LAKESHORE EAST AMENITIES TO INCLUDE WI-FI IN THE PARK

FOR IMMEDIATE RELEASE

Contact: Larry Schaffel or
Tricia Van Horn August 23, 2005
(312) 642-8869

Among the many pleasures that residents and neighbors of the sprawling new Lakeshore East neighborhood can pursue in the community?s magnificent 6-acre park are walking a dog, tossing a Frisbee, pushing a youngster on a swing or checking the status of their investment portfolio.

A novel amenity that joint developers Magellan Development Group and NNP Residential & Development thought to include at the park that is the centerpiece of the 28-acre mixed-use development is free Wi-Fi, or wireless broadband, Internet access.

?Whether you?re in the park for a walk, a workout or a lunch break you will be able to enjoy the convenience of Internet access,? said Magellan President Joel Carlins.  ?And we?ll continue to provide the free Wi-Fi service after we transfer ownership to the city,? noted Jim Loewenberg, NNP President.

More ?standard? amenities of the lush park, which was recently dedicated to the Chicago Park District, include a field large enough to play soccer or throw Frisbees, a dog park, a tot lot, gardens and sitting areas.

The multi-faceted six-acre park that is the front yard for the neighborhood is just one part of the 45 percent of the Lakeshore East that has been committed to open space. Landscape architect James Burnett, who designed the park, is already designing a smaller, London-style park for the northeast corner of the site. And Site Design Group, which helped develop the park, is designing another fountain area that will complement two outdoor dining areas as well as a riverwalk and observation walk.

Loewenberg explains that eventually Wi-Fi equipment will be installed on the rooftops of four residential towers that border the park. The first of these, the 29-story The Lancaster condominiums, is completed and substantially occupied. The second, The Shoreham, a 46-story luxury apartment tower with 548 residences, is now being rented. Initial occupancy began in April. He says Wi-Fi antennas are placed atop poles until the remaining two residential towers are built on the west and south sides of the park.

?People may not actually use the connection in the park to check their financial portfolios, which they may prefer to do in the privacy of their Lakeshore East homes, where we are including wireless Internet access,? noted Loewenberg.

Described as ?a village in the heart of downtown Chicago,? Lakeshore East is believed to be the largest parcel of downtown land under development in a major U.S. city. The $4 billion mixed-use development in the rapidly-developing New East Side incorporates all the elements of a traditional city neighborhood, including condominiums and rental homes, retail, recreational opportunities and community amenities such as the park and a planned elementary school ? all located where the Chicago River meets Lake Michigan, just north of the city?s acclaimed new Millennium Park.

Lakeshore East already has received several awards, including the 2002 National Honor Award for excellence in urban design from the American Institute of Architects (AIA) for its master plan.

The Lakeshore East plan will allow construction of up to 4,950 residences, a 6-acre public park, 2.1 million gross square feet of commercial space, 2,200 hotel rooms, 770,000 square feet of retail and a proposed elementary school. Significant retail facilities that will be scattered throughout the community will soon be announced.

Phase I ? which includes construction of roadways, utilities, and infrastructure and The Lancaster condominiums, the initial residential building ? is nearing completion. Magellan and NNP will maintain ownership and design influence of all 28 acres to ensure a unified vision as Lakeshore East unfolds.

In addition to The Lancaster and The Shoreham, The Regatta, a 44-story condominium building, and 340 On The Park, a 62-story condominium tower, co-developed by LR Development Co., are under construction.

Preconstruction sales are under way for The Chandler, a 35-story condominium tower with 304 residences. All are experiencing an outstanding market response.

For additional information, please telephone the Lakeshore East sales office at (312) 540-9891 or visit the Web site, www.Lakeshoreeast.com.