For Immediate Release
August 18, 2006
A trio of leases for a bank, an Italian-style coffee bar and the design center for Lakeshore East has been completed for the lobby level of The Shoreham, the 48-story luxury apartment tower in the mixed-use neighborhood under development on the Near East Side.
Fifth Third Bank has leased 4,918 square feet at the west end of the building’s lobby level retail space that will provide standard Fifth Third Bank retail banking services as well as an internal ATM machine and a drive-through lane and window. The facility is expected to be open for business in October.
Fifth Third Bank was represented by Dan Tausk of MidAmerica Real Estate Group. Rob Rowe of Sierra Realty Advisors represented ownership.
A Caffé RoM (pronounced Rome) coffee shop will occupy approximately 1,700 square feet and provide a variety of coffees and pastries and lunches that include freshly made salads, gourmet sandwiches and Italian-style Panini. Mid-afternoon choices include specialty coffee drinks, imported Gelato and fine chocolates. Proprietor Joe DiCarlo, who also owns and operates five popular Caffé Baci restaurants downtown and another Caffé RoM in the Prudential Building, says it “will have the authentic atmosphere of an Italian coffee house.” He aims to open by November or December.
Lakeshore East developer Magellan Development Group has leased an additional 1,700 square feet at The Shoreham to relocate its comprehensive design center and Magellan Realty operation from 710 N. State Street.
Magellan Design Coordinator Lee Okamoto noted that “our current and future buyers will find this on-site location far more convenient for the selection of design finishes and upgrades.”
The trio of retail leases come on the heels of an earlier announcement that Treasure Island will anchor the community’s future 90,000-square-foot Village Market Center with a 28,000-square-foot full service grocery store. Brian Gordon, Magellan vice president of development, reports that additional leases for the Village Market Center are currently under discussion.
“We’re very pleased to be moving forward with our planned variety of shops and services for the convenience of Lakeshore East residents and our neighbors as well,” said Magellan President David Carlins.
Lakeshore East is being created as a growing neighborhood 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 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, 770,000 square feet of retail space and a proposed charter elementary school.
The Shoreham, the community’s first luxury rental building where the new services will be situated, set a downtown velocity record by leasing its 548 residences in a span of eight months and is now fully occupied.
Residential developments at the $4 billion Lakeshore East complex currently include three completed buildings. In addition to The Shoreham, the 29-story The Lancaster with 209 condominium homes, is completed and occupied and The Regatta, a 44-story condominium building, was recently completed and started occupancy. 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 82-story Aqua, which will be the tallest residential high-rise and most distinctive building in downtown Chicago, and the first phase of Parkhomes. Aqua will be the first high-rise in the city designed uniquely to combine condos, rental, hotel and retail spaces in a single structure. And sales are under way for the first cluster of Parkhomes, an enclave of 24 gracious single-family homes bordering the new award-winning public park.
For additional retail information, please Brian Gordon at 312-642-8869.
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