"We expect to get city approval by the end this year," says JoelCarlins, president of Magellan Development Group Ltd. who, alongwith Near North Properties, is developing the $1.5-billion LakesideEast project. Carlins said he anticipates breaking ground by nextspring.

But given the sheer scale of the project, the three-step cityapproval process may take longer. Magellan and Near North's plans,which were unveiled at a community meeting near the proposed siteof the development, call for the construction of seven condominiumtowers, five rental apartment towers, possibly two hotels and anelementary school. Labeled a "town within a city", the newbuildings will ring a six-acre park in the center of thedevelopment, which was designed by Adrian Smith of architectsSkidmore, Owings & Merrill LLP.

Jim Loewenberg, Near North president and a practicing architect,says the plan was mindful of the fact that developers wereessentially building a residential community where up to 10,000people will be living when construction is complete in 12years.