CHICAGO-Magellan Development Group has broken ground on the $150 million Coast at Lakeshore East, a 45-story apartment tower in the company’s $4 billion mixed-use complex on Lake Michigan. Magellan and JP Morgan Asset Management, an equity partner, have invested more than $50 million, with another $99 million provided by Northwestern Mutual Life Insurance Co.
The new tower will have 499 apartments, 18,000 square feet of retail and a 272-car parking facility. Amenities will include an outdoor pool, fitness center, media room, indoor spa and more. The project should open for occupancy by February 2013.
Magellan has already completed a collection of condominium and apartment towers on the site, with an average occupancy of about 95%. The buildings include the Regatta, Chandler, Tides, Shoreham and Lancaster, as well as the new Village Market, a 105,000-square-foot retail mall that will include the anchor Mariano’s Fresh Market.
James Loewenberg, co-CEO at Magellan, tells GlobeSt.com that the complex is so immense, and successful, that the company doesn’t pay much attention to the rest of the multifamily market in Chicago. “We’ve been strong since we started,” he says.
Also, the 28-acre site is only just more than half built-out, he says. Another seven buildings are planned. “When it’s all done, we should have more than 5,000 units and 15,000 residents on the site, with another two hotels. We’ve got about 3,000 units now. We’ll see how the Coast goes, but we hope to start the next tower next year,” Loewenberg says.
Brininstool Kerwin & Lynch designed the Coast. McHugh Construction Co. is the general contractor.
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