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Try as I might, Yo’s truly just can’t let go of South Loop Week. So yesterday I took a hike down to Museum Park to see how The Enterprise Companies’ little project is coming along. Above is an early construction photo of One Museum Park, which is virtually sold out. Below is the model for the building, designed by Pappageorge / Haymes.
We hear that the hyperactive South Loop market is slowing a little, so we put this to a sales agent, who told us that the neighborhood has indeed slowed down, but he thinks it’s reflective of the broader slowdown in the Chicago market. Last year Enterprise sold 1,200 units and this year the developer is on track to sell between 650 and 700. The company says last year was a banner year in home sales, but home sales at Museum Park are still 5 to 7 percent lower than in 2004.
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Wow! That would be at least a 40% decline in sales from 2005… Has Yo looked into Museum Park Place South yet? This is the larger twin to the first Museum Park Place which just finished construction recently. This will add a lot of units – probably somewhere near 300. Alison, while we’re on the subject of Museum Park, have you heard weather additional rental towers are being planned? For such a massive development, I find it very odd that just one tower has been completed – Sky55 earlier this year. With the condo market slowing (very well illustrated by the Museum Park data you quote) while the rental market is seemingly getting stronger by the day, are the developers planning to capitalize on this by adding another large apartment tower? I would think they would be eager to jump on the opportunity…
Sam, stand by for a post on Museum Park Place South (or Museum Park Place 2, as it’s also known). Opened sales last weekend. As for rentals, I’ll ask them about that.
Any word on what we can expect on Roosevelt between Indiana and Michigan? I’ve heard some pretty impressive heights for the 2 remaining towers. It’s great to finally see some weight added to the skyline south of Congress parkway!
Enterprise hasn’t said too much yet about the remaining towers on Roosevelt near Michigan Avenue. What we do know is that the two high-rises are tentatively designed and priced. They were designed, as you’d expect, by Pappageorge / Haymes. Many of the units will be priced in the luxury range, like One Museum Park and One Museum Park West. There will be ground-floor retail, to tie the project in with the retail scene along Michigan Avenue.
Unit sizes will range from around 2,000 to 3,000 square feet and many of the units will be positioned to have views of the lake. So I guess we do know a bit about it. We’ll let you know more when we can.
I’m definitely looking forward to see these last 2 huge towers as well. I’ve heard the one planned for Michigan and Roosevelt might even top out at something like 75 stories, 800 feet or so…that would really solidify the southern part of the downtown skyline…
P-H’s plans were so bad that the developer went to other architects to get ideas for the penthouses….!
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