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CHICAGO-Magellan Development Group, based here, has recently completed the construction of the Tides, a 608-unit apartment tower on Field Boulevard, south of Wacker Drive, and is expecting to start construction within the next 30 days of a 140,000-sf retail center near Randolph Street. The buildings are part of a $4 billion mixed-use development on 28 acres called Lakeshore East. The development is at the junction of the Chicago River and Lake Michigan, and north of Millennium Park. The AFL-CIO Building Investment Trust (BIT) is an equity partner in the development.

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

The retail center will be a three-story structure with approximately 140,000 sf, he says. Treasure Island will anchor the retail center and will lease between 30,000 sf and 35,000 sf of the 140,000-sf center, Carlins tells GlobeSt.com. Fifth Third Bank has signed a lease and there is expected to be a couple of restaurants in addition to “service uses,” he says. The retail center is expected to be complete in about a year.

The Tides has a mix of studio, convertible, one- and two-bedroom units that range in size from 560 sf to 1,290 sf, Carlins says. The rental rates range from $1,320 to $3,305. The Tides has 5,000 sf of retail space, 397 indoor parking spaces and “one entire floor is a fitness center,” he says. An affiliate of Magellan that does leasing is occupying some of the retail space, Carlins says. Magellan is in discussions with a wine restaurant that is expected to lease some of the space, he tells GlobeSt.com. The building also has a spa, outdoor swimming pool, indoor garden, game room and an area with computer workstations. NNP Residential, an affiliate of Magellan, is the property manager for the Tides. The apartment tower was designed by Loewenberg Architects and constructed by Walsh Construction Co.

In other parts of Lakeshore East, construction is currently underway on the $474-million Aqua mixed-use tower and is expected to be completed in the middle of 2009, Carlins says. The 81-story tower will have 2.2 million sf of space including condominiums, apartment units, retail space and hotel suites. There will be 263 condo units, with all but six pre-sold, and approximately 476 rental units, he says. The condominium units will start on the 53rd floor which is higher than the top of most condominium buildings, he says. There will be nearly 50,000 sf of retail space with CVS leasing about 12,000 sf, he tells GlobeSt.com. “It is something needed in the community,” he says of the pharmacy. The 210 hotel rooms will be on the first 15 floors of the building and will be connected to Strategic Hotels’ Fairmont Chicago property, which is adjacent to Aqua, Carlins says. Magellan’s corporate office will occupy the 42,000 sf of office space in the building, as previously reported by GlobeSt.com. Studio/Gang/Architects is the design architect, headed by Jeanne Gang, with Loewenberg Architects serving as architect of record. James McHugh Construction Co. is the general contractor for Aqua.

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

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