TRANSFORMING MILLENNIUM'S SHORE
| Magellan Development president David Carlins tells us the retail and hotel portions of it's 28-acre Lakeshore East are revving up. Looking at the mixed-use project just north of Millennium Park, it's hard to believe it was once a par-3 golf course. The only remnants are that, like our score, the number of condos sold keeps going up. | |
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The developer's Aqua building, a wavy-edged tower designed by Studio Gang's Jeanne Gang, is part of Lakeshore and has just 35 condos left to sell. Aqua's apartments are 85% leased, and David says its space for a hotel should be signed in the next 30 days. He tells us the retail project should break ground next week, including a 60k-SF Roundy's grocery store and a Three Forks Steakhouse. | |
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Behind David: Lakeshore East's park, which he insists looks even nicer in the summer. He and his father Joel, both real estate lawyers, merged Magellan with architect James Loewenberg in '02. Since then, it’s consistently had a building in the works, one after the next, though frigid financing has slowed recent starts. Still he expects to start six to nine new buildings on the shore site this decade. |
