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SunTimes
March 1, 2006
Sixth high-rise to roll in as the Tides
By David Roeder

The $4 billion Lakeshore East development north of Grant Park is entering the next stage of its growth. In about 30 days, developers expect to break ground on the complex's sixth high-rise.

Called the Tides, the 52-story building is designed by James Loewenberg, architect and partner in Lakeshore East with Joel Carlins. With 608 apartments, the Tides will arise at the northwest corner of Field Drive and East South Water just north of the 6-acre park that serves as the development's centerpiece.

The building furthers the developers' goal of mixing rental and for-sale housing. Loewenberg said the projected monthly rents, from about $1,400 for a studio to $2,800 for a two-bedroom, will be similar to what the owners get for the Shoreham, a tower immediately east of the Tides. The Shoreham is now 95 percent leased just a year after it opened, an uncommonly fast fill-up.

Also straight ahead for Lakeshore East is an 82-story building for residential units and perhaps a hotel. It's planned for the east side of Columbus Drive across from the Fairmont Hotel. The architect is Jeanne Gang of Chicago, and while early sketches have circulated on the Internet, Loewenberg said they aren't accurate.

THOMPSON CENTER TUSSLE: The state agency in charge of the James R. Thompson Center at 100 W. Randolph is embroiled in a lawsuit with the company that has managed the building's commercial space since it opened in 1985. State Building Venture, a partnership led by Charles Palmer, has accused the Department of Central Management Services of illegally trying to block Palmer from selling its leasehold to another company.

The venture also said Paul Campbell, acting director of the department, is claiming authority to cancel the lease during any of its five-year renewal periods. The lease explicitly allows for cancellation only at the tenant's option, said attorney Bill Sullivan, who represents the venture. After all the renewals, the lease would expire in 2044.

Sullivan said the state is undercutting his client and damaging the value of the lease after the venture bore the building's risk for years, guaranteeing payments to the state with no certainty of tenants. He said the venture spent $10 million to improve the space, which was hard to lease because the building isn't open during nights and weekends and doesn't allow outside signage.

 

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