(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)

CHICAGO-Some say that Related Midwest’s new partnership to improve three failed South Loop condo projects are a gamble – but president Curt Bailey says he believes the playing field is starting to level off. He announced Monday that he plans to renovate and sell about 500 condominium units in the buildings at 1201 S. Prairie Ave., 1629 S. Prairie Ave. and 1901 S. Calumet Ave.

The properties are adjacent to Grant Park and the Museum Campus, not far from Lake Michigan. In the latter part of the last decade, a development group that included Cleveland-based Forest City Enterprises Inc. tried to build the condo buildings. However, as the bottom dropped out of the condo market, the group defaulted on the construction loans and a lender group took over. The lenders have now partnered with Related to finish the condos, which include One Museum Park West (1201 S. Prairie), a 54-story tower.

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