A slowdown isn’t the same as a standstill. Despite some analysts’ recommendations that developers take a break from announcing new projects to let the market absorb what’s already out there, The Enterprise Companies has posted sales of 44 percent at Museum Park Place South since the development opened in October 2006.
“We don’t expect the velocity of sales to be like the past two years,” said sales manager Ralph Oliva. “There’s a very steady, normal market, and we’re accepting that. We do anywhere from two to five deals per month. Two years ago, we would have done those per week, but that’s just the pace of the market.”
Oliva said the desire to offer a mid-market price point at Museum Park fueled the decision to add a second tower directly south of the first Museum Park Place, which has been completed and has six units on the market. “It’s a very friendly price point for the second building,” he said. “We needed a product that was somewhere in the middle because we currently have product [at Museum Park] that is very expensive, and we wanted that $300,000 to $600,000 price point, and this second building allows this.”
The price has attracted both young couples and empty nesters, Oliva said, especially those looking for views of the lake. “This is a very middle-of-the-road type of buyer who is looking for value and wants to be on the lakefront,” he said.
The 29-story high-rise is located at 1901 S Calumet Ave. The design by architect Pappageorge / Haymes Ltd. mirrors the first building’s emphasis on diagonal lines and glass, but the south tower will be six stories taller and sit slightly canted from the north tower. A distinctive, bright red checkerboard again highlights the bulk of the structure, and eight four-story townhomes line the base.
“We didn’t want to have two radically different buildings on that site,” said Oliva.
Museum Park Place South has 276 condos with one to three bedrooms and dens in most units. Prices start in the $250s, and the 3,200-square-foot townhomes range from the $950s to the $990s. Amenities include a fitness facility on the first floor and a swimming pool, club house and sundeck on the roof. Oliva said The Enterprise Companies plans to break ground in June, and first deliveries are scheduled for summer 2009. The Museum Park sales center is located at 1259 S Indiana Ave.