April 2005
For More Information:
Larry Schaffel
Tricia Van Horn
312/642-8869
Lakeshore East Replaces Urban Golf Course
The growing lure of downtown living is being magnified by the creation of such imaginative new developments as Lakeshore East, a 28-acre complex on the site of a former urban golf course steps from Michigan Avenue.
Rising in the heart of the magnificent New East Side neighborhood, Lakeshore East will complete the ambitious 30+-year plan for Illinois Center with a program calling for nearly 5,000 homes, a six-acre public park, more than 2 million square feet of commercial space, 770,000 square feet of retail space, 2,200 hotel rooms and the first public elementary school in Chicago.
The Lancaster, a 29-story luxury condominium building, is the first residential building to be completed in the highly anticipated Lakeshore East neighborhood. Modern in design yet classical in appeal, the all-glass structure designed by Loewenberg + Associates, architects, comprises 210 one-, two- and three-bedroom homes with 810 to more than 2,000 square feet with balconies and seven unique ground-level duplex plans with two and three bedrooms, dens and lofts that offer 2,307 to 2,616 square feet of living space.
Because of its remarkable proximity to the city's central business district, world-class shopping and peerless dining, cultural and entertainment opportunities, Lakeshore East will easily energize what is believed to be the largest parcel of undeveloped downtown land of any major city in the nation.
Its boundaries are Lake Shore Drive on the east, Wacker Drive on the north, Columbus Drive on the east and Randolph Street on the south.
Described as a village in the heart of downtown Chicago, this $2.5 billion mixed-use development will incorporate all the elements of a traditional city neighborhood, including homes, retail, recreational opportunities and community amenities such as a lush public park and a planned public elementary school - all located where the Chicago River meets Lake Michigan, just north of the city's acclaimed new Millennium Park. With completion still eight to 10 years away, Lakeshore East already has received several awards, including a National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan.
Phase I of Lakeshore East - which includes construction of roadways, utilities, infrastructure and initial residential buildings - is nearing completion. Co-developers Magellan Development Group and NNP Residential & Development will maintain ownership and design influence of all 28 acres to ensure a unified vision as Lakeshore East unfolds.
In addition to The Lancaster, which is now receiving its first occupants, residential developments now under construction at Lakeshore East include The Shoreham, a 46-story apartment tower and The Regatta, a 44-story condominium building. The Parkhomes at Lakeshore East, bordering the new public park, is scheduled to be brought to market by fall 2005. Another luxury condominium tower, the 62-story The 340 On The Park, is scheduled for construction in 2005. All are experiencing an outstanding market response, reports the developer.
For additional information, please telephone the Lakeshore East sales office at (312) 540-9891 or visit the Web site, www.Lakeshoreeast.com.