Wednesday, October 19, 2011

One Museum Park West Set for Foreclosure?

In case you missed this story earlier in the week, one of the Sloop's most prominent highrises is set for foreclosure according to Chicagobusiness (via Curbed Chicago):

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.
(Hat tip: DP!)


  1. I still cannot get over what a terrible location that is. Not the area at all (love the sloop!), but putting a building up that near to the east building just seems odd.

  2. I believe the original plan was to have a line of high rise condos there.... 4 towers total. I think the other two were to be directly west of the second tower. In fact i remember the rendering of the third tower being just a little taller than the second and all glass. looked real cool, the shape was kind of like a sail on a sailboat.

  3. I still can't believe people bought in the first tower knowing that the second tower would be built that close. Look at the picture and the shadow that is cast on the east tower. Yikes.

  4. Brendan, you seem to be in the minority - if you read the comments on the Curbed page, everyone talks about how much they hated the plans for #3 and #4

    Old pics:

  5. yeah i've read those classy comments from the curbed pages.

    Im not sure what ti was that angers people so badly about tower #3? I liked the design ( but of course thats just personal taste i guess) but anything is better than a grass/dirt lot, right?

  6. Count me as the minority too. I thought it was going to be stunning!

  7. When we were looking back in 2006, we liked the layouts and north views of the west facing unit in the east building and the east facing unit in the west building. When we realized they were going to be 50ft. away from each other--no thanks. The only advantage would be that you could share a TV.

  8. I too liked the drawings of 4 buildings that were to make up the "South Wall" of Grant Park.


Note: Only a member of this blog may post a comment.