Lakeshore East is rising swiftly in the East Loop, and the Illinois Real Estate Journal recently ran a profile on Joel Carlins and Jim Loewenberg, the two principals behind Magellan Development.
“Most developers in the city for many years have never designed rental with condos; they have felt that the condo buyers are a little more particular and wouldn’t want rentals in their building,” [Carlins] says of the forthcoming Aqua tower. “Here we have combined rental with condominiums and separate entrances.”
In addition to cultivating 26 acres of the mixed-used parcel for residential living, the Magellan partners planted a six-acre park in the center, with many of the pathways winding into shapes of sail. The two are also bringing the first major grocery store to the area , with the forthcoming opening of a 100,000 square foot Treasure Island grocery store. Construction was expected to be underway by mid-February.
In May 2007, New Homes Magazine named Lakeshore East the best new planned community. And just last week, we featured a comment from Carlins as our “Quote of the day.” Look for more from Magellan in New Homes Magazine’s March 2008 issue.
Instead of gushing about the Lakeshore East, I guess it’s too much to ask for a little journalism to point out its MANY failings. Among them, the grocery store which was promised to residents three years ago and keeps getting delayed. How about the school, which was supposed to open two years ago and keeps getting delayed. Publications keep patting the developers on the back for building the park, but once it was built, responsibility for its upkeep was handed over to the city where care and maintenance has suffered badly. The whole area is home to a massive colony of aggressive vagrants who hassle the suckers who bought in LSE and have to run a gauntlet of panhandlers on the way to and from Michigan Avenue every day. Lakeshore East is lots of promises made, and very few kept. I’m glad I only rented there. And I’m glad I left.
Wow, you are one happy person. I don’t recall the exact details of the school and who was responsible for building it, but as for the park blame the Park District. As for the school might the School Board have something to do with it?
Things take time to happen and as for the suckers who bought there I suspect many of them will take their “suckerhood” to the bank when they sell. My vague and incomplete understanding of that area is that early buyers have seen excellent appreciation in a down market. Perhaps I am wrong though. After all panhandlers are not a problem anywhere else in this or any city.
There is this large suburb out to to the west called Napersomething. Check it out.
I think peopale refer to this area as the New East Side. I am pretty familiar with 400 E Randolph (massive building with over 900 units) and re-sale units there were selling pretty well last fall. The area to me is very tranquil… you’re right on Millenium Park and jut out on a pennisula like section reaching out to the lake.
There is a lack of immediate “everyday” retail and good restaurant type stuff, but I don’t think people buying here are looking for a suburban strip mall as suggested by irate… err irishpirate. Nightlife is not far away, but not right on top of you and some buyers may like this combo.
I’m not familiar with the promise of a grocery store here. Was this somehow in the contract for buying a new unit in the development?
Hmm, South Commons had all those things; dedicated school, Jewel on site, etc… And they didn’t last. And isn’t there a tussle over the school in Dearborn Park right now? I don’t see a school as being top priority here. Just for asking, where would kids in Streeterville go in the CPS system?