A minor modification to the individual who wrote the report on how Magellan Development and Lakeshore East Development are deceiving buyers into the construction of public parks owned not by them, but by the city of Chicago and their bankrupt Park District.
A statement was made that all Magellan and Lakeshore East Development buildings will be supporting the park. This is not true. The documents on the NewEastSide web site reveal that certain buildings will and other buildings will not have to share the burden. There are no rules or specifications on how this will be done. It's unclear, for example, if the Aqua buyers will have to pay for the park.
What this means is that anyone stupid enough to buy preconstruction without an aggressive attorney could face unbelievable increases in 'city special assessments' to pay for the building of the park. This is a $60,000, 000 project... On the surface. It is actually $162 million if you include fees and interest, according to documents on the NewEastSide website.
This will be a nice annual fee for the next 2-3 decades nailed to anyone buying from Magellan in Lakeshore East, whether the Park Homes or any future Lakeshore East project in Chicago. As the other reviewer noted, enjoy, 'suckahs'!
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