorable financing; and the failure to competitively bid $19 million in capital projects.
Illinois courts have recognized that condo boards owe fiduciary duties to unit owners. When a board's decisions fall below the standard of care — particularly decisions involving tens of millions of dollars in owner funds — judicial intervention may be warranted.