Named for the defunct Central Station of the Illinois Central Railroad, this is the largest master-planned development in Chicago, spanning 72 acres at the foot the the downtown skyline. Bordered by Grant Park, Lake Shore Drive & Soldier Field, McCormick Place and Michigan Avenue. First envisioned in 1989, when Chicago developer Gerald Fogelson teamed with Cleveland-based Forest City Enterprises to purchase the land surrounding (and the transferable air rights above) the railroad's tracks, which ran parallel to Lake Shore Drive below Grant Park. Several other prominent developers have since joined in the development.

The developers originally envisioned a neighborhood community, constructed in phases of townhouses, then low- to mid-rise apartment buildings, with some retail presence. Mayor Daley legitimized the project by becoming one of the first townhouse owners in the early '90s. Today, the community has become so successful, planners have added to the master plan and begun construction on a third phase of tall and supertall luxury condo towers. When complete, the new neighborhood in the South Loop area is expected to house between 15,000 and 20,000 residents. In order to accommodate the project, the City of Chicago actually rerouted Lake Shore Drive. As a result, the Field Museum, Adler Planetarium and Shedd Aquarium merged onto a single Museum Campus, whereas before they had been dangerously bisected by the traffic corridor.

Light blue shading at bottom center indicates project area.

Spearheaded by Chicago-based Magellan Development and NNP (Near North Properties), this is the second largest master-planned development in the city. Spanning some 28 acres on a former golf course at the mouth of the Chicago River, the complex will contain two supertall office buildings and 9.7 million square feet of residential space, including another 6 residential highrises following this current crop of eight, for a grand total of 16 large skyscrapers. The developers won the American Institute of Architects’ 2002 Award for Residential and Urban Design, based on the master plan by Skidmore, Owings & Merrill.

The white buildings clustered in the center represent the planned high-rises of Lake Shore East. For a sense of context, note the Aon Tower in the upper left corner.

River East mega-project: Chris Carley, perennial project-fumbling residential developer, and Mike Reschke, who famously lost control of a commercial real estate empire he built, have teamed up to buy a 2.3-acre site near the River East Art Center for $60 million. The duo plan a tower in the 70-80-story range a part of a 1.6 million-foot development that will include a hotel and condos. According to Zoning Department documents, the property could use any address between 393-455 E. Illinois Street, OR 440-480 N. Park Drive.

108-116 N. Jefferson: Jupiter Realty Corp. has purchased this West Loop vacant lot and pledged a mixed-use tower of at least 45 stories.

740 N. Rush: Fordham Companies plans a 50-story tower designed by SOM along the booming Rush Street corridor. The site currently is occupied by a low-rise vintage brick office building, where the popular Giordano's pizzeria is the retail anchor.

MAJOR DEVELOPMENT SITES FOR SALE: Look for new developments in the near future at 320 W. Erie, where an investor group that includes the Berger real estate family is selling a parcel comprising a vacant parking lot and the Coyote Ugly bar. The investors previously had planned to develop the site themselves with an 18-story tower designed by Lucien Lagrange. Also on the market is the decrepit River North eyesore Ohio Hotel, at 600 N. LaSalle -- a major redevelopment site if ever there was one. And lastly, another redevelopment site is in play at 159 W. Kinzie, a low-rise antiques market on the same block as a planned 32-story residential tower at 161 W. Kinzie and the 60-story office tower at 300 N. LaSalle.