For Immediate Release
December 12, 2006
For More Information:
Larry Schaffel/PR Director
Tricia Van Horn/VP Marketing
312/642-8869
“Very well, thank you” is how executives at Magellan Development Group are responding to the inquiry, “How are sales going at Lakeshore East?” the $4 billion mixed-use complex anchoring the New East Side.
Case in point is pre-construction sales at the 35-story The Chandler, the fourth luxury condominium tower brought to market at Lakeshore East.
Projected for initial occupancy in 2007, the new condo structure at 450 E. Waterside Drive on the northeast corner of the 28-acre community will add 304 residences some 10,000 square feet of retail space to the blossoming village.
Arriving on the heels of The Regatta, the community’s recently completed second condo tower, The Chandler reports contracts for more than 97 percent of its 304 luxury residences.
The 10 remaining units at The Chandler a combination of three-bedroom plans with 1,900 square feet of living space and 1,800-square-foot penthouses designed with two bedrooms and a den, priced from the upper $700,000s. Buyers may combine units and customize penthouse floor plans to suit their tastes and needs. River, lake and city skyline views will complement convenience to the Magnificent Mile, central business district, Millennium Park and lakefront.
Designed by DeStefano + Partners, The Chandler will also feature Lakeshore East’s resort-like amenity, “The Shore Club,” which includes a fitness facility with an indoor rooftop pool, two landscaped rooftop decks, a private party room and a media room. Concierge services will be provided.
Situated in the heart of downtown Chicago steps from Michigan Avenue, Lakeshore East is believed to be the largest current mixed-use development in a major U.S. city’s downtown and is uniquely situated on the threshold of four of Chicago’s greatest attractions, its magnificent lakefront, the Chicago River, Grant Park and the new Millennium Park.
“Hands down, it’s the best location in Chicago,” proclaims Leila Zammatta, senior vice president of sales.
The Magellan Development Group venture incorporates all the elements of a traditional city community, a lifestyle center that includes homes, retail, recreational opportunities and amenities such as a lush, award-winning six-acre public park at its core and a planned elementary school.
The Lakeshore East plan will allow construction of up to 4,950 residences flanking a magnificent 6-acre park, 2.1 million gross square feet of commercial space, 2,200 hotel rooms, 770,000 square feet of retail and the proposed elementary school. Significant retail facilities will be scattered throughout the community.
Some 40 percent of the site will remain vibrant open space. Among the centerpiece 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. In addition, a series of smaller parks with special designs and water features will be added to the community.
The $4 billion mixed-use development received the 2002 National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan. Joel Carlins and James Loewenberg, Magellan co-CEOs, will maintain ownership and design influence of all 28 acres to ensure a unified vision as Lakeshore East unfolds.
Other residential developments at Lakeshore East currently include the 29-story The Lancaster, the community’s first completed condominium building; The Shoreham, a 46-story apartment tower with 548 residences and the recently completed The Regatta, a 44-story condominium with 325 residences. Still under construction in addition to The Chandler are 340 On The Park, a 62-story condominium tower with 344 homes and the 51-story The Tides, the community’s second rental property with 608 residences.
Pre-construction sales are under way for the first phase of Parkhomes, an enclave of 24 gracious townhomes bordering the park, for 263 condominiums to be included in the 82-story Aqua, which will be the first high-rise in the city designed uniquely to combine condominiums, rental apartments, hotel and retail spaces.
The Chandler’s sales center, 375 E. Wacker Drive, is open 11 a.m. to 6 p.m. Monday through Friday, 11 a.m. to 5 p.m. Saturday and 11 a.m. to 4 p.m. Sunday. More information on The Chandler and other Lakeshore East properties is available at www.lakeshoreeast.com or by calling (312) 540-9891.