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CHICAGO-Describing their new development as a “town within a city”, developers Magellan Development Group and Near North Properties are set to unveil a huge Downtown mixed-use development they say will be the largest such building project in the nation.

The $1.5 billion Lakeside East project, which will be developed on 26-acres of land just southwest of where the Chicago River flows into Lake Michigan, will include five rental apartment towers, seven condominium towers, possibly two hotels and an elementary school.

Preliminary plans for development of the entire 83-acre Illinois center site will be presented tonight at the Cultural Center on Michigan Ave.

Globest.com will bring you further developments as they break.

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