INSIDE COMMERCIAL REAL ESTATE
Unique opening planned for Lakeshore East mixed-use building
BY SUSAN DIESENHOUSE
Published May 9, 2007
A $400-million, 76-story mixed-use tower is being planned for Lakeshore East by Magellan Development LLC.
The striking design by Miami-based Arquitectonica features a 20-story opening through the building's midsection
. The tower, which will rise at 375 E. Wacker Dr., has two intersecting components programmed to house a five-star hotel with 224 suites, as many as 671 condominiums and six stories of underground parking.
The sale of condominiums, priced from $500,000 to about $3 million, will start in August. By mid-2008, construction will get under way. The first residents are expected to move in two years later, said Jim Loewenberg, co-chief executive of Magellan.
So far at Lakeshore East, seven buildings with about 2,500 residential units have been built or are in construction. In total, the developer might put up 16 major buildings with about 5,000 units, Loewenberg said.