For Immediate Release
June 21, 2007
For More Information:
Larry Schaffel/PR Director
Tricia Van Horn/VP Marketing
312/642-8869
Construction of a trio of multi-family buildings, including two condominium towers and a rental building, are approaching completion at Lakeshore East, the $4 billion new neighborhood rising near the intersection of Lake Michigan and the Chicago River.
Sales of the community’s third and fourth condo buildings, The Chandler and 340 on the Park, are keeping pace, reports Leila Zammatta, senior vice president of sales for Magellan Development Group, developer of the 28-acre mixed-use complex.
The 35-story The Chandler, designed by DeStefano + Partners Inc. with Loewenberg Architects LLC architect of record, is winding down structurally with sales of its 304 residences at the 98 percent sold mark. Initial occupancy is projected for The Chandler, bordering the Chicago River, for July 2007.
Rising across the street from universally acclaimed Millennium Park, 340 on the Park, adjacent to the Blue Cross/Blue Shield building on east Randolph Drive, likewise is nearing completion. Sales of the 344 condo residences in the 62-story luxury tower designed by Solomon Cordwell Buenz & Associates are at the 95 percent level with initial occupancy also projected for July 2007.
The Tides, the second rental building at Lakeshore East situated on the park, is a 51-story structure with 608 residences also targeted for completion in 2008. Designed by Loewenberg Architects, The Tides will include a 351-car parking facility and nearly 5,000 square feet of retail space.
All three buildings boast exceptional amenities, including Lakeshore East’s signature Shore Club in both The Chandler and The Tides. They feature state-of-the-art fitness centers with televisions, whirlpools, steam and sauna rooms, massage areas and locker rooms; lounge areas; swimming pools; catering kitchens; business centers; game rooms and Wi-Fi wireless technology. Many of the same amenities are provided at 340 on the Park, which is a joint venture of Magellan and Related Midwest.
Lakeshore East’s exclusive RentBUY program will also be offered at The Tides. This unique program allows renters to apply a portion of their rent to build equity toward the purchase price of participating condominiums at Lakeshore East.
Rising on the site of a former transshipment port serving Chicago’s growing economy in the mid 19th century, an Illinois Central railroad freight yard and terminus and, most recently, a par-3, nine-hole urban golf course, Lakeshore East incorporates all the elements of a traditional city community, a lifestyle center that includes homes, retail, recreational opportunities and amenities such as a lush, award-winning 6-acre public park and a planned charter elementary school.
Lakeshore East is perceived as a preview of the future, a neighborhood where people can live, work, shop, eat and pursue whatever interests them without having to get into a car. The plan that completes the ambitious Illinois Center development allows for the construction of up to 4,950 residences, a magnificent 6-acre public park, 2.2 million gross square feet of commercial space, 1,500 hotel rooms, 400,000 square feet of retail space and a proposed charter elementary school.
Residential developments at Lakeshore East currently include three completed and occupied buildings: The 29-story Lancaster, the community’s first condominium building with 209 homes; The Shoreham, a 46-story apartment tower with 548 residences and The Regatta, a 44-story condominium building with 325 units. Construction is also under way at the 82-story Aqua, which will be the first high-rise in the city designed uniquely to combine condominiums, rental apartments, hotel and retail spaces. The first phase of The Parkhomes at Lakeshore East, an enclave of 24 gracious townhomes, has been brought to market. A diverse retail component of the community already includes leases for a full-service Treasure Island grocery market, Fifth Third Bank facility and Café RoM coffee shop.
For additional information, please telephone the Lakeshore East Sales Center at (312) 540-9891 or visit the Website, www.LakeshoreEast.com.