With the real estate market drifting through a relative recovery, one prominent Chicago developer seems to be saying, “Come back in, the water’s fine.” The team behind Chicago’s Aqua Tower is gearing up for another high-rise nearby. Chicago-based Magellan Development Group hired Studio Gang Architects for another tower in the 28-acre master-planned neighborhood of Lakeshore East.
The Aqua Tower in context. (thegoatisbad / Flickr)
Gang’s 82-story Aqua Tower, 225 North Columbus Drive, opened in 2009 to international acclaim. Its organically rippled balconies suggest the movement of wind across water. The undulating balconies are functional, too, providing sun shading and eliminating the need for a tuned mass damper.
Design details for the new tower are forthcoming, but the developers said it could work on either of two sites in the Lakeshore East area.
Five years after the mixed-use tower opened, Aqua saw its last unit sold February 21. Dennis Rodkin reported the 3,200-square-foot town home at the building’s base sold for $1.7 million.
Aqua’s 262 condominiums, 474 apartments, nine town homes and 334-room hotel are a landmark for the Lakeshore East neighborhood, which is now home to more than 5,000 residents. Development there has taken off since Millennium Park’s 2004 completion. Magellan’s master-planned community include a Dubai-based private school’s first U.S. location, a six-acre park, and towers from the likes of SOM, DeStefano + Partners, Solomon Cordwell Buenz, and Steinberg Architects.