July 2, 2011 - Chicago real estate developer Magellan has kept with their nautical theme when it comes to Lakeshore East towers and dubbed their new project the Coast. They have just broken ground on the 45 story high-rise and expect it to be completed and ready for occupancy in February 2013, according to a Tribune article.

The rental tower is located on 345 East Wacker Drive and will have 499 apartments, indoor parking for 272 cars, 18,000 square feet of retail space plus 18,000 square feet of amenity space both inside and outside. There will be a landscaped deck with outdoor pool, an indoor spa, a business center, media room and lounge.

The Coast tower is being financed by a $99 million construction loan from Northwestern Mutual Life Insurance Company along with an over $50 million investment from Magellan and their equity partner, JPMorgan Asset Management.

Developers are still building more Chicago apartments than market rate condos, and if the Coast apartments are as popular with renters as the units in the Tides, the Shoreham and Aqua, they will be a success.

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