January 11, 2021
Magellan Development Group has scaled back plans for a tower it plans to add to its ongoing Lakeshore East mixed-use project. Crain’s Chicago Business reported that instead of two hotels totaling 570 keys in the building at 198 N. Columbus Dr., Magellan plans just one, and has also slightly reduced the number of apartments planned for the project.
Following up on an email Ald. Brendan Reilly sent to constituents, Magellan CEO David Carlins confirmed to Crain’s that the challenge of obtaining construction financing in the current lodging environment was the main reason the company decided to include just one hotel in the building, with half the number of rooms originally planned.
Because the city already approved a zoning change for the project, Magellan doesn’t need to obtain approvals for the smaller building. The developer plans to break ground no earlier than October and aims to complete construction by April 2024.
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