Complaint Review: Lakeshore East Development And Magellan Development - Chicago Illinois
- Lakeshore East Development And Magellan Development 430 E Waterside Dr, Chicago, Illinois U.S.A.
- Phone:
- Web:
- Category: Builders & Contractors
LakeShore East Development And Magellan Development Deceptive Sales and Marketing on a large scale Chicago Illinois
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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'!
Magellanvictim
Chicago, Illinois
U.S.A.
This report was posted on Ripoff Report on 06/25/2009 12:07 PM and is a permanent record located here: https://www.ripoffreport.com/reports/lakeshore-east-development-and-magellan-development/chicago-illinois-60601/lakeshore-east-development-and-magellan-development-deceptive-sales-and-marketing-on-a-lar-464936. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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