CHICAGO-Magellan Development Group has broken ground on the $150 million Coast at Lakeshore East, a 45-story apartment tower in the company’s $4 billion mixed-use complex on Lake Michigan. Magellan and JP Morgan Asset Management, an equity partner, have invested more than $50 million, with another $99 million provided by Northwestern Mutual Life Insurance Co.

The new tower will have 499 apartments, 18,000 square feet of retail and a 272-car parking facility. Amenities will include an outdoor pool, fitness center, media room, indoor spa and more. The project should open for occupancy by February 2013.

Magellan has already completed a collection of condominium and apartment towers on the site, with an average occupancy of about 95%. The buildings include the Regatta, Chandler, Tides, Shoreham and Lancaster, as well as the new Village Market, a 105,000-square-foot retail mall that will include the anchor Mariano’s Fresh Market.