One Museum Park West foreclosure a good thing for South Loop
10/26/2011 10:00 PM
It sounds big. It sounds scary. It sounds bad for the community.
But we think a foreclosure on One Museum Park West would be great for the South Loop.
Oh, it would certainly be awful for the building’s developers, which is too bad given the amount that they’ve invested in the South Loop over the years. But having a new group take over the building — without being so far in the hole that they feel the need to make up their deficit — would surely send occupancy skyrocketing.
Unit prices could come down and be right-sized for the market. They might even become rental units, which are the hottest commodity in Chicago real estate right now. Point being, they might actually become — gasp — affordable.
That’s a good thing. More people in the South Loop means more businesses, more grocery stores, more events, more traffic and an incentive for even more city resources to come down.
It’s in nobody’s interest to have those big towers sitting empty — not even the unfortunate Central Station developers. But they lost the real estate game of reverse musical chairs, and were left without enough people to fill the seats.
Let’s hope that someone new comes in and fills them up.