"Given the prominence and natural advantages of the site, we have an unparalleled opportunity to create a world-class residential development, in a downtown community, flanked on two sides by spectacular park space and amenities, with dramatic lake and harbor views."
Thomas O. Weeks
president, LR Development Company.
Capitalizing on Chicago's booming 24/7 downtown and an award-winning master plan for a new central area community, LR Development Company LLC plans to construct a premier residential tower on a prime parcel in Lake Shore East, the nation's largest urban development. LR's new $250 million development will be designed by Solomon Cordwell Buenz & Associates Inc. and be located on Randolph St., just east of the Blue Cross/Blue Shield building.
The Lake Shore East complex replaces the former Illinois Center golf course and is being developed by Magellan Development Group, Ltd. and Near North Properties, Inc. An affiliate of Magellan and Near North will be a joint venture partner in the LR development.
"Given the prominence and natural advantages of the site, we have an unparalleled opportunity to create a world-class residential development, in a downtown community, flanked on two sides by spectacular park space and amenities, with dramatic lake and harbor views," said Thomas O. Weeks, president of LR Development Company. "Quite simply, the views from this building will be unmatched. We have selected Solomon Cordwell Buenz to create a design that fulfills the promise inherent in the property's location," Weeks added.
The site will offer homebuyers panoramic views of Grant and Millennium parks, the Chicago skyline and Lake Michigan, as well as riverwalk access to Navy Pier and DuSable Park.
Ald. Burton F. Natarus (42nd) praised the plan. "LR Development Company brings to the development team a commitment to quality residential development and community enrichment that will benefit the entire area."
Internationally-renown Skidmore, Owings & Merrill LLP (SOM) created an AIA award-winning master plan for development of Lake Shore East. In addition to LR Development's new residential building, plans for Lake Shore East include: Harbor Park, a $5 million, 5.3-acre park already under construction; and Lake Shore East Elementary School, the first-ever public elementary school in the central area of the city.
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