For Immediate Release
October 12, 2006
For More Information:
Larry Schaffel/PR Director
Tricia Van Horn/VP Marketing
312/642-8869
A leading real estate investment trust has signed an agreement to purchase on completion more than 200 luxury hotel suites in Aqua at Lakeshore East, Chicago’s first residential high-rise specifically created to blend condominium residences, luxury rentals, deluxe hotel and retail spaces.
The agreement with Strategic Hotel Funding, L.L.C., an affiliate of Strategic Hotels & Resorts Inc. to acquire on completion approximately 15 floors in the highly acclaimed 82-story structure was announced jointly by Strategic’s President and Chief Executive Officer Laurence Geller and co-CEOs of Aqua developer Magellan Development Group, Joel Carlins and James Loewenberg.
Aqua, which is believed to be the tallest building in the United States designed by an architectural firm headed by a woman, Jeanne Gang of Chicago-based Studio Gang Architects, is projected for completion in late 2009.
Aqua will be situated at the northwest corner of the 28-acre mixed-use Lakeshore East complex, across North Columbus Drive from Strategic Hotels’ Fairmont Hotel.
The new hotel will include 210 luxury suites averaging more than 650 square feet, a 20,000-square-foot ballroom with outdoor terrace space overlooking the award-winning, 6-acre Lakeshore East park and 30,000 square feet of pre-function space and other general hotel support facilities.
Upon announcing the agreement to acquire the hotel development space upon completion for a purchase price of $82.4 million, Geller commented, “We are proud to be part of Aqua building, a high-quality Magellan Development which, with its innovative and dramatic design, will quickly become a recognized landmark within the City of Chicago. This project will bring an added dimension to the high-end hotel sector in our great city.”
In response, Carlins and Loewenberg declared “we are delighted to join forces with a company of the stature of Strategic Hotels and Resorts. Their presence in Aqua will bring an added dimension of luxury and convenience to our growing Lakeshore East community and, for that matter, to the entire Millennium Park district.”
Strategic Hotels & Resorts, Inc. is a public hospitality real estate investment trust (REIT) traded on the New York Stock Exchange (NYSE: BEE) that owns and asset manages high-end hotels and resorts. The company currently has ownership interests in 20 properties in the U.S. and abroad with an aggregate of 10,006 rooms.
Projected as one of the most striking new buildings in Chicago with a unique wavy facade achieved by terraces of varied sizes and shapes, Aqua will combine 264 condominium residences on its top 28 floors, above 33 floors containing 476 rental units.
The hotel will occupy floors 4 to 18. Each element of the building will have separate entrances and elevators. Aqua will also include retail and office space.
Rising from the 53rd floor and already more than 65 percent sold, Aqua’s studios, convertibles, and one-, two- and three-bedroom residences arrayed in 26 floor plans will command dramatic river, lake, skyline and Millennium Park views. Residences, ranging from 573 to 1,982 square feet, are priced from the $350,000s. 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.
Carlins observes that “our lowest condo level on the 53rd floor is higher than most penthouses in the city.”
“Aqua represents a Chicago milestone as the first high-rise specifically created to comprise condominium, rental, hotel and retail spaces,” said Loewenberg. “This addition to Lakeshore East is revolutionary in both design and function. The design of the seventh high-rise at Lakeshore East, is an amenity in itself. 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.”
Residents will have access to more diverse amenities than in any single building any major city, indoors and out. A distinctive 80,000-square-foot deck will feature luxury gardens, gazebos, pools and cabañas, a hot tub, walking trail, fire pit and grills. Indoors, 27,500-square-foot amenity floors will provide fitness facilities, indoor lap pool, a spa featuring hot tubs, sauna, steam and massage room, a private party suite with catering kitchen, coffee bar and lounge, wine room, media room, billiards and game area, business center, Internet café, library, skygarden and concierge services.
The $4 billion Lakeshore East neighborhood 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 and winner several awards, including a National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan, allows for the construction of a minimum of 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 planned charter elementary school. Design and development plans for the school are under way.
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.
The crown jewel of the community, Lakeshore East Park it 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 and will be featured in the November issue of Landscape Architecture Magazine.
Plans for a diversified retail component also are well under way. Treasure Island will anchor a retail center with a 27,000-square-foot, full-service food market while First Third Bank and Caffe RoM have leased retail spaces in The Shoreham. Discussions with other retail operators are ongoing.
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; The Shoreham, a 46-story apartment tower with 548 residences and The Regatta, a 44-story condominium building with 325 homes.
Under construction are 340 On The Park, a 62-story condominium tower; 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. Along with the Aqua condos, pre-construction sales are under way for The Parkhomes at Lakeshore East, an enclave of 24 gracious and distinctive townhomes.
For additional information, please telephone the Lakeshore East Sales Center at (312) 540-9891 or visit the Web site, www.Lakeshoreeast.com.