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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