Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.