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CHICAGO-Work is nearing completion on the first phase of 25 Parkhomes at Lakeshore East, with delivery expected by this summer. Similar to townhomes, the residences offer mostly four-bedroom homes ranging from single story to three floors and 2,300 to 4,000 square feet, with attached parking. The parkhome community exists within the larger $4-billion Lakeshore East mixed-use development, which spans 28 acres along Lake Michigan between the Chicago River and Millennium Park.

“Lakeshore East is a village within the city and a necessary component to that concept is a diversity of uses and project types,” says Sean Linnane, vice president of Magellan Development, which is developing both the Parkhomes and Lakeshore East. “A parkhome is the residential alternative to the high-rises we normally build. From an aesthetic standpoint, it gives a more human scale to the neighboring park, and is a buffer between the pedestrian experience of the park and the high-rises beyond.”

The homes are being marketed for prices ranging from $1.2 million to $2.6 million. Linnane says the parkhomes are slightly less than halfway sold, with a recent flurry of activity as the models are beginning to open. Hopes are high at Magellan for sales and activity to continue as the temperatures warm, citing Chicago’s seasonal sales cycle. The project was designed as a collaboration of The Steinberg Group and Loewenberg Architects, and offers a combination of brick and stone with wrought iron and copper highlights.

When construction began about a year ago, Linnane says Magellan did not foresee the challenges the economy would present the project. “It’s definitely slowed down traffic and everywhere is pretty soft,” Linnane tells GlobeSt.com. “We’ve felt the impact in Lakeshore East, but not as much as other submarkets. Some submarkets are actual death zones because of the economic crisis, but this close to the lake and river, you’re going to be insulated by that a little bit.”

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