For Immediate Release
May 31, 2007
For More Information:
Larry Schaffel/PR Director
Tricia Van Horn/VP Marketing
312/642-8869
Despite consistently gloomy reports on the travails of the housing market, a phenomenon being described as “reverse migration” continues to energize the downtown condo market.
At least that seems to be the case at Lakeshore East, the $4 billion live/work/play neighborhood that continues to enjoy wholesome traffic and sales as it blossoms near the intersection of the Chicago River and Lake Michigan.
According to Leila Zammatta, senior vice president of sales, more than half of the 1,100 condos that have been purchased so far are buyers who are relocating from the suburbs to downtown Chicago.
“While a small number of our buyers are keeping their primary residence in the suburbs and buying second homes for weekends in the city or for special events, most are empty nesters or baby boomers who are just moving back to town,” said Zammatta.
These “reverse migrants,” joined by the city’s young professionals, buyers relocating from other parts of the U.S. and abroad are sustaining demand at communities like Lakeshore East, which is described as 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.
Joel Carlins, co-CEO of Lakeshore East developer Magellan Development Group, observes that unlike typical high-rise living, in which residential buildings are isolated from the surrounding neighborhood, buyers and renters are increasingly attracted to communities within communities.
“Lakeshore East is entirely different than buying a unit or renting in a single building,” notes Carlins. “I think we’re attracting buyers looking for a community rather than a building or a condo conversion. People are attracted to Lakeshore East because of its tremendous location near water, steps from Michigan Avenue and Millennium Park and yet it still offers plenty of open, green space.”
Believed to be the largest parcel of downtown land under development in a major U.S. city, the 28-acre 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 amenities such as a lush 6-acre public park and a planned charter elementary school
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, 400,000 square feet of retail space and a proposed charter elementary school.
Some 40 percent of the site will remain vibrant open space. Among the many attractions of the Lakeshore East Park, 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.
Designed by internationally-acclaimed landscape architect James Burnett with Chicago’s Site Design Group, the crown jewel of the community has been named the Best New Park in Chicago by Chicago magazine and the city’s Best New Open Space by The Friends of Downtown.
Residential developments at Lakeshore East, which was recently honored as Chicago’s Best New Development for 2007 by the Greater North Michigan Avenue Assn., currently include three completed and occupied buildings: The 29-story Lancaster, the community’s first condominium building with 209 homes; The Shoreham, a 46-story apartment tower with 548 residences and The Regatta, a 44-story building with 325 residences.
Under construction are 340 On The Park, a 62-story condominium tower; The Chandler; a 35-story condominium building; the 51-story The Tides, the community’s second rental property with 607 luxury units; and 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 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, First Third Bank facility and Café RoM coffee shop.
For additional information, please telephone the Lakeshore East Sales Center at (312) 540-9891 or visit the Website, www.LakeshoreEast.com.