Crain's: Developers may rent out unsold inventory at Walton on the Park

Walton on the Park, 2 W Delaware Pl, ChicagoThe Enterprise Companies and Mesirow Financial Real Estate have received an extension on their $129.5-million construction loan for Walton on the Park, 2 W Delaware Pl, and may opt to lease 98 of the high-rise’s 201 unsold condos, Crain’s reports.

According to the article, 22 units have closed and another 81 are under contract. Coldwell Banker, Walton on the Park’s exclusive brokerage, for years had kept all of the development’s unsold homes listed but has taken all but 24 units off the MLS in recent weeks. The one- to four-bedroom units currently listed represent a total list value upwards of $24 million.

Crain’s also confirms that Walton on the Park’s second tower, planned for the southwest corner of Walton and State streets, is definitely dead, and that Enterprise and Mesirow instead will build a small commercial building in its place (ensuring that no part of Walton on the Park ever actually has a Walton address). This doesn’t come as a surprise — in June 2009, a patron of the SkyscraperCity message board posted elevation renderings for a 34,000 square-foot, two-story retail development planned for the site.
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