Magellan Development Group has broken ground for the eighth high-rise tower at the 28-acre Lakeshore East neighborhood a block north of Millennium Park.
Named Coast at Lakeshore East to highlight the nautical theme of the community, the sleek 45-story rental tower will stand at 345 E. Wacker Drive, directly east of the Swissotel at the northwest corner of Lakeshore East. The tower is designed by the highly-acclaimed architectural firm of Brininstool Kerwin & Lynch (BKL).
Magellan and its equity partner, JP Morgan Asset Management, have invested over $50 million in equity in Coast tower together with borrowing $99 million from Northwestern Mutual Life Insurance Co. to finance the structure, reports Magellan President David Carlins.
Carlins also announced that McHugh Construction Co., which has constructed six buildings at Lakeshore East, is the general contractor for the new tower.
Coast will contain 499 apartments, 18,000 square feet of retail space, a 272-car parking facility and 18,000-square-feet of indoor and outdoor amenities that include an outdoor pool and landscaped deck, a fully-equipped fitness center, resident lounge, business center, media room, an indoor spa area and other features yet to be announced. First occupancy is targeted for February 2013.
Coast’s modern design is described by BKL as a composition of light and translucency. A curtain wall on the east and west facades is a combination of translucent and fritted glass combined with aluminum while continuous inset balconies on the north and south elevations provide extraordinary views of the Chicago skyline, Lake Michigan and Grant/Millennium Parks.
“Our successful experience with the internationally acclaimed Aqua Apartments at Lakeshore East – a project that has thrived in a difficult market – reinforces our belief that going forward, high-quality design must remain a critical factor in our business plan.” said Carlins.