Streeterville Real Estate in Chicago

LAKESHORE EAST Real Estate Analysis

 

Lakeshore East

Lakeshore East

From Wikipedia, the free encyclopedia
Lakeshore East map depiction
buildings along the sides of a river in a panorama view
Chicago River is the south border (right) of the Near North Side and Streeterville and the north border (left) of Chicago Loop, Lakeshore East and Illinois Center (from Lake Shore Drive‘s Link Bridge with Trump International Hotel and Towerat jog in the river in the center)

Lakeshore East is a master-planned mixed use urban development being built by the Magellan Development Group in theLoop community area of Chicago in Cook County, Illinois, United States. It is located in the northeastern part of the Loop, which, along with Illinois Center, is called the Near East Side. The development is bordered by Wacker Drive to the north,Columbus Drive to the west, Lake Shore Drive to the east, and East Randolph Street to the south. Skidmore, Owings and Merrill created the master plan for the area.[1] The development, which had been scheduled for completion in 2011,[2] is now set for completion in 2013.[3] Although the majority of the buildings in the neighborhood will be 21st century constructions resulting from the master plan, some of the current buildings were built as early as the 1960s and 1970s decades. Thus, the term “Lakeshore East” refers only to the components of the new master plan, while the term New Eastside refers to the greater neighborhood surrounding Lakeshore East that extends westward to Michigan Avenue.[4]However, there is little distinction between buildings in the masterplan and other buildings in the region because the pre-existing buildings are referred to as being located in the Lakeshore East area.[5]

Lakeshore East features several of the tallest buildings in Chicago and may include a few of the tallest buildings in the United States. The overall planned development, the park, and several of the individual buildings have won awards forarchitecture and/or urban planning. The buildings are planned for various types of residential use (condominiums,apartments, or hotels). Due to the neighborhood’s proximity to both Lake Michigan to the east and the Chicago River to the north, many of the buildings are named with aquatic or nautical themes.[6] As of August 2008, 1,500 condominiums have been sold and 1,200 apartments have been completed.[3]

Contents

History

Freight terminal with 333 North Michigan Wrigley Building andTribune Tower in the background (April 1943). Lake Shore Drive‘s old S-curve (1963)

Previous to this urban development, the Lakeshore East area had been used by Illinois Central Railroad yards.[5] AfterWorld War II, the railroads sold airspace rights north of Randolph Street.[7] For several years after the rail yards were vacated, the site was used as a 9-hole golf course.[5] Pete Dye designed the course, known as Metro Golf at Illinois Center, which was completed in 1994 and closed in 2001.[8][9] The area was originally planned for development as part of the Illinois Center,[5] and one of the challenges to the new development was to integrate itself into the inherited triple-level street system while creating a visually appealing and pedestrian friendly neighborhood.[5] The solution was to stagger ground-level amenities and building entrances from the upper level at the perimeter to the lower level at the interior. Thus the multilevel street grid is utilized around the edges, with large parking structures in the podiums, while a large park at the lowest level forms the core of the development.[5]

Buildings preceding the 21st century master plan

The following buildings pre-existed the 21st century master plan for the neighborhood: Blue Cross Blue Shield Tower,Three Illinois Center, Swissôtel Chicago, Buckingham PlazaThe ParkshoreNorth Harbor Tower400 East Randolph Street Condominiums and Harbor Point. A 27-floor vertical expansion of the Blue Cross Blue Shield Tower was completed in 2010. When Harbor Point and 400 East Randolph were built, Lake Shore Drive ran through this neighborhood to the west of these buildings, but it has since been rerouted to the east of these buildings.[10][11]

The Chicago Pedway, which has existed since 1951, connects to public and private buildings, Chicago Transit Authoritystations and Metra commuter rail facilities.[12] The 4, 6 and 60 CTA bus routes run along the borders of the Lakeshore East area, and the 60 makes a turnaround within it on Harbor Drive.[13] The pedway has been a controversy for Lakeshore East residents since they were promised a fully linked pedway to Buckingham Plaza and North Harbor Tower in the early 1990s as part of the construction plans.[14] The archives available on the NewEastside.org website show numerous plans and unfulfilled promise regarding connecting the Pedway to most of the New Eastside.[15]

Recent History

Pre-expansion Blue Cross Blue Shield Tower (June 2, 2007)
Eastward view of Lakeshore East (March 5, 2005)

Overview

This $4 billion lifestyle center spans 28 acres (0.044 sq mi; 0.113 km2), and will include 4,950 residences, 2,200,000 square feet (200,000 m2) of gross commercial space, 1,500 hotel rooms, 770,000 square feet (72,000 m2) of retail space and a planned elementary school surrounding a magnificent 6-acre (24,000 m2) botanical park.[1] The plan, which hadAdrian Smith as the design partner, calls for fourteen high-rise condominiums and two commercial officespace superstructures.[16] Lakeshore East is within walking distance to the Chicago RiverLake Michigan, DuSable Harbor,Michigan AvenueGrant Park, and Millennium Park.

Park fountains
The Park at Lakeshore East Plaque

The park, named Lakeshore East Park, opened in 2005 and is supported by a mixture of public funds from the Chicago Park District and private funds from the neighboring Lakeshore East condominium buildings. It is the city’s first and currently only free wireless park.[5] The park features several fountains.[17][18]

The Lancaster (completed in 2005) was Lakeshore East’s first new completed building.[19] The Shoreham (2005) was Lakeshore East’s first completed apartment building.[20] 340 on the Park (2007) was briefly the tallest all-residential building in Chicago, but was surpassed by One Museum Park.[21] Aqua (2009) is the first skyscraper in Chicago to combine condominium residences, luxury rentals, deluxe hotel and retail spaces in the same structure and it is believed to be the tallest building in the United States designed by a female-run architectural firm.[22] The development has its own village center, named Village Market Center,[23] which includes a full service supermarket. The other buildings completed in the first phase of development were The Regatta (2007), The Chandler (2008) and The Tides (2008) as well as the Benton Place Parkhomes townhouses (2009).

New Lakeshore East Buildings

In 2011, construction began on Coast at Lakeshore East, which is expected to be completed in 2013.[24]

Lakeshore East is a venture of Magellan Development Group LLC, a recently formed corporate partnership culminating a long-term collaboration between Magellan Development Group and NNP Residential & Development.[25]

All of the buildings in Lakeshore East are luxury condos and high-end apartment highrises. Many of them are named with an aquatic theme. In addition to the luxury skyscrapers, the development will include 24 ultra-luxury town homes in the $2 million price range.[26][27]

Awards

The master plan won the 2002 American Institute of Architects National Honor Award for Regional and Urban Design.[2]The park was honored as the Best New Park in Chicago by Chicago magazine and the city’s Best New Open Space by the Friends of Downtown.[26] The master plan, the park and several individual buildings have won numerous other awards.[28]

In 2008, the International Real Estate Federation declared the Lakeshore East master plan the recipient of the FIABCI Prix D’Excellence international award. Lakeshore was the only United States winner for international design excellence.[29]

Building construction

View of 340 on the Park from Grant Parkon July 29, 2007

The southwest view from 340 on the Park includes Millennium ParkArt Institute of ChicagoHistoric Michigan Boulevard Districtand Chicago Loop

 

Building[30] Address Completed Stories Height Use
400 East Randolph[11] 400 E. Randolph Street 1963 40 378 feet (115.2 m)
Harbor Point[10] 155 N. Harbor Drive 1975 54 550 feet (167.6 m)
Three Illinois Center[31] 303 E. Wacker Drive 1979 28 350 feet (106.7 m)
The Buckingham[32] 360 E. Randolph Street 1982 44 400 feet (121.9 m) Condominium
North Harbor Tower[33] 175 N. Harbor Drive 1988 55 556 feet (169.5 m)
Swissôtel Chicago[34] 323 E. Wacker Drive 1989 45 457 feet (139.3 m) Hotel
Blue Cross Blue Shield Tower[35] 300 E. Randolph Street 2009* 54 743 feet (226.5 m)
The Parkshore[36] 195 N. Harbor Drive 1991 56 556 feet (169.5 m)
The Lancaster[37] 201 N. Westshore Drive 2005 30 324 feet (98.8 m) Condominium
The Shoreham[38] 400 E. South Water Street 2005 47 450 feet (137.2 m) Apartment/Retail
The Regatta[39] 420 E. Waterside Drive 2007 45 466 feet (142.0 m) Condominium
340 on the Park[21] 340 E. Randolph Street 2007 64 672 feet (204.8 m) Condominium/Retail
The Chandler[40] 450 E. Waterside Drive 2008 36 389 feet (118.6 m) Condominium
The Tides[41] 360 E. South Water Street 2008 51 500 feet (152.4 m) Apartment
Aqua[42] 225 N. Columbus Dr. 2009 82 822 feet (250.5 m) Hotel/Apartment/Condominium
375 East Wacker Drive[43] 375 E. Wacker Drive proposed 76 1,030 feet (313.9 m) Hotel/Condominium
Lakeshore East Building 2-O[44] proposed 650 feet (198.1 m)
Coast at Lakeshore East[45] 345 E. Wacker Drive under construction 45 550 feet (167.6 m)
Lakeshore East Building 3-I[46] proposed 525 feet (160.0 m)
Lakeshore East Building 1-K[47] proposed 420 feet (128.0 m)
Lakeshore East Building 3-J[48] proposed 340 feet (103.6 m)
Lakeshore East Building 3-L[49] proposed 280 feet (85.3 m)

Walk Score for LAKESHORE EAST, Chicago



LAKESHORE EAST, Chicago School Data

Chicago School Districts

City Of Chicago School District 299
PK-12
http://www.cps.edu/
Central Stickney School District 110
PK-8
Intermediate Service Center 3
K-2
Illinois Migrant Council
n/a

Chicago Schools

Healy Program Center North
n/a, public
Il Center For Rehab & Educ-R
4, 6-7, 9-12, public
Logandale Middle School
PK-8, public
Marshall Middle School
7-8, public
Chavez Elementary Multicultural Academy Center
PK-8, public
Irving Park Middle School
7-8, public
Jordan Elementary Community School
PK-8, public
Audubon Elementary School
PK-8, public
http://www.audubonelementary.org
Avalon Park Elementary School
PK-8, public
Avondale Elementary School
PK-5, public
Banneker Elementary School
PK-8, public
Barnard Elementary Comp Math & Science Center
PK-8, public
http://www.barnard.cps.k12.il.us
Barry Elementary School
PK-6, public
Amundsen High School
9-12, public
http://www.amundsenhs.org
Dunbar Vocational Career Academy High School
9-12, public
Barton Elementary School
PK-8, public
Bass Elementary School
PK-8, public
Bateman Elementary School
PK-8, public
Nicholson Technology Acad Elementary School
PK-8, public
http://www.nicholsonstem.org/
Beaubien Elementary School
PK-8, public
Beethoven Elementary School
PK-8, public
Beidler Elementary School
PK-8, public
Belding Elementary School
PK-8, public
http://beldingelementary.com
Bell Elementary School
PK-8, public
http://agbellschool.com
Bennett Elementary School
PK-8, public