http://www.suntimes.com/business/roeder/396714,CST-FIN-roeder23.article
High living, low-rise style
REAL ESTATE | Lakeshore East adding 'parkhomes' for $1.7 mil. to $2.5 mil.
May 23, 2007
DAVID ROEDER [email protected]
Now coming to downtown Chicago -- low-rise homes! That's honest-to-goodness, close-to-the-ground, hear-the-birds-in-the-trees living. But of course, you will have to pay steeply for the privilege and the dominant bird might be the noisy Canada geese that are so much trouble to Grant Park.
The low-rise "parkhomes" are a 24-unit subdivision of the Lakeshore East development, the 4,900-home complex taking shape east of Columbus and south of Wacker. Magellan Development Group has started construction on this grouping in the southeast section of Lakeshore East.
Asking prices range from $1.7 million to $2.5 million, and the units will deliver from 2,900 to 3,900 square feet of living space. Some of the homes will look onto a park that is a central feature of this evolving neighborhood. Others will afford peeks at Lake Michigan.
The design is a collaboration of Magellan's Co-Chief Executive Jim Loewenberg and the Steinberg Group of San Jose, Calif.
BACK TO BIG: Even with the condo glut, developers still have their designs on downtown. Here's a look at two more high-rises in the works.
The first is at the aforementioned Lakeshore East and is a bit more imposing than those parkhomes. Magellan has introduced what would be the eighth residential tower in the complex, 76 stories at 375 E. Wacker. It's to be the first Chicago building of a Miami architectural firm, Arquitectonica, known for its post-modern flourishes.
The main feature of this condo and hotel building is a 20-story rectangular opening that divides the upper floors and emphasizes a gateway connection to Lakeshore East. Sales are to start this fall, and the construction start will be decided by the demand for units. Magellan has been reliable at finding buyers once it announces a building.
The other high-rise due to hit downtown is at the northwest corner of Lake and Wells. As approved last week by the Chicago Plan Commission, the 43-story building will contain 335 rental apartments and parking for more than 550 cars. Designed by Solomon Cordwell Buenz, the project will replace a three-level parking garage and surface lot.
A partnership that includes Hinsdale-based Midwest Property Group Ltd. controls the site.