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Old July 17th, 2005, 02:36 PM   #281
BVictor1
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Life by the shore

July 17, 2005

BY CELESTE BUSK Real Estate Reporter


Wireless access in the nearby park and clubroom, air-conditioning and satellite TV costs included in the rent were several of the bottom-line lures for Sheer Eisner, who recently moved into to her new apartment at the Shoreham, a 46-story skyscraper in Chicago's new Lakeshore East neighborhood.

For the last four years, Eisner has been dreaming of moving to a metropolitan city.

"I've always wanted to live in a big city," said the 27-year-old from Coral Springs, Fla. "So, I've been searching for a place to live on the Internet."

What Eisner ended up discovering online was the 548-unit Shoreham, part of Lakeshore East, a sprawling community rising where the Chicago River meets Lake Michigan. The 28-acre development -- bounded roughly by Lake Shore Drive, the Chicago River (Wacker) and Randolph -- is expected to bring as many as 4,950 new residences to the downtown lakefront location over the next eight to 10 years.

Developed by the Magellan Development Group Ltd. and NNP Residential & Development, Lakeshore East is one of the largest central-city urban developments being built in any major city the nation. In addition to the Shoreham, plans also include several condominium towers: the Lancaster, a 29-story building and the Regatta, a 44-story property (under construction). Plans are also under way by the team for the Chandler, a 35-story tower. Also included is a 62-story condominium building, 340 on the Park, being built by LR Development.

Phase I, which includes construction of roadways, utilities, infrastructure and initial residential buildings, is nearing completion. Co-developers Magellan and NNP will maintain ownership and design influence of all 28 acres to ensure a unified vision as Lakeshore East unfolds.

Additional plans at Lakeshore East include: 2.2 million square feet of commercial space; 1,500 hotel rooms; 770,000 square feet of retail; a proposed 400-student public elementary school, and the Parkhomes, a subdivision of single-family homes.

"I wanted to live in Chicago," said Eisner. She works in retail sales in Chicago and recently moved into a convertible apartment with 590 square feet of space at the Shoreham.

"New York City wasn't for me. Chicago is a good place with lots of good things about it," she said.

"I like the development's location because it's in the middle of everything. It has the feeling of big city life. But, when I come home it's very quiet, yet there's hustle and bustle at Michigan Avenue just five minutes away," she said. "It's the best of both worlds."

Eisner said one of her favorite attractions at the Shoreham is the six-acre park smack in the middle of Lakeshore East.

"It's beautiful. You can just sit there and enjoy it, or you can hook up to the Internet because the park has a wireless connection," she said. "There's also a wireless connection in the 16th-floor garden area. It's an indoor landscaped area where you can read magazines and get complimentary coffee. I also enjoy sitting on my apartment's balcony. It has a great view."

Renters at the Shoreham have a plethora of posh amenities. Residents have free access to the Shore Club, a private floor featuring a Sky Garden Lounge, the Home Office business center, a party suite with catering kitchen, a billiards room and a cafe.

Also on the 16th floor, a spa provides residents with a fitness center, two whirlpools, sauna and steam rooms, massage area, an outdoor pool and a landscaped terrace including a poolside deck and barbecue area.

Along with the building amenities, Eisner said it was the host of benefits packed into the rental price that convinced her about a lease at the Shoreham.

"You get free satellite television with eight HBO movie channels, six Showtime movie channels and 120 other channels," Eisner said. "I also get free Internet hookup in my apartment, free air-conditioning and heat, free water, and I have my own washer and dryer. It's great."

Another benefit is the help at the Shoreham.

"We have a 24-hour maintenance staff that will do just about anything you can think of," she said. "For example, I wanted to take a shelf down in my kitchen. I called and they were there in less than five minutes. The 24-hour door staff are very helpful, too. They're knowledgeable and nice."

The Shoreham offers apartments ranging from studios and convertibles to 1- and 2-bedrooms of up to 1,300 square feet. Monthly rents range from $1,082 to $2,600. Apartments include an in-unit laundry with a full-size washer and dryer, General Electric appliances and granite kitchen islands with a choice of finishes.

"The rents are not expensive if you think of all the free benefits you get," Eisner said.

Since marketing began in mid-April, the building is already 60 percent rented.

"It's the fastest lease up we've ever seen," said Christina Gaylor, sales and marketing manager for NNP Residential & Development, the management and co-development firm. "We're blown away. Last week, alone we leased 25 apartments. It's crazy.

"We think it's a few things. First, we have a rent/buy program. People can invest 25 percent of their monthly rent to earn a credit to purchase one of the condos in the Lakeshore East Development. They can earn up to a 2.5 percent credit toward the purchase price. There is no catch. It's just a benefit we offer to renters in the Shoreham,"

"The other attraction is Lakeshore East's six-acre park in the middle of the development," she said. "It's unusual for a rental building to have such a big park. It's one of the most popular views in the building.

"And finally, people are attracted to all the free amenities included in the rent," she said. "They only have to pay for their telephone and electricity, minus air-conditioning costs. And, the electric bills are affordable. For a 1-bedroom apartment, the monthly electric bill is about $20 to $30, depending how much they use their washer and dryer.

"Renters here know what their monthly living expenses are going to be. So, they know right away what they can afford."

The Lakeshore East mixed-use community received the 2002 National Honor Award for excellence in urban design from the American Institute of Architects.

SKYSCAPES

WHAT: The Shoreham, a 548-unit rental skyscraper at 400 E. South Water.

DEVELOPER: Magellan Development Group Ltd. and NNP Residential & Development.

MANAGEMENT: NNP Residential & Development.

ARCHITECT: Loewenberg Architects.

RENTS: $1,082 to $1,235 for studios; $1,256 to $1,540 for convertibles; $1,404 to $2,160 for 1-bedrooms and $2,350 to $2,600 for 2-bedrooms.

APARTMENT AMENITIES: In-unit full-size washer and dryer, free air-conditioning and satellite television, and kitchen with General Electric appliances and granite islands with a choice of finishes.

AMENITIES: The club area features a garden with lounge, business center and a party suite with kitchen, billiards and game boards and plasma TVs. The spa has a fitness center, two whirlpools, sauna and steam rooms, massage area, outdoor pool and a landscaped terrace including a poolside deck and barbecue area.

INFORMATION: Call (312) 540-0400; www.TheShoreham.com.
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Old July 17th, 2005, 09:36 PM   #282
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So, I walked over and had lunch in the park a couple of times this week and I have to say that I am extremely impressed with how it's turning out. Up until this point, I had only watched construction from above, either Upper Wacker or the BCBS plaza. This was my first time venturing down to the actual park.

It is going to be a terrific little park, I think. It does a really great job of interweaving some really intimate spaces into the overall design. I think once the buildings have sprouted all the way around, it will really start coming into its own.

It has huge potential as it matures, but already it's a class act.
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Old July 17th, 2005, 09:56 PM   #283
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The superintendent I'm working for at 345 E. Ohio is the guy who built the Shoreham. He told me he is scheduled to go back to Lakeshore East and start building another highrise there in about 90 days. I'm curious if any of you know what building might be getting under way in 90 days or so? He says it will be similar to Shoreham, in which case I'm disappointed. I was hoping we'd get one of the taller ones.
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Old July 17th, 2005, 10:08 PM   #284
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^It must've been the Chandler.
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Old August 8th, 2005, 11:09 PM   #285
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Quick question.

Will the road going around the Lakewhore East park connect to Wacker Dr? Will this be the case or will it just connect to Randolph?
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Old August 8th, 2005, 11:54 PM   #286
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Another quick question:

What's the latest on Gang design?
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Old August 9th, 2005, 01:00 AM   #287
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Quote:
Originally Posted by The Urban Politician
Lakewhore East park
lakewhore east? do you really hate this project that much, or is that just a funny typo?
__________________
"I wish they'd hurry up and just destroy humanity already........... it's the waiting that I can't stand" - Philip J. Fry
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Old August 9th, 2005, 01:48 AM   #288
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I think we should all start lovingly calling it Lakewhore East!
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Make no little plans; they have no magic to stir men's blood and probably will themselves not be realized. Make big plans; aim high in hope and work, remembering that a noble, logical diagram once recorded will not die. - Daniel Burnham
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Old August 9th, 2005, 03:30 AM   #289
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Quote:
Originally Posted by Steely Dan
lakewhore east? do you really hate this project that much, or is that just a funny typo?


Actually, Lakewhore East is my favorite development in Chicago. That's my pet name for it
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Old August 9th, 2005, 04:26 AM   #290
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Quote:
Originally Posted by kayosthery
The superintendent I'm working for at 345 E. Ohio is the guy who built the Shoreham. He told me he is scheduled to go back to Lakeshore East and start building another highrise there in about 90 days. I'm curious if any of you know what building might be getting under way in 90 days or so? He says it will be similar to Shoreham, in which case I'm disappointed. I was hoping we'd get one of the taller ones.

It will be The Chandler dude!!! How can they posibally start on one of the taller towers when nothing else is being marketed? When I stopped by the sales center last Thursday, they told me that The Chandler si about 85% sold, and that construction would start in the 4th quarter. Well 90 days is 3 months so, say sometime in November things should get going. They do about 1 building a year. 340Otp is a seperate developer, so it doesnt count. The Regatta started construction at the end of "04".

I haven't spoken with my old professor from SG about the Columbus Drive building that they are doing. I will contact him and see what the progress is. I was told in the sales center, that they would probably start marketing the next building in 6-8 months, and from what I understand, that's the SG building.

Here's what The Chandler looks like.


It looks nothing like The Shoreham, though they are similar in height.
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Old August 9th, 2005, 07:37 AM   #291
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From the Chicago Architecture webpage:

Target Targets The Loop
Big Box Retailer Slated for New Eastside


(Monday 01 August 2005 @ 00:52) - As the Lakeshore East development grows by leaps and bounds, the question keeps being asked: What's next for Chicago's New Eastside? The answer could be a Target store.

It's already pretty well known in construction and real estate circles that two massive towers are planned for the west side of the Lakeshore East development in Chicago's New Eastside. One tower is expected to be in the neighborhood of 70-stories tall; the other 80ish. Everyone expects one of the towers will have a hotel, but the brand is uncertain as all of the major hotel chains are already well represented in the city. But what many are not expecting is a new Target store opening in the other tower.

To those who don't live in the Loop the idea may seem preposterous. But fortunately large American corporations aren't similarly beset with the notion that people can only work in cities and live in suburbs. Companies like Target, Wal-Mart and Home Depot having bled the suburbs dry have all discovered great success opening outlets in downtowns from New York to Atlanta to Minneapolis. Target, particularly, is aware of the real-world applications of the Hollywood notion "If you build it, they will come." Its store in downtown Minneapolis not only serves those who are rebuilding that city's urban core by living in its lofts, apartments, and condos, it has also become something of a tourist attraction for people from Minnesota's prairies, farms, and suburbs who marvel at the concept of a multistory Target and its escalator contraption for moving shopping carts between floors. (One of these can be seen in Chicago at the Target on Addison west of Western.)

Further, let's face facts: Target is not Wal-Mart. There are Target shoppers who wouldn't be caught dead inside a Wal-Mart. As luck would have it, the demographics of those people pretty closely match the kind of people paying a premium to live in the city's New Eastside these days. The neighborhood, the Loop, and the Near North Side are desperate for some basic retail facilities, and this world be a match made in latte-sipping, Dave Matthews-listening heaven.
=====================================================
Plan for New Eastside Skyscraper Hints At Things To Come
The Shoreham Two Creates a Gateway to Greenspace


(Monday 01 August 2005 @ 00:50) - According to people in the know, the next building to be erected at Lakeshore East will be the Shoreham II. The 46-story tower will be a mirror image of the current Shoreham at the corner of East South Water Street and Field Boulevard. The new building will be across Field Boulevard, creating a skyscraper gateway. The reason for creating such a thing at that location remains a mystery. As it is planned now, it world only be a gateway to the Central Auto Pound. But if the city ever gives up the location beneath East Wacker Drive, it would create a pedestrian and greenspace link from the Chicago River's south riverwalk through The Park at Lakeshore East, and into Millennium and Grant Parks. What are the chances of that happening? Well, that's anyone's guess. But considering that the developers of Lakeshore East put together the best park in the Chicago and then sold it to the city for more than $20 million, Mayor Daley has more than a passing interest in the area. Moreover, Daley himself attended the ceremony at the park in July 2005 where responsibility for the park was transferred. He would have to be blind or mired in scandals to miss the potential all around him.
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Old August 9th, 2005, 08:43 AM   #292
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Uhhhhh....???? "The Shoreham Two". How unimaginative and dull?

Love working for Walsh.... .... "Hey, we'll only build the ones with the huge profit margins. We'll leave the great architecture with groundbreaking and breathtaking ideas and concepts to companies like Mc*$%^ and Adjus#&#(*......

This sucks, guess I'll hold by breath for TFS.
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Old August 9th, 2005, 08:43 AM   #293
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Wow--great find.

Chandler II--now that's just music to my ears at 1:40 am! Good night, all
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Old August 9th, 2005, 08:56 AM   #294
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When I saw that thing for Shoreham II a few days ago I was ashamed. Such utter crap. Why would anyone want to live there?
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Old August 9th, 2005, 09:40 AM   #295
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This business about another Shoreham is a joke right? I don't think the tower is bad -- especially not for Low-as-you-can-go-enberg, but 2? Please someone tell me they're joking.
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Old August 9th, 2005, 02:26 PM   #296
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I am feeling afraid that the Lakeshore East plan is starting to be numbingly boring a la Lowenberg.
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Old August 9th, 2005, 06:03 PM   #297
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I am very disappointed with the idea of a Shoreham II. This project was going so well up to now.

By the way, isn't the Shoreham the building they are having most problems selling?? If so, who would even think of building a second one.
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Old August 9th, 2005, 06:27 PM   #298
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Quote:
Originally Posted by lazar22b
I am very disappointed with the idea of a Shoreham II. This project was going so well up to now.

By the way, isn't the Shoreham the building they are having most problems selling?? If so, who would even think of building a second one.
^Where've you been? Shoreham is an apartment building

I don't know what they're thinking. Alone, the Shoreham isn't too bad--but 2 of them is definitely a bit weird. At least it doesn't look like Grand Plaza. Either way, Lowenburg's ****** it up again!

Let's hope Jeanne Gang's building adds some spice to the area
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Old August 9th, 2005, 08:39 PM   #299
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Let's not hastily react to the news - a bit premature and possibly unwarranted. It would take a lot to turn Lakeshore East into a "bad" or "poorly developed" area.
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Old August 9th, 2005, 09:06 PM   #300
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I just called Magellan Development and NNP who are the developers and they were pretty clueless about things. I am going to try and contact the sales center to see if I can find out anything else.
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