For Immediate Release
April 3, 2007
For More Information:
Larry Schaffel/PR Director
312/642-8869
Deanna Bennett/NNP Marketing Manager
312/440/8500
Exceptional views of Lake Michigan and the city and an outstanding selection of rental units in a luxury apartment tower overlooking an award-winning park are just a few attractions of The Shoreham, the first rental tower at Lakeshore East and winner of the 2006 Property Excellence Award, the highest honor presented by the Chicagoland Apartment Association.
New vacancies in the 46-story building that set a leasing record by renting its 548 residences within a year of opening include convertibles and one- and two-bedroom units. The convertibles offer from 580 to 615 square feet of space and rent from $1,586. One-bedroom units range from 665 to 845 square feet, priced from $1,700 while two-bedroom apartments run from 1,170 to 1,250 square feet and rent from $2,635 monthly. Director of Leasing Sara Torsella says that in addition to unit turnover resulting from relocation, others have come back on the market as a result of the unique RentBUY program at Lakeshore East.
RentBUY allows renters to parley part of their rent payment toward the purchase of a new condominium at Lakeshore East, the most ambitious mixed-use development in any major city downtown in the country.
Renters who sign up, without obligations, can apply as much as 25 percent of their monthly rental payment toward up to 2.5 percent of the purchase price of a new condo at a participating Lakeshore East building. For example, that could translate to $7,500 if purchasing a $300,000 unit.
“We’ve already seen a number of our renters become owners here at Lakeshore East,” said Torsella.
“The appeal is that you start building equity simply by paying your rent,” explained Torsella. “Renters experience life in an exciting new neighborhood and receive a payback if they become future owners. It’s a great program for people who aren’t certain if they want to rent or buy as well as those who want to own but can’t afford to do so immediately.”
In addition to its exceptional location, two blocks east of Michigan Avenue and a block north of Millennium Park near the confluence of the lake and Chicago River, The Shoreham also boasts an exceptional itinerary array of amenities in its Shore Club. These include:
Apartments include an in-home laundry with a full-size washer and dryer, state-of-the-art appliances and granite kitchen islands.
The inclusive lifestyle of Lakeshore East rentals also provides remarkable amenities, such as high-speed Internet access, premium satellite TV with HBO and Showtime and air conditioning, heat, gas and water all included at no additional cost.
The $4-billion Lakeshore East community being developed by Magellan Development Group received the 2002 National Honor Award for excellence in urban design from the American Institute of Architects (AIA). Incorporating the elements of a traditional Chicago community, the distinctive Lakeshore East plan allows for the construction of up to 4,950 residences surrounding a magnificent, award-winning 6-acre public park named the Best New Park in Chicago in 2006, diverse retail facilities and a proposed charter elementary school.
More information is available at www.lakeshoreeast.com. For more information about available units or RentBUY please telephone Sara Torsella at 312-540-0400, Ext. 101.