For Immediate Release
October 4, 2005
For more information:
Larry Schaffel, 312/642-8869
Tricia Van Horn, 312/943-2100
THE CHANDLER
SETS THE PACE FOR RED-HOT DOWNTOWN CONDOMINIUM MARKET
How hot is the downtown Chicago condominium market?
Consider that
the first advertisement for The Chandler, the newest condominium tower
in the rapidly growing Lakeshore East community in the booming
New East Side was published in June.
Consider that groundbreaking for this 35-story building with 304
residences will not take place until November and that initial occupancy
is not
projected until
2007.
Finally, consider that in approximately three months The Chandler
has surpassed its pre-sales goal by ringing up a 65 percent pre-sold
tally.
Does that begin to answer the question of the energy flowing through
the downtown Chicago condo market?
The Chandler
is the fourth condominium tower announced at Lakeshore East, a vibrant and
rapidly developing downtown Chicago neighborhood
created
by Magellan
Development
Group Ltd. and NNP Residential & Development.
Situated where the Chicago River meets Lake Michigan, The Chandler
offers luxury residences priced from $192,000 for a 582-square-foot
studio to $1.7
million
for a 3,215-square-foot three-bedroom plan. Buyers have the option
of combining units and customizing penthouse floor plans to suit
their tastes and needs.
River, lake and city skyline views will complement convenience to
the Magnificent Mile,
central business district, Millennium Park and lakefront.
“
The market’s response to the Lakeshore East community has been overwhelming,” said
Joel Carlins, CEO of Magellan Development Group. “Our
waiting list for The Chandler reached 400 before we even
began marketing.
We listened
to what
our residents love about Lakeshore East, then designed
The Chandler to fit the lifestyle they want, with open
spaces,
great views
and gracious amenities.”
The 35-story tower, designed by DeStefano + Partners, will feature
The Shore Club, an exclusive resort-like amenity package that includes
a fitness facility
with massage room, an indoor rooftop pool, two landscaped rooftop
decks, a private party room and a media room. Concierge services
will be provided.
Retail space
totaling 10,000 square feet and a private parking facility will round
out the property.
The Chandler marks the fifth residential high-rise at Lakeshore East.
Bordered by the Chicago River and Lake Michigan, the 28-acre community
is slated to
bring 4,900 new residences to downtown Chicago over the next decade
Properties currently under development or completed at Lakeshore
East include The Regatta, a 44-story condominium tower slated for
mid-2006
completion;
The Lancaster, a 29-story residential condominium completed in December
2004; The
Shoreham, a 46-story, 550-residence apartment tower completed in
April 2005; and 340 on the Park, a 62-story, 348-unit condominium
building
co-developed
by LR Development Co. The Parkhomes at Lakeshore East, bordering
the new public
park, are in the final design stage and expected to be brought to
market by spring 2006.
“
Inspired by traditional Chicago neighborhoods, Lakeshore East will include homes,
retail, recreational and community offerings such as the recently opened 6-acre
park with wireless Internet access, and a planned elementary school,” said
James Loewenberg, president of NNP Development.
Still in its infancy, the $4 billion mixed-use development has received
several awards, including the 2002 National Honor Award for excellence
in urban design
from the American Institute of Architects (AIA) for its master plan.
The Chandler’s sales center, 375 E. Wacker Drive, is open 11 a.m. to 6 p.m. Monday through Friday, 11 a.m. to 5 p.m. Saturday and 11 a.m. to 4 p.m. Sunday. More information on The Chandler and other Lakeshore East properties is available at www.LakeshoreEast.com or by calling (312) 540-9891.
(Photo Caption)
Even though it won’t be built until 2006 and occupied in 2007, 65 percent
of the residences have been pre-sold at The Chandler, a 304-unit condominium
tower recently announced at Lakeshore East, the new neighborhood blossoming
at the intersection of the Chicago Rive and Lake Michigan.
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