One Museum Park West begins its ascent

One Museum Park West

It’s still a sapling in the shadow if that 62-story giant sequoia to the east, but construction is steadily moving ahead at One Museum Park West, located at 1201 S Prairie Ave in the South Loop. When I photographed the construction site about a month ago, there were just a couple levels of cement poking out of the ground. Since then, it looks like at least a half dozen floors have been added.

In the summer, Joe spoke with Ralph Oliva from Coldwell Banker Residential Brokerage and learned that about 210 of the building’s 298 condos had been sold at that time. Prices start in the $500s for two-bedroom / two-bath condos, and three-bedrooms are priced from about $1 million. If everything goes according to plan, deliveries should begin towards the end of 2009 on the 53-story tower.

It’s impossible to predict what the market will be like a year from now, but it’s pretty tough to imagine that ground will be breaking on very many large high-rises next year. All the same, when I last spoke with Oliva about a month ago, I asked him what became of plans to build two other large towers along Roosevelt Road. He said the developers are focusing their energies on selling the unsold homes in One Museum Park and One Museum Park West, but once those are sold out, plans are still in place to build another tower at the corner Indiana and Roosevelt. Still, I wouldn’t hold my breath on seeing that building anytime soon.

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