Magellan Development Tops the Leasing Rate With Coast Tower

by Anne Marie Scalambrino


The view from the Coast tower.

Magellan Development’s Coast Tower, a 51-story residential building located in Chicago’s New East Side at 345 E. Wacker Drive, reached 50 percent occupancy, topping the leasing rate of all previous buildings in the 28-acre community adjacent to Millennium Park.

Robin Loewenberg Tebbe, President of Magellan affiliate NNP Residential commented on the tower filling up at a record setting pace. “Chicagoans want innovative design aesthetic combined with spectacular lake and river views as well as the traditional building luxuries,” adding, “We’re pleased to see the tower filling up at a record setting pace.”

This tower will be the newest and eighth high-rise residential residence in Lakeshore East’s urban masterpiece of rental and condominium properties. With a nautical-theme, it is the first 100 percent smoke-free environment in Lakeshore East that also offers indoor and outdoor amenities such as an outdoor heated lap pool and landscaped deck, fitness center, resident lounge, business center, indoor spa and other state-of-the-art amenities including a dog friendly facility. The building contains 515 modern apartments that are studio, convertible, one, two, and three bedrooms, as well as penthouses.

President of Magellan Development Group, David Carlins said, “We also attribute our success to our great location, amenity package and full services offered by Magellan Development. The Village Market at Lakeshore East anchored by Mariano’s has created new retail, restaurants and services that are attracting residents to the community.”

Additionally, the Coast provides distinctive amenities via The Shore Club such as access to superior décor, luxury lifestyle amenities, and health and wellness.

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