For Immediate Release
October 4, 2005
For more information:
Larry Schaffel, 312/642-8869
Tricia Van Horn, 312/943-2100

THE CHANDLER SETS THE PACE FOR RED-HOT DOWNTOWN CONDOMINIUM MARKET

How hot is the downtown Chicago condominium market?

Consider that the first advertisement for The Chandler, the newest condominium tower in the rapidly growing Lakeshore East community in the booming New East Side was published in June.

Consider that groundbreaking for this 35-story building with 304 residences will not take place until November and that initial occupancy is not projected until 2007.

Finally, consider that in approximately three months The Chandler has surpassed its pre-sales goal by ringing up a 65 percent pre-sold tally.

Does that begin to answer the question of the energy flowing through the downtown Chicago condo market?

The Chandler is the fourth condominium tower announced at Lakeshore East, a vibrant and rapidly developing downtown Chicago neighborhood created by Magellan Development Group Ltd. and NNP Residential & Development.

Situated where the Chicago River meets Lake Michigan, The Chandler offers luxury residences priced from $192,000 for a 582-square-foot studio to $1.7 million for a 3,215-square-foot three-bedroom plan. Buyers have the option of combining units and customizing 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.

“ The market’s response to the Lakeshore East community has been overwhelming,” said Joel Carlins, CEO of Magellan Development Group. “Our waiting list for The Chandler reached 400 before we even began marketing. We listened to what our residents love about Lakeshore East, then designed The Chandler to fit the lifestyle they want, with open spaces, great views and gracious amenities.”

The 35-story tower, designed by DeStefano + Partners, will feature The Shore Club, an exclusive resort-like amenity package that includes a fitness facility with massage room, an indoor rooftop pool, two landscaped rooftop decks, a private party room and a media room. Concierge services will be provided. Retail space totaling 10,000 square feet and a private parking facility will round out the property.

The Chandler marks the fifth residential high-rise at Lakeshore East. Bordered by the Chicago River and Lake Michigan, the 28-acre community is slated to bring 4,900 new residences to downtown Chicago over the next decade

Properties currently under development or completed at Lakeshore East include The Regatta, a 44-story condominium tower slated for mid-2006 completion; The Lancaster, a 29-story residential condominium completed in December 2004; The Shoreham, a 46-story, 550-residence apartment tower completed in April 2005; and 340 on the Park, a 62-story, 348-unit condominium building co-developed by LR Development Co. The Parkhomes at Lakeshore East, bordering the new public park, are in the final design stage and expected to be brought to market by spring 2006.

“ Inspired by traditional Chicago neighborhoods, Lakeshore East will include homes, retail, recreational and community offerings such as the recently opened 6-acre park with wireless Internet access, and a planned elementary school,” said James Loewenberg, president of NNP Development.

Still in its infancy, the $4 billion mixed-use development has received several awards, including the 2002 National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan.

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.

(Photo Caption)
Even though it won’t be built until 2006 and occupied in 2007, 65 percent of the residences have been pre-sold at The Chandler, a 304-unit condominium tower recently announced at Lakeshore East, the new neighborhood blossoming at the intersection of the Chicago Rive and Lake Michigan.

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