For Immediate Release
June 20, 2006
SUBURBS PRODUCE LARGE MAJORITY OF BUYERS AT BOOMING NEW LAKESHORE EAST COMMUNITY
By a majority of nearly 2-to-1, suburbanites are outnumbering city-based buyers flocking to the blossoming new Lakeshore East community on the New East Side with out-of-staters logging in 15 percent of total sales.
A demographic breakdown of the first five luxury condominium towers completed, under development or being pre-construction marketed in the new neighborhood near the confluence of Lake Michigan and the Chicago River with a combined total of 1,449 residences reveals:
• 690 purchasers, or 55 percent of the total, come from Chicago suburbs
• Another 391 or 30 percent are from the city
• 165 or 15 percent are from out of state
• Another 3 are from outside the United States (Canada, Italy and Singapore)
“While sales from the city remain strong, we find interesting a subtle shift of the proportion from the suburbs and out-of-state buyers as the community has evolved,” observed David Carlins, president of Magellan Development Group, LLC, the developer of Lakeshore East.
The first completed and occupied condominium tower in the community is The Lancaster, a 29-story structure designed by Loewenberg Architects with 209 residences. Nearing completion sold-out with first occupancy scheduled for August is The Regatta. Designed by DeStefano + Partners Inc., the 44-story building contains 325 residences.
Two condominiums under construction are The Chandler and 340 on the Park.
The 35-story The Chandler, with 304 residences, was also designed by DeStefano + Partners. It is 90 percent sold and initial occupancy is projected for 2007.
340 on the Park, a joint venture of LR Development Co. and Magellan, is under construction at 340 E. Randolph. Sales at the 348-unit, 62-story tower designed by Solomon Cordwell Buenz & Associates are at the 80% level with occupancy also projected for 2007.
The newest addition to Lakeshore east is Aqua, a unique 80-story mixed-use skyscraper uniquely designed by award-winning architect Jeanne Gang of Studio Gang. The Aqua marketing program was launched April 8 and 66 percent of the luxury condominiums included in the building's design have been reserved
Aqua, which will be the tallest and most distinctive residential building in downtown Chicago, will be the first high-rise in the city designed uniquely to combine condos, rental, hotel and retail spaces in a single structure. It is also believed to be the tallest building ever designed by an architectural firm headed by a woman.
While 21 other states have produced buyers at Lakeshore East, the Midwestern states of Indiana, Michigan and Wisconsin are joined by sunshine states California and Florida and New York City as the most popular non-Illinois purchasers.
Lakeshore East is evolving as a mixed-use lifestyle center 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, 770,000 square feet of retail space and a proposed elementary school.
Some 40 percent of the site will remain vibrant open space. Among the award-winning Lakeshore East park’s many attractions is free Wi-Fi or wireless broadband Internet access. Other park amenities include a children’s play park, a gated dog park, a large open meadow, water fountains, ornamental gardens and extensive seating.
Residential developments at Lakeshore East, in addition to the condominium properties, currently include The Shoreham, a completed and occupied 46-story apartment tower with 548 residences and the 51-story The Tides, the community’s second rental property with 607 luxury units. It also is under construction. And the first phase of Parkhomes at Lakeshore East, an enclave of 24 gracious and distinctive single-family homes bordering the new award-winning public park, is in the final design stage and expected to be brought to market by summer 2006.
For additional information, please telephone the Lakeshore East sales center
(312) 540.9891 or visit the website, www.lakeshoreeast.com.