"CVS will really be an amenity for our renters and buyers," Brian Gordon, VP with Magellan, tells GlobeSt.com. "When this community is done, there will be 30,000 people living in Lakeshore East that will have that service available." Magellan says Lakeshore East is the largest parcel of land being developed in any major US city. Aqua is only one building of many now under construction in the area, which when completed will include residential, retail, recreation and education components, as well as a six-acre public park. At its completion, the area is expected to see more than 2.2 million square feet of commercial space, 1,500 hotel rooms, 400,000 square feet of retail, and 5,000 homes.
Construction on Aqua, at 225 N. Columbus, began in early 2007. In addition to the retail space on the first and second levels, the building will offer 264 luxury condominiums, 474 rental units, 210 hotel units and 42,000 square feet of office space.
The condominiums begin on the 53rd floor of the tower, and all but 11, or 96%, have already been sold, Gordon says. They range in size from studio to three bedrooms, which average around 1,200 square feet. The condos sell for about $525 per square foot. Occupancy of the condos will begin in late 2009.
Below, rental units will be available on floors 19 through 52. Units range in size from studios to two bedrooms, which average around 800 square feet. Rental rates for the space will be around $275 per square foot, and the first rental units will become available in April. Tenants will have access to indoor and outdoor pools, a hot tub, indoor basketball court, outdoor deck, running track, fire pit and barbecues, a yoga area and spa.
"We believe people like the green space being so close to Millennium Park, Lake Michigan and the Chicago River right down the street," Gordon says. "Millennium Park and Navy Pier are the two largest tourist attractions in the city, so there's a tremendous amount of people coming into this area and Lakeshore East was the next logical place (for development). These will be as nice apartments and condos as there are in the city."Hotel rooms are planned to be located below floor 19. The building can support anywhere from 225 to 315 rooms, and Magellan is currently seeking a hotel to fill the floors. CB Richard Ellis is marketing the space.
The office space will be above the retail space in the building, and Gordon says asking lease rates for both will be on par with average rates in the area. Asking lease rates for office space in the East Loop area are around $35 per square foot, gross, according to Cushman & Wakefield market research. Occupancy rates in the East Loop are around 88%.
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