I spent about 20 minutes this morning talking to Coldwell Banker agent Ralph Oliva, whose team oversees sales for The Enterprise Companies‘ various downtown projects. The last development we discussed, Walton on the Park, is the first one I’m going to write about today.
Enterprise and Mesirow Financial Real Estate broke ground in January on the project’s 31-story south tower at 2 W Delaware Pl on the southern edge of the Gold Coast. Excavation and foundation work for Walton on the Park’s six-level parking deck has moved slowly and deliberately as not to disturb the Red Line subway, but the tower is still on track to a 2010 completion, Oliva says.
Sales have progressed ever so slightly since the winter groundbreaking. Back then, 43 percent of the south tower’s 198 units were under contract. Oliva says that sales just passed the halfway mark, which means that about 15 more homes have sold over the past seven months. Enterprise wants to reach the 75-percent sales mark before it starts marketing Walton on the Park’s 37-story, 193-unit north tower.
Most of the remaining homes range from one-bedrooms starting in the $550s to three-bedrooms priced around $1.5 million. One three-bedroom with 3,200 square feet is still available for $2.8 million, Oliva says.
Walton does compete with its neighbors to the east, The Elysian Hotel and Private Residences and Ten East Delaware, at least when it comes to small one-bedroom units and large three-bedrooms. The project has one style of condo that the others don’t – a two-bedroom-plus-den – and Oliva says that the development has garnered some interest from Elysian and Delaware shoppers who like those buildings’ location but want that particular type of floor plan.
Walton and Enterprise’s prominent Central Station tower, One Museum Park, have the similar price points, and both attract a lot of empty-nesters and second-home shoppers. Walton on the Park isn’t a “view” property, he says, and buyers who start off there but express a desire for wide lake vistas are often directed toward Museum Park. Likewise, he often points potential One Museum Park buyers who are interested in a plethora of neighborhood amenities toward the Walton homes.
First deliveries at Walton on the Park will begin in the spring or summer of 2010.
– Rate and review Walton on the Park at NewHomeNotebook.com.