Magellan Merge with Related Cos.

From Crain's Chicago Business --

Chicago Business News, Analysis & Articles | Tower builder tie-up? | Crain's (http://www.chicagobusiness.com/cgi-bin/mag/article.pl?articleId=29353)

A quote: "Powerhouse New York developer Related Cos. is in advanced negotiations to acquire a stake in Chicago residential high-rise developer Magellan Development Group LLC, which would take over Related's faltering Chicago office."

"Talks to combine two of the Chicago area's largest developers come at a critical time for Related Midwest LLC. The luxury condominium developer is struggling with a slow sales start at its two newest projects and has been without a president."

:love:

According to a Sun-Times article, Magellan and Related Midwest are both on the Top 10 Builders list for Chicago at #2 and #7.

Top 10 builders sold 7,200 homes in '07 (http://searchchicago.suntimes.com/homes/829244,topten07.article)

"Magellan is the developer of Lakeshore East, a 28-acre site where the Chicago River meets Lake Michigan. It's believed to be the largest parcel of downtown land under development in a major U.S. city."

....

"Two condo high-rises have been completed and are occupied. An apartment tower has been completed, too. Two more condo towers are almost completed. Condos as well as rentals are planned in another high-rise. Construction has begun for a section of 25 town houses."

The two that are completed and occupied must be Lancaster and Regatta ? the almost complete must be Chandler and 340 on the Park ?

Eric