Word's been out a little while now that the South Loop's One Museum Park West Tower has had great difficulty closing on units. So it comes as no huge surprise that the developers, Gerald Fogelson and Ronald Shipka Sr., the brains and brawn behind the Central Station mega-project, are facing probable foreclosure action from Bank of America, to whom they owe $125 million. According to Crain's, this would be the largest foreclosure since the market bust four years ago. One Museum Park West, a 54-story high rise at the edge of Grant Park, had sold only 22% of its 298 units through the second quarter. “This has been the biggest undropped shoe that Chicago has left,” said Garry Benson, president and CEO of Garrison Partners Realty LLC, speaking to Crain's. “The next guy who comes along will probably do well with it.” Additionally, two other high rise completions from 2010 are enduring anemic sales: 1600 Museum Park and Museum Park Place South. For starters, how about coming up with more singular names?
·Foreclosure looms for South Loop's huge Central Station project [Crain's]
·Official Site: One Museum Park