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Prominent Developer Buys Distressed South Loop Condos, Hopes For Rebound

The stagnant pace of condo sales in the South Loop could be picking up some speed in the near future. That's if Related Midwest's optimistic reading of the tea leaves is accurate. According to Crain's, the New York-based developer is counting on a rebound in the condo market for the South Loop, one of the areas hardest hit by the economic downturn. The firm has purchased around 500 unsold units in One Museum Park West, 1600 Museum Park, and Museum Park Place South. "We're long in this market and believers in it," Curt Bailey, president of Related Midwest, told Crain's. The number of unsold condos has slowly declined from its peak of 8,200 at the height of the crisis in 2008, and is now down to around 1,400. Despite a meager 770 units sold last year, Bailey is confident there could be a return to the average of 2,700 per year "very soon." Let's hope his prognostications are true.
·Related Cos. wagers on South Loop [Crain's]
·Central Station Diary: Trouble at One Museum Park West [Curbed Chicago]

Museum Park West

1201 S. Prairie, Chicago, Illinois 60605