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Construction To Begin on $475M Tower

CHICAGO-Magellan Development Group is expected to start construction this month on the mixed-use Aqua development at Lakeshore East.

By Gina Kenny | Updated on February 01, 2007

(To read more on the multifamily market, click here.)

CHICAGO-Magellan Development Group is expected to start construction within the next month on the $474-million, mixed-use Aqua tower at Lakeshore East. Construction financing was recently arranged for the 2.2-million-sf project. The New York branch of Eurohypo AG, LaSalle Bank and National City Bank have arranged a $427-million construction loan with a $24-million mezzanine loan provided by Lehman Bros. and developer Magellan development group providing $24 million in equity. The loans are scheduled to close March 1, Magellan president David Carlins says.

Construction is expected to begin as soon the developer receives the final building permit, which should be within a few weeks, Carlins says. The tower, expected to be compete by the middle of 2009, is a development of Lakeshore East LLC, an affiliate of Magellan Development Group LLC. The 81-story building will feature condominiums, apartments, an 18-floor hotel, retail and office space.

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