CHICAGO — Magellan Development Group has commenced construction of Coast, a 45-story, 499-unit rental apartment tower in downtown Chicago. The property, located at 345 E. Wacker Dr., is the eighth high-rise tower within the company's Lakeshore East community.

Designed by architectural firm of Brininstool Kerwin & Lynch (BKL) and constructed by McHugh Construction Co., which has also constructed six buildings at Lakeshore East, Coast also will feature 18,000 square feet of retail space, an additional 18,000 square feet of amenities including an outdoor pool, fitness center, resident lounge, business center, media room and indoor spa, as well as a 272-car parking garage. First occupancy is targeted for February 2013.

Coast’s modern design is described by BKL as "a composition of light and translucency.” A curtain wall on the east and west facades is a combination of translucent and fritted glass combined with aluminum while continuous inset balconies on the north and south elevations provide views of the Chicago skyline, Lake Michigan and Grant/Millennium Parks. (see photo at right)

“Our successful experience with Aqua at Lakeshore East — a project that has thrived in a difficult market — reinforces our belief that going forward, high-quality design must remain a critical factor in our business plan,” said Magellan President David Carlins.

Magellan and its equity partner, JP Morgan Asset Management, have invested more than $50 million in equity in Coast, alongside borrowing $99 million from Northwestern Mutual Life Insurance Co. to finance the property.           

Located a block north of Millennium Park along Lake Michigan, Lakeshore East has a 28-acre master plan marked by 40 percent green and open space — 590,000 square feet upon completion — including a 6-acre botanical park.

Highlights of the community include Aqua at Lakeshore East, which is the property’s tallest building at 87 stories, and also will house the first Radisson Blu hotel in the United States. The hotel will occupy 18 floors of the property with 334 guest rooms and suites and 27,000 square feet of total meeting space, including a 12,500-square-foot ballroom, when it opens in November 2011. The project represents a $125 million joint venture between Magellan and Carlson Hotels. The community also includes the Midwest’s first Silver LEED certified building: 340 on the Park at Lakeshore East.

— Dan Marcec