Magellan Begins Condo Deliveries At $475M Aqua

CHICAGO-Magellan Development Group has begun condominium deliveries at its $475 million Aqua. Buyers began closings last week in the 262-unit condo component of the 82-story mixed-use development at 225 N. Columbus Drive. The Aqua project exists within the larger $4-billion Lakeshore East mixed-use development, which spans 28 acres along Lake Michigan between the Chicago River and Millennium Park.

“We have in effect a village in the heart of the city, as opposed to a single building, and people like that because we’re giving them a unique community and amenity package,” Joel Carlins, co-CEO of Magellan Development, tells GlobeSt.com. “We’re ahead of most of the other markets and haven’t had the same impact from the recession.” Amenities include 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.

Beginning on floor 53, the condos range in size from studio to three bedrooms, average around 1,200 square feet and have sold for about $525 per square foot. Carlins says 240 of the 262 units, or about 92%, have been sold, and sales are continuing with contracts pending on two more units. Designed by Jeanne Gang of Studio/Gang Architects, the Aqua building is also hoped to gain LEED certification.