For Immediate Release
January 23, 2007
For More Information:
Larry Schaffel/PR Director
Tricia Van Horn/VP Marketing
312/642-8869
A consortium of financial service firms, including Eurohypo AG (New York Branch), LaSalle Bank and National City Bank, has arranged a $427 million construction loan for Aqua, an 81-story mixed-use tower headed for the northwest corner of Lakeshore East.
In addition, Lehman Bros. has agreed to provide a $24 million mezzanine loan and developer Magellan Development Group has added $24 million in equity to cover Aqua’s total projected cost of $475 million.
The critically-acclaimed tower designed by Jeanne Gang, principal of Studio/Gang Architects, is Chicago’s first high-rise specifically created to blend condominium residences, luxury rentals, deluxe hotel and retail spaces. Loewenberg Architects is the architect of record.
“We expect to break ground for Aqua this spring,” reports Magellan President David Carlins. The 28-acre, $4 billion complex near the confluence of Lake Michigan and the Chicago River is viewed as an oasis in the heart of the city with an award-winning 6-acre public park as its centerpiece.
Gang’s unique design has been praised by one architectural critic as “dazzling” and possibly “Chicago’s most sensuous skyscraper,” and by another as “a new kind of skyscraper (that) heralds a new kind of Chicago architecture … Aqua is going to be one of the most striking buildings in the city.”
The dramatic design of Aqua, the seventh high-rise at Lakeshore East, is an amenity unto itself, said James Loewenberg, Magellan co-chief executive officer and the principal of Loewenberg Architects.
“Aqua’s outdoor balconies and terraces form unique undulating contours that contrast with the more angular neighboring structures. In developing Lakeshore East, we set out to create an architecturally diverse community. Jeanne Gang’s remarkable contribution to our development helps realize that vision,” observed Loewenberg.
Aqua will combine 264 luxury condominiums on floors 53 to 81 with 474 rental apartments and 210 hotel rooms pre-sold to Strategic Hotel and Resorts Inc. with ballrooms and separate hotel function space. The building, which will connect to the surrounding underground Pedway system, also will include more than 37,000 square feet of retail space and approximately 42,000 square feet of office space. It is anticipated that the retail space will include several restaurants as well as other retail services.
Aqua’s studios, convertibles, and one-, two- and three-bedroom residences will command dramatic river, lake, skyline and Millennium Park views. Remaining residences, ranging from 1,173 to 3,869 square feet, are priced from $650,000.
In addition, a limited number of opulent penthouses are planned for several of the top floors of Aqua. The penthouse condominiums will be ultra luxurious featuring unparalleled amenities and one-of-a-kind views. Remaining penthouses are priced from $1.9 million to $2.9 million.
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 and The Shoreham, a 46-story apartment tower with 548 residences and The Regatta, a 44-story condominium building with 325 residences.
Under construction are 340 On The Park, a 62-story condominium tower; The Chandler; a 35-story condominium building; and the 51-story The Tides, the community’s second rental property with 607 luxury units. Pre-construction sales are under way for the 81-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 Caffé RoM coffee shop.
For additional information on Lakeshore East, please visit the website, www.LakeshoreEast.com.