May 23, 2006

LAKESHORE EAST NEARS 2/3 MARK OF PLANNED RESIDENTIAL DEVELOPMENT

With the announcement of two new residential towers, together with three others completed and two under construction, the booming new Lakeshore East neighborhood has reached nearly two thirds of its planned total of 4,950 residences.

Joining the parade of distinctive structures filling out the 28-acre site recently occupied by a nine-hole urban golf course are The Tides, the community’s second luxury rental tower, and Aqua, Chicago’s first high-rise specifically created to comprise condominium, rental, hotel and retail spaces.

The 51-story The Tides, designed by Loewenberg Architects, brings to market 608 luxury rental apartments, including studios, convertibles and one-bedroom, one-bedroom plus den and two-bedroom units from 495 to 1,335 square feet of space. Along with parking for 381 vehicles, The Tides will include a 16,000-square-foot Shore Club and 4,849 square feet of first floor retail space.

Aqua, the tallest luxury high-rise at Lakeshore East designed by award-winning Jeanne Gang of Studio/Gang Architects, began pre-construction condominium sales April 8 and, energized in part by preview sales, 50 percent of the building’s condo component had been reserved by May 14.

Aqua’s 263 condo studios, convertibles, and one-, two- and three-bedroom residences with 573 to 1,982 square feet of living space will command dramatic river, lake, skyline and Millennium Park views. In addition, a limited number of opulent penthouses are planned for several of the top floors of Aqua. The opulent penthouse condominiums will feature unparalleled amenities and one-of-a-kind views of the Chicago skyline in all directions. Amenities feature an 80,000-square-foot outdoor deck and 35,000-square-foot indoor facility.

Convenient to the Magnificent Mile, Loop, Millennium Park and lakefront, the 80-story tower combines condominiums starting on the 53rd floor with luxury rental residences on floors 19 through 52, and hotel rooms below with separate entrances and elevators. The building also will include more than 36,000 square feet of first and second floor retail that will connect to the underground pedway system.

Other properties completed or under development at the 28-acre mixed-use community rising at the confluence of Lake Michigan and The Chicago River are : The Lancaster (209 condominium units); The Shoreham (548 apartments); The Regatta (325 condominiums) and 340 On the Park (348 condominiums) and The Chandler (304 condominiums).

And the highly anticipated Parkhomes at Lakeshore East, an enclave of 24 gracious single-family homes bordering the sprawling park, are in the final design stage and expected to be brought to market by summer 2006.

“The total of 3,096 residences completed, under way or scheduled is about 63 percent of our residential component,” observed Tricia Van Horn., vice president of sales and marketing for developer Magellan Development Group LLC. “Thanks to a robust market we are well ahead of our projected 12- to 15-year buildout schedule.”

The new village, steps from Michigan Avenue in the heart of downtown Chicago, is believed to be the largest parcel of downtown land under development in any major U.S. city. This $4 billion mixed-use development in the rapidly-growing New East Side incorporates all the elements of a traditional city neighborhood, including homes, retail, recreational opportunities and community amenities such as a lush public park and a planned elementary school, situated just north of the city’s acclaimed new Millennium Park. Lakeshore East already has received several awards, including a National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan.

In addition to the 4,950 residences, The Lakeshore East plan allows for the award-winning 6-acre public park dedicated to the City of Chicago, 2.2 million gross square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail and a planned elementary school. Significant retail facilities, including a full-service Treasure Island grocery store, will be scattered throughout the community.

Magellan Development Group LLC was formed by the recent merger of Magellan Development Group Ltd. and NNP Residential Development, two of Chicago’s most accomplished and respected real estate organizations with more than a century of combined experience.

Rising on the site of the former Illinois Central rail yard that was briefly a nine-hole urban golf course, Lakeshore East is the zenith of their long-term collaboration.

In its place, the Lakeshore East development team is creating an environment unparalleled in Chicago, a vibrant new neighborhood
Together Magellan and NNP have been instrumental in reintroducing apartment living to the central business district and revitalizing the River North community.

For additional information, please telephone the Lakeshore East sales office at (312) 540-9891 or visit the Web site, www.Lakeshoreeast.com.
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