We recently noticed that the sleak and contemporary Glashaus development (planned for 1327 S. Wabash) seems to be closing up shop. The signs above the protective concrete walkway have now been removed and the sales center at 1420 S. Michigan seems to be packing things up. One of many 'sign of the times' indicators in the South Loop.Also along those lines, Yochicago has a post today about the larger and more high-profile XO development that has also fell on similar hardships during the current recession. Ironically, their signs are still promoting that the development is "The Future of the South Loop". Big promises...unfulfilled.
If XO and Glashaus got you down, don't fret! Two other large, high-profile developments seem to be progressing nicely; Musuem Park West and Roosevelt Collection. This isn't a surprise to us as we see these two developments as uniquely positioned in the South Loop.First, Museum Park West is a high amenity building that is going to have some of the best views in the city and that's always going to be in demand.
Roosevelt Collection also seems to be uniquely positioned due to it's blend of condos and retail. Although we don't expect the place to be packed with retail out of the gate, it will have some key retail that isn't currently offered in the South Loop (ie bowling alley & movie theaters).
Yes, Glashaus closes up shop and leaves an unsightly, and not to mention dangerous hole. Plus they took down the signs but left the concrete and steel pillars on the street. Who is responsible for finishing the job, and what are they going to do with the hole!
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