Lakeshore East - Overview

Overview

This $4 billion lifestyle center spans 28 acres (0.044 sq mi; 0.113 km2), and will include 4,950 residences, 2,200,000 square feet (200,000 m2) of gross commercial space, 1,500 hotel rooms, 770,000 square feet (72,000 m2) of retail space and a planned elementary school surrounding a magnificent 6-acre (24,000 m2) botanical park. The plan, which had Adrian Smith as the design partner, calls for fourteen high-rise condominiums and two commercial officespace superstructures. Lakeshore East is within walking distance to the Chicago River, Lake Michigan, DuSable Harbor, Michigan Avenue, Grant Park, and Millennium Park.

The park, named Lakeshore East Park, opened in 2005 and is supported by a mixture of public funds from the Chicago Park District and private funds from the neighboring Lakeshore East condominium buildings. It is the city's first and currently only free wireless park. The park features several fountains.

The Lancaster (completed in 2005) was Lakeshore East's first new completed building. The Shoreham (2005) was Lakeshore East's first completed apartment building. 340 on the Park (2007) was briefly the tallest all-residential building in Chicago, but was surpassed by One Museum Park. Aqua (2009) is the first skyscraper in Chicago to combine condominium residences, luxury rentals, deluxe hotel and retail spaces in the same structure and it is believed to be the tallest building in the United States designed by a female-run architectural firm. The development has its own village center, named Village Market Center, which includes a full service supermarket. The other buildings completed in the first phase of development were The Regatta (2007), The Chandler (2008) and The Tides (2008) as well as the Benton Place Parkhomes townhouses (2009).

In 2011, construction began on Coast at Lakeshore East, which is expected to be completed in 2013.

Lakeshore East is a venture of Magellan Development Group LLC, a recently formed corporate partnership culminating a long-term collaboration between Magellan Development Group and NNP Residential & Development.

All of the buildings in Lakeshore East are luxury condos and high-end apartment highrises. Many of them are named with an aquatic theme. In addition to the luxury skyscrapers, the development will include 24 ultra-luxury town homes in the $2 million price range.