For Immediate Release
August 9, 2006
Summers in Chicago have always tilted to the east with the lure of the lakefront, the harbors, the city beaches and of more recent vintage Navy Pier, the Museum Park and Chicago’s newest international attraction, Millennium Park.
But now there is more to the East Side of Chicago than the lakefront and tourism.
By leaps and bounds, downtown Chicago – particularly the East Side – is taking on an unprecedented residential quality alongside its commercial, cultural and entertainment attractions with the addition of thousands upon thousands of condominium homes in the past decade.
Nowhere is this more evident or pronounced than at Lakeshore East, A village in the heart of downtown Chicago steps from Michigan Avenue, Lakeshore East spans 28 acres, believed to be the largest parcel of downtown land under development in a 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, a lifestyle center that includes homes, retail, recreational opportunities and community amenities such as a lush 6-acre public park and a planned charter elementary school.
Lakeshore East is rising on the threshold of two of Chicago’ greatest attractions, its magnificent lakefront and the Chicago River. In a 1995 poll to identify the “7 Wonders of Chicago,” the public rated the lakefront number one by a landslide. A short stroll from Millennium Park, Navy Pier and Museum Park, Lakeshore East has received many awards, including a National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan.
Prior to its transformation to the most vibrant new community in Chicago, the Lakeshore East site has served as a 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 is a preview of the future, a mixed-use development 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 charter elementary school.
Some 40 percent of the site will remain vibrant open space. Among the 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.
Developer Magellan Development Group’s co-CEOs Joel Carlins and James Loewenberg will maintain ownership and design influence of all 28 acres to ensure a unified vision as Lakeshore East unfolds.
Residential developments at Lakeshore East currently include two completed and occupied buildings, The 29-story Lancaster, the community’s first condominium building with 209 homes and The Shoreham, a 46-story apartment tower with 548 residences. Recently completed and now receiving its first residents is The Regatta, a 44-story sold-out condominium building with 325 residences. Under construction are 340 On The Park, a 62-story condominium tower with 340 residences and The Chandler; a 35-story condominium building with 304 residences and The 51-story The Tides, the community’s second rental property with 607 luxury units. Pre-construction sales are under way for the 82-story Aqua, which will be the tallest and most distinctive residential building in downtown Chicago. It will be the first high-rise in the city designed uniquely to combine condos, rental, hotel and retail spaces in a single structure. And pre-construction sales are under way for the first phase of the Parkhomes at Lakeshore East, an enclave of 24 gracious single-family homes bordering the new award-winning public park.
For additional information, please telephone the Lakeshore East Sales & Marketing Vice President Tricia Van Horn (312) 943.2100, Ext. 403 or visit the web site, www.lakeshoreeast.com.