June 30, 2012 – Anyone who has followed the sales, or lack of, at three South Loop (Central Station – Grant Park) Chicago real estate developments probably expected the towers to end up in foreclosure. One Museum Park West, 1600 Museum Park and Museum Park Place South all struggled with sales, but according to Crain’s a new owner is in control of the unsold Chicago condos in those three towers.
New York based Related Cos. has acquired clsoe to 500 units in those three South Loop buildings. The development firm got the condos in a deal with bank of America, which took over the empty units from original developers Gerald Fogelson, Rin Shipka Sr. and Forest City Enterprises who gave up the units in a deed-in-lieu of foreclosure.
Related Cos. now has 238 condos in One Museum Park, 157 units in Museum Park Place South and 98 condos in 1600 Museum Park. They don’t plan on offering them for rent or slashing prices like many developers do when taking over distressed properties. Related intends to refurbish the condos with better finishes and fixtures, according to the article. Building amenities will also perk up, with new finishes in the common resident areas and dog grooming and walking services will be added.
No new prices have been announced yet, but we’ll keep you posted as soon as we know anything. So if you’ve ever been interested in living in Central Station towers, you might want to keep an eye on these three towers and see how Related markets them. Or you can check out the selection of North Shore Chicago condos that are for sale right now.