Magellan Development Group
| Industry | real estate property development |
|---|---|
| Founded | 1996 |
| Headquarters | Chicago |
Area served | United States |
Key people | Joel Carlins (Co-Chief Executive Officer) James Loewenberg(Co-Chief Executive Officer) David Carlins(President) Robin Loewenberg Tebbe (Chief Marketing Officer) |
Magellan Development Group, LLC is an American real estate and property development company that was formed in 1996 as a result of a long term corporate partnership between Magellan Development Group and NNP Residential Development.
The company's co-chief executive officers are Joel Carlins and James Loewenberg; the company's president is David Carlins while Robin Loewenberg Tebbe is the Chief Marketing Officer. The affiliates of bKL Architects, Joel M. Carlins & Associates, Magellan Marketing Group, Magellan Property Management, and Magellan Realty operate autonomously within the group structure.[citation needed]
The major accomplishment of their collaboration is the $4 billion, mixed-use Lakeshore East community which reintroduced residential living to Chicago's central business district.[1] The master plan was designed by Skidmore, Ownings, and Merrill; it consists of 28 acres (110,000 m2), 4,950 new residences, 2,200,000 square feet (200,000 m2) of commercial space, 1,500 hotel rooms, 770,000 square feet (72,000 m2) of retail space, a planned elementary school, and a 6-acre (24,000 m2) botanical park. It earned a 2002 Honor Award for Regional and Urban Design from the American Institute of Architects.[citation needed]
The company has created luxury rental and condominium communities such as The Tides at Lakeshore East, The Shoreham at Lakeshore East, Grand Plaza, The Park Millennium, One Superior Place, and Dearborn Place. Condominium developments at Lakeshore East include the Aqua, Chicago, The Parkhomes, The Chandler, 340 on the Park, The Regatta, and The Lancaster. Other Lakeshore East developments include The Park at Lakeshore East and the Village Market retail center. More recently, the company began construction of Vista Tower, a 101-story super tall structure containing a 5-star hotel and 406 luxury condominiums. Projected for completion in 2021, Vista will be Chicago's third tallest building. In addition to the Lakeshore East community, its portfolio includes buildings in Chicago's River North, Gold Coast, and Near West Side neighborhoods, such as The Park Alexandria, The Caravel, Admiral’s Pointe, The Farallon, 630 North State, 21 West Chestnut, The Park Newberry Residences, Wolf Point West, Exhibit on Superior and The Gallery on Wells.
In 2012, the company expanded outside of Chicago with LPM Apartments in Minneapolis and more recently completed construction of luxury rental high-rises in Nashville (The SoBro) and Miami (Midtown Five) with plans for additional developments in Austin, Texas and metro Boston. In addition, the two organizations that make up Magellan Development have independently developed hotels, retail, office and medical facilities throughout the United States.[citation needed]
Crain’s Chicago Business has named the company LLC one of Chicago’s top 5 "Largest Homebuilders" in 2007 in addition to naming Magellan as number 113 in the list of "Chicago’s Largest Privately Held Companies".[2] The company has been responsible for the creation of over 12,000 residential units in Chicago and is known for its philanthropic endeavors and unique Rewards program as well as its luxury properties.[citation needed]
References
- ^ "Lakeshore East project lifts Magellan to top". Chicago Tribune. August 1, 2008. Archived from the original on 2009-10-19. Retrieved 2020-01-20.
- ^ "Magellan Ranked as Chicago's Top Builder in 2007". Builder. March 11, 2008. Retrieved 2020-01-20.