NNP Residential & Development and Magellan Development Group Ltd. already have sold 84% of the units in their Regatta at 400 E. Waterside Dr., which has helped the developers land $122 million in construction financing from National City Bank and LaSalle Bank. McHugh Construction is building the 44-story building designed by DeStefano + Partners Inc.
"The Regatta has been one of the fastest selling projects in the Downtown Chicago market this year," says Appraisal Research Counselors vice president Gail Lissner. "The strength of its Lakeshore East location has been a strong selling point, with its views and proximity to the Loop, Michigan Avenue, Lakeshore Drive, the Chicago River and the new Millennium Park."
LR Development's 62-story tower at 340 E. Randolph Dr. offers units beginning with 1,186-sf one-bedroom condos at $325,000. Solomon Cordwell Buenz & Associates is the architect.
North of the Chicago River, renovations to 474 N. Lake Shore Dr., built in 1990, are scheduled to begin in November. The conversion will offer 642-sf studios for less than $200,000 to 2,005-sf penthouses for more than $750,000. "The range of residences available here is attracting a wide variety of buyers seeking the advantages of life on the New East Side," says 474 Lake Shore Drive Associates LLC marketing director Sandra Farrell.
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