"We expect to get city approval by the end this year," says Joel Carlins, president of Magellan Development Group Ltd. who, along with Near North Properties, is developing the $1.5-billion Lakeside East project. Carlins said he anticipates breaking ground by next spring.
But given the sheer scale of the project, the three-step city approval process may take longer. Magellan and Near North's plans, which were unveiled at a community meeting near the proposed site of the development, call for the construction of seven condominium towers, five rental apartment towers, possibly two hotels and an elementary school. Labeled a "town within a city", the new buildings will ring a six-acre park in the center of the development, which was designed by Adrian Smith of architects Skidmore, Owings & Merrill LLP.
Jim Loewenberg, Near North president and a practicing architect, says the plan was mindful of the fact that developers were essentially building a residential community where up to 10,000 people will be living when construction is complete in 12 years.
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