Lakeshore East.

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The Tides, which is on the north end of the development, is 50%rented, with about 60% of the renters being from outside of theChicago area, says Joel Carlins, co-CEO of Magellan Development.Normally, Magellan would see leasing activity of 50 new leases amonth for a new building, whereas there have been about 20 to 30per week for the Tides, Carlins tells GlobeSt.com. The building is"surrounded by water and Grant Park (in addition to being) close toDowntown," Carlins says. People are also more willing to rent asopposed to buy condominiums or homes in the current market, hesays.

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The retail center will be a three-story structure withapproximately 140,000 sf, he says. Treasure Island will anchor theretail center and will lease between 30,000 sf and 35,000 sf of the140,000-sf center, Carlins tells GlobeSt.com. Fifth Third Bank hassigned a lease and there is expected to be a couple of restaurantsin addition to "service uses," he says. The retail center isexpected to be complete in about a year.

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The Tides has a mix of studio, convertible, one- and two-bedroomunits that range in size from 560 sf to 1,290 sf, Carlins says. Therental rates range from $1,320 to $3,305. The Tides has 5,000 sf ofretail space, 397 indoor parking spaces and "one entire floor is afitness center," he says. An affiliate of Magellan that doesleasing is occupying some of the retail space, Carlins says.Magellan is in discussions with a wine restaurant that is expectedto lease some of the space, he tells GlobeSt.com. The building alsohas a spa, outdoor swimming pool, indoor garden, game room and anarea with computer workstations. NNP Residential, an affiliate ofMagellan, is the property manager for the Tides. The apartmenttower was designed by Loewenberg Architects and constructed byWalsh Construction Co.

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In other parts of Lakeshore East, construction is currentlyunderway on the $474-million Aqua mixed-use tower and is expectedto be completed in the middle of 2009, Carlins says. The 81-storytower will have 2.2 million sf of space including condominiums,apartment units, retail space and hotel suites. There will be 263condo units, with all but six pre-sold, and approximately 476rental units, he says. The condominium units will start on the 53rdfloor which is higher than the top of most condominium buildings,he says. There will be nearly 50,000 sf of retail space with CVSleasing about 12,000 sf, he tells GlobeSt.com. "It is somethingneeded in the community," he says of the pharmacy. The 210 hotelrooms will be on the first 15 floors of the building and will beconnected to Strategic Hotels' Fairmont Chicago property, which isadjacent to Aqua, Carlins says. Magellan's corporate office willoccupy the 42,000 sf of office space in the building, as previouslyreported by GlobeSt.com. Studio/Gang/Architects is the designarchitect, headed by Jeanne Gang, with Loewenberg Architectsserving as architect of record. James McHugh Construction Co. isthe general contractor for Aqua.

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The Shoreham was the first rental building constructed at thedevelopment. The 51-story tower has 548 units and is about 93%rented, Carlins says. Completed condominium buildings at LakeshoreEast include the Lancaster, the Regatta, the Chandler and 340 Onthe Park. The development is zoned to have up to 10 million sf,Carlins says. When completed, Lakeshore East is expected to have upto 4,950 residential units, 2.2 million sf of commercial space,400,000 sf of retail space and 1,500 hotel rooms. The developmenthas a six-acre public park, and will likely have an elementaryschool built as well, Carlins says.

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