Maybe it’s the promotional stuff about a “village in the heart of Chicago,” or the site’s former life as a golf course, or its proximity to all that green. Whatever the reason, suburbanites apparently are loving Lakeshore East, the 28-acre mixed-use development south of Wacker Drive and west of Lake Shore Drive, on the northern edge of Millennium Park. Suburban buyers are snapping up condos at the New East Side community at a rate of almost two to one compared to their city counterparts, developer Magellan Development Group announced in a news release.
That ratio is gleaned from sales at the first five condo towers at Lakeshore East: The Lancaster, which is completed and occupied; The Regatta, which is near completion, with occupancy scheduled for August; The Chandler, which is under construction; 340 on the Park, which is under construction; and Aqua, which began marketing in April and has 66 percent of its units reserved.
Of the 1,449 condos sold or reserved at Lakeshore East, 55 percent were purchased by suburbanites and 30 percent were purchased by Chicago residents. About 15 percent were purchased by buyers from out of state.