Scheduled for completion in 2006, the Regatta will join the 207-unit the Lancaster condominium building as well as the 348-unit 340 E. Randolph St., the latter being built by LR Development Co. and Magellan Development Group. Also in the mix is the 550-unit The Shoreham, a rental building. The $2.5-billion Lakeshore East project is expected to add nearly 5,000 units to the 26-acre site east of the Illinois Center by 2019.
One thing the buildings do not have in common is the architect. DeStefano + Partners Inc. is designing the Regatta. Several different architects are involved in designing the first four Lakeshore East buildings, says Magellan Development Group president Joel Carlins.
While they are taking reservations on The Regatta, Magellan and Near North Properties have 84% of the units at the $108-million The Lancaster under contract, according to Appraisal Research Counselors, with sales averaging $375 per sf.
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