Lakeshore East New Construction kicks into high gear
LAKESHORE EAST – The developer building the new Vista Tower at 363 E. Wacker Drive plans three new towers and another hotel/residential project nearby.
Chicago-based Magellan Development Group will detail its plans next month for the mega project adding more than 2,000 new high-rise homes and nearly another 1,000 hotel rooms near the mouth of the Chicago River, Ald. Brendan Reilly (42nd) told constituents in an email Friday.
Plans for the massive Lakeshore East new construction were announced about nine months after a venture including Magellan broke ground on the Vista, the 94-story skyscraper that is projected to be the city’s third tallest tower by the time it opens in 2020 near Wacker and Columbus drives.
The buildings will be the newest additions to Lakeshore East Real Estate by Magellan since it opened The Lancaster condominium tower in 2005 at 201 N. Westshore Drive. Other Magellan projects in the area include The Aqua at 225 N Columbus Drive, 340 on the Park at 340 E Randolph, The Chandler at 450 East Waterside Drive and The Regatta at 420 East Waterside Drive. Magellan and other developers have been building on the 28-acre site bounded by Columbus Drive, Lakeshore Drive, Randolph Street and East Wacker Drive since the golf course closed there in 2001.
The Vista Tower, 363 E Wacker Drive
The 94-story Vista Tower condominium and hotel building will be the city’s third-tallest building when completed in 2020. The $1 billion, Jeanne Gang-designed skyscraper — like the $4 billion-plus Lakeshore East project surrounding it — is also an example of the type of complex mixed-use developments that have proved hard to pull off in Chicago.
Lakeshore East New Construction condos
Besides the Vista Tower, Magellan Development Group wants to build three towers along Lake Shore Drive just south of the river that would include 1,400 residential units and 300 hotel rooms, according to an email downtown Ald. Brendan Reilly, 42nd, sent to constituents yesterday. Parcel I, J, K and L on the map below.
In addition to the buildings on the eastern parcel, Magellan plans to develop as many as 640 residential units and 626 hotel rooms on a site known as Parcel O, at 195 N. Columbus Drive, just south of Aqua, according to Reilly’s email. The developer will reveal plans later this summer.
Lakeshore East Neighborhood – Covering 28 acres, Lakeshore East is one of the largest urban developments in the country, with zoning for 4,950 homes, 1,500 hotel rooms and as much as 700,000 square feet of retail space.
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