News
ANOTHER GROUNDBREAKING
June 22, 2011
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| Need more proof that the apartment market is moving? The Coast, a 499-unit apartment tower developed by Magellan, just broke ground at 345 E Wacker. Magellan invested $50M in equity and borrowed $99M from Northwestern Mutual Life. Magellan's James Loewenberg says all of the towers in Lakeshore East are at least in the mid-90s for occupancy. The new tower is being designed by Brininstool, Kerwin, & Lynch and built by McHugh Construction. Interesting architectural features include a continuous glass balcony rail and tinted and fritted glass curtain walls that will give the building what James calls "a refined look against the lake." It will include 18k SF of amenities and 18k SF of retail space next to the Swissotel. Magellan's David Carlins says high-quality buildings like the Aqua tower, which opened in the middle of the recession, will fare well in any market. Move-in at the Coast is slated to begin February 2013. |
