News
Full House for Apartments
January 18, 2012
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| Magellan Development co-CEO Jim Loewenberg, with co-CEO Joel Carlins, says its “unbelievable” that the recession has yet to dim leasing at Lakeshore East, a $4B, 28-acre mixed-use community downtown overlooking the lake, the river, and Millennium Park. About half built, its 1,500 luxury apartments are 95% leased. The master plan calls for 4,950 residences (hopefully half apartments, half condos), 2.2M SF of commercial space, up to 770k SF of retail, up to 1,500 hotel rooms, and a park. Jim tells us the city’s apartment market is strong; owners with good locations have markedly reduced concessions and Lakeshore East eliminated them last summer. | |
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| The $300M Coast, the community’s 10th building, is now under construction with the completion of its 499 rental apartments slated for February ’13. Jim says leasing will start in a year. The latest additions to Lakeshore East are the Radisson Blu at Aqua, which opened in November, and the 105k SF Village Market. It opened in October with a supermarket, restaurants and will have medical offices and a salon. Jim says that the next new attraction will be a long-awaited elementary school. Stay tuned for an announcement in the next few weeks. | |
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| The Coast is the first collaboration between Magellan and BKL Architects, a two-year-old firm started by Tom Kerwin, above with BKL architects Katelin Klepsch, Audry Grill, and Ahmed Constable. Jim (also an architect) and Magellan are part owners of BKL. Tom, formerly with SOM, says the new firm is working in Chicago on projects with Hines and the John Buck Co. Jim tells us that in China, BKL has a few commissions that are moving into construction. Magellan also is permitting a 340-unit apartment project in downtown Minneapolis. Yesterday, Jim flew off to the Mid-East, telling us cryptically, “We’ll see what happens.” (Sounds like the set up to an Indiana Jones sequel.) |
