February 17, 2004                                                 

45-STORY CONDOMINIUM BUILDING PLANNED FOR CHICAGO?S LAKESHORE EAST

CHICAGO ? Lakeshore East, LLC, a partnership of Magellan Development Group, Ltd., and Near North Properties, LLC, recently announced plans and started accepting reservations for The Regatta, a 45-story condominium tower to be constructed on the corner of Wacker and Harbor Drives in Chicago?s Lakeshore East neighborhood.

Designed by Chicago-based architectural firm, DeStefano + Partners Inc., The Regatta comprises approximately 320 units, ranging from million-dollar penthouses to studio residences from $210,000. The high-rise also will feature an indoor pool, fitness facilities and sun deck.

The Regatta will be the fourth residential high-rise planned for Lakeshore East, a downtown Chicago neighborhood occupying 28 acres bordered by the Chicago River and Lake Michigan. Boasting fantastic views of the river, the lake, the soon-to-be-completed Harbor Park and the Chicago skyline, The Regatta will be a short walk from the Magnificent Mile, the Chicago business district, the city?s new Millennium Park and the lakefront.

Projects currently under development in the Lakeshore East community, slated to bring 4,900 new residences to downtown Chicago over the next 12 to 15 years, include the 29-story residential condominium, The Lancaster, a 550-apartment tower, The Shoreham and 340 E. Randolph, a 348-unit residential building developed by LR Development Co. and Magellan Development Group.

?DeStefano?s distinctive elliptical glass curtain wall design is a significant contribution to the architectural diversity of Lakeshore East, which at this point will include four residential properties designed by several different architects,? said Joel Carlins, president of Magellan Development Group.

Located in downtown Chicago where the Chicago River meets Lake Michigan, the Lakeshore East mixed-use community received the 2002 National Honor Award for excellence in urban design from the American Institute of Architects (AIA). Inspired by the traditional Chicago neighborhood, Lakeshore East will include homes, retail, recreational and community offerings ? from a 6-acre park to a newly planned public school. A village in the heart of Chicago, Lakeshore East is expected to reach completion in 12 to 15 years.

For more information on The Regatta or other Lakeshore East properties please visit a Lakeshore East sales center or www.lakeshoreeast.com .   Inquiries also can be made to (312) 664-3434.   Located at 375 East Wacker Drive, the onsite sales center is open Wednesday through Friday 11 a.m. ? 6 p.m., Saturday 11 a.m. ? 5 p.m. and Sunday 11 a.m. ? 4 p.m.    The River North sales center is located at 710 N. State Street, and is open Monday through Friday 11 a.m. ? 6 p.m., Saturday 11 a. m. ? 5 p.m. and Sunday 11 a.m. ?   4 p.m.