Last Unit at Lakeshore East’s Fourth Condo Tower Sold
- May 13, 2009
By Anuradha Kher, Online News EditorChicago–Magellan Development Group has completed sales at the 35-story The Chandler, the fourth luxury condominium tower developed at Lakeshore East. The last unit, priced at over a $1 million, was sold after being on the market for close to a year. Lakeshore East is the $4-billion mixed-use complex anchoring the New East Side near the confluence of the Chicago River and Lake Michigan.The Chandler, located at 450 E. Waterside Dr. on the northeast corner of the 28-acre community was developed in collaboration with Hanwha Engineering & Construction Co. It added 304 residences to the community, bringing the total number of condo units completed to date to nearly 1,200. An additional 264 condo residences are part of the mixed-use Aqua tower still under construction. “The demand in this area has been really good,” Brian Gordon, vice president of development at Magellan Development, tells MHN. “It took some time to sell this unit because of the economic downturn,” he says.The Chandler’s design by DeStefano + Partners architects received a 2008 Design Excellence Award from the Society of American Registered Architects.The Chandler features a resort-like amenity package, “The Shore Club,” that includes a fitness facility with an indoor rooftop pool, two landscaped rooftop decks, a private party room and a media room. Concierge services are also provided.Lakeshore East spans 28 acres, believed to be the largest parcel of downtown land under development in a major U.S. city. This $4 billion mixed-use development incorporates all the elements of a traditional city community, a lifestyle center that includes homes, retail, recreational opportunities and amenities such as a lush six-acre public park and a planned elementary school. The other three condo developments at Lakeshore East include the 29-story Lancaster, with 209 homes; The Shoreham, a 46-story apartment tower with 548 residences; and The Regatta, a 44-story condominium building with 325 units.