Magellan Development CEO buys condo unit at firm’s 101-story tower

David Carlins and wife paid $6.5M for 68th floor spread at renamed St. Regis Chicago

Magellan Development CEO buys condo unit at firm’s 101-story tower
The Residences at The St. Regis Chicago at 363 East Wacker Drive (St. Regis Residences)

Magellan Development CEO David Carlins paid $6.5 million for a 68th floor unit in the Downtown luxury condo and hotel skyscraper his firm built.

Carlins and his wife Rebecca bought Unit 6806 at the 101-story St. Regis Chicago, property records show. It is 5,208 square feet with four bedrooms and five bathrooms.

Completed late last year, the St. Regis Chicago — formerly known as Vista Tower  — is the third-tallest building in the city. The tower, at 363 East Wacker Drive, is 1.9 million square feet and 1,196 feet tall.

The residential portion, called Residences at St. Regis Chicago, opened earlier this year.

Listed at $7.8 million, the Carlins’ unit went under contract on April 21, 2017, the same day it hit the market, according to a listing from Compass. The closing price represents a 17 percent discount from the listing.

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Carlins, the son of Magellan co-founder Joel Carlins, took over as the firm’s CEO in 2019. He previously served as the company’s president. Magellan did not respond to a request for comment.

A few large residential deals closed at the St. Regis recently.

Stephen Schuler, an investor in medical marijuana firm PharmaCann, paid $6.7 million for a 51st floor property. Unit 5106 is 4,900 square feet, four bedrooms and five and half bathrooms, according to records and Redfin. Jose Luis Prado, an executive at private equity firm Wind Point Partners, paid almost $6.4 million for a 66th floor condo. Unit 6606 is just over 5,000 square feet with three bedrooms and five and a half bathrooms, according to Redfin.

The tower has 393 condo units, with the bottom 11 floors reserved for a 191-key hotel. Two restaurants operating under Alinea Group will be located on the second and 11th floors.

Through the end of August, there were 51 home sales over $4 million each in Chicago, according to a recent Crain’s analysis. It was the fastest pace of high-end residential deals in the city over the six-year period that report has been published.