The Reserve Condo Development’s Devolution

Michael Tortorello has an update on The Reserve condo development that only half happened at 360 1st Street N.:

Housing bust as deconstructivist architecture – City Pages – The Blotter

Today, a squat blue trailer sits adjacent to the slab. Its overhang has broken off and the light fixtures have been stripped. A banner on the east face of the trailer advertises condos for sale in bold black, foot-high lettering. The phone number has been disconnected.

Shouldering the concrete slab now is the Magellan Development Group, of Chicago, Illinois. They’ve reconfigured the interior plan to accommodate 131 units, ostensibly downscaling the price-list in the process. But according to Brian D. Gordon, a Magellan v.p., no investors have committed to finish the building. And no units have been sold.

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