For Immediate Release
For more information:
Tricia Van Horn, 312/943-2100
Larry Schaffel, 312/642-8869

Lakeshore East: A Village Approaching Reality

January 16, 2004

The vision of a village in the heart of downtown Chicago is moving steadily toward reality with the arrival of Lakeshore East's first residents projected for late autumn.

"While we are continuing to prepare the infrastructure for utilities, roadways and so on, we are also proceeding with construction of our first residential building, The Lancaster Condominiums. We are hoping to start turning over finished units to the buildings first occupants toward the end of the year," reported Rob Pontarelli, vice president of sales and marketing for Lakeshore East Development Group.

Nestled against Lake Shore Drive at the juncture of the Chicago River and Lake Michigan, Lakeshore East has been planned as a traditional urban neighborhood that combines new homes with diverse services, a school, parks, businesses and recreation. It will occupy the remaining 26 acres of the Illinois Center complex that stretches from Michigan Avenue to Lake Shore Drive between the Chicago River and Randolph Street.

In tandem with The Lancaster, the six-acre multi-purpose Harbor Park and the city's first downtown elementary school are also targeted for completion late this year or early 2005.

According to Pontarelli, The Lancaster, the first luxury residential building in the highly-anticipated Lakeshore East neighborhood, is 85 percent sold.

Lakeshore East Development Group is a partnership of Magellan Development Group Ltd. and Near North Properties Inc., a team that has produced an number of trend-setting developments in the City Center.

Designed by Loewenberg + Associates, The Lancaster will have 29 floors and 207 one- to three-bedroom residences, including seven unique ground-level duplex units at the building's base that will interface with the neighborhood's planned parkhomes.

Over all, floor plans at The Lancaster range in size from approximately 700 square feet to 2,800 square feet and begin in the $250,000's.

Positioned on the eastern end of Harbor Park, which Pontarelli describes as "the crown jewel of the development," The Lancaster's high-rise condominium homes will feature park, river and lake views and offer "steps-away" access to downtown's work and play destinations.

Building amenities at The Lancaster will include 24-hour doorman service, a 2,500-square-foot community fitness center and a hospitality suite, as well as an enclosed parking facility and rooftop sun-deck. All Residences will be pre-wired for telephone, cable television and Internet access.

Lancaster residences will feature 8-foot, 8-inch ceiling heights, floor-to-ceiling windows in most units, plush carpeted bedrooms, hardwood floors in dining/living area, kitchen, foyer and halls, washer/dryer hookups and individually controlled heat and air conditioning.

Kitchens will feature Brookhaven cabinetry (including 42" upper cabinets), granite counter tops, GE stainless steel appliances, including side-by-side refrigerators, four-cycle dishwashers, 1,000-watt microwave ovens, gas stoves and ½ horsepower garbage disposers. Master baths will have marble tile flooring, separate showers with marble tile surrounds and semi-frameless glass enclosures (per plan) and 66 inch soaking tubs.

When completed in 12 to 15 years at a projected cost of $2.5 billion, the last parcel in the original 83-acre Illinois Center Lakeshore East community will feature about 45 percent open space and be enveloped by Wacker Drive and the Chicago River to the north, Lake Shore Drive and Lake Michigan to the east, Randolph Street and Grant Park to the south and the Chicago skyline to the west.

The design of Harbor Park, at the center of it all, incorporates water elements, unique lighted pathways, an enclosed dog park and a children's park with game and water components and will host a planned public elementary school and park community center - all of which are planned for the community's first stages.

The master plan for Lakeshore East received a National Honor Award from the American Institute of Architects for excellence in urban design for its recognition of the importance of scale and position so as to preserve and enhance open space and views, not only for the future residents and workers in the neighborhood, but for those who live and work there now.

The plan blends 17 residential and commercial structures with the new Harbor Park as well as the central business district's first public elementary school. The park, the keystone of the project land plan, is being built on real ground, where trees and native plants will blend with a children's playground enclosed dog park and water elements.

The new sales center at 375 E. Wacker Drive is open Wednesday through Friday from 11 a.m. to 6 p.m., Saturdays from 11 a.m. to 5 p.m. and Sundays 11 a.m. to 4 p.m. The Office at 710 N, State St. is open weekdays from 11 a.m. to 6 p.m., Saturdays from 11 a.m. to 5 p.m. and Sundays from 11 a.m. to 4 p.m. For more information on The Lancaster and other upcoming residential offerings at Lakeshore East, call (312) 664-3434 or visit the community's Web site at www.lakeshoreeast.com.

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