Lakeshore East.

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.

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.