Magellan Development Group announced today that CVS/pharmacy will be the first retail tenant at Aqua, the distinctive mixed-use high-rise tower under construction at Lakeshore East, the blossoming new neighborhood near the confluence of the Chicago River and Lake Michigan.

CVS/pharmacy will anchor a 37,000-thousand square-foot retail component with a 12,000-square-foot pharmacy on the ground level of the unique 82-story tower designed by Jeanne Gang, principal of Studio Gang Architects.

CVS/pharmacy, the retail division of CVS Caremark Corporation, is America’s largest retail pharmacy with more than 6,800 locations nationwide.  CVS has more than 230 stores in the State of Illinois and more than 60 locations in the City of Chicago. “CVS is pleased to be part of Lakeshore East’s growing retail component and we are excited to be a part of the remarkable Aqua tower,” said Michele Dodd, director of real estate for CVS/pharmacy in the Chicago area and Wisconsin.

“As we continue to enhance our presence in Chicago we look forward to providing high-quality, affordable and convenient pharmacy services to the Lakeshore East community when our CVS/pharmacy opens next summer,” she added.

Gang’s unique Aqua is emerging as the icon of the exceptional design, outstanding quality and extraordinary location that are the hallmarks of Lakeshore East.  The mixed-use urban village rising on Chicago’s lakefront between the Chicago River and Millennium Park spans 28 acres and is believed to be the largest parcel of downtown land under development in a major U.S. city.

This $4 billion development in the rapidly growing New East Side incorporates all the elements of a traditional city community, a lifestyle center that includes homes, retail, recreational opportunities, a lush 6-acre public park and a planned elementary school.

Recent awards include the prestigious 2008 Prix d’Excellence International Design Award from the International Real Estate Federation for the community’s master plan and American Architecture Awards for 2008 for Aqua and The Park at Lakeshore East from The Chicago Athenaeum Museum of Architecture and Design. The master plan created by Skidmore, Owings & Merrill previously won a National Honor Award for excellence in urban design from the American Institute of Architects (AIA).

Lakeshore East is regarded as a preview of the future, a mixed-use development where people can live, work, shop, eat and pursue whatever interests them without having to get into a car.  The plan that completes the ambitious Illinois Center development allows for the construction of up to 4,950 residences, the park, 2.2 million gross square feet of commercial space, 1,500 hotel rooms, 400,000 square feet of retail space and the school.

Spectacular both in its size and originality, Aqua is believed to be the tallest skyscraper ever designed by an architectural team headed by a woman.

Hailed by a leading architectural critic as “Chicago’s most sensuous skyscraper” Aqua will be a blend of 264 luxury condominiums rising from a level equal to or higher than many city penthouse levels, 474 rental units, 210 hotel units, 42,000 square feet of office space as well as the 37,000 square feet of retail space on the first two floors.

The unique Aqua design features balconies up to 12 feet wide that appear as undulating waves and create a rippling effect that Gang explains mirror the striated outcroppings and formations visible throughout the Great Lakes region.

Aqua combines elegant condominiums starting on the 53rd floor with luxury rental residences on floors 19 through 52, and hotel rooms below with separate entrances and elevators.  It is notable that the lowest of the condo floors are actually among the highest in the city; in many cases they are higher than most penthouses in the city. .  For additional convenience, the building will connect to the underground Pedway system.

Impressive views include Lake Michigan, Chicago River and Millennium Park panoramas “Aqua represents a Chicago milestone as the first high-rise specifically created to comprise condominium, rental, hotel and retail spaces,” noted Joel Carlins, co-chief executive officer of Magellan.

Co-CEO James Loewenberg also observes that “This addition to Lakeshore East is revolutionary in both design and function.”

Jeanne Gang herself modestly observes that “Aqua’s three-dimensional qualities result in an exciting addition to Chicago’s skyline.”

Residents will have access to more diverse Aqua amenities than in any major city, indoors and out.

A distinctive 80,000-square-foot deck will feature luxury gardens, gazebos, pools and cabañas, a hot tub, walking trail, fire pit and several grill stations. Indoors, 27,500-square-foot amenity floors will provide such fitness facilities as an indoor lap pool, basketball court, a spa featuring hot tubs, sauna, steam, treatment and massage rooms.

It will include a club rooms with catering kitchens, coffee bar and lounge, media room, billiards and game area, theater with plasma TV, business center, Internet café,  skygarden and concierge services.

For additional information, please telephone the Lakeshore East Sales Center at (312) 565-9600 or visit the Website, www.LakeshoreEast.com.