Related Midwest Teams Up With Zagster To Offer Bike Share Program At 500 Lake Shore Drive

Program is part of national initiative by Related Companies, the first national real estate company to offer on-site resident bike sharing services across the country

Chicago (June 12, 2013) – As Chicagoans celebrate cycling in the Windy City during Chicago Bike Week 2013, developer Related Midwest is expanding on Chicago’s bike-friendly reputation with the introduction of an on-site resident bike share program at 500 Lake Shore Drive, its new 47-story luxury apartment tower that opened in Streeterville last month.

Offered through Zagster, a company that provides bikes-as-a-service, the program is part of a larger bike-share initiative by Related Companies, which this week launched New York City’s first resident-based bike sharing program and became the first national real estate company to offer bike sharing programs at multiple properties in multiple cities. In addition to Chicago and New York, Related Companies offers the Zagster program in Boston and San Francisco.

“At Related we are always looking for new ways to enhance the lifestyle of our residents and anticipate their needs,” said Curt Bailey, president of Related Midwest. “The Zagster program at 500 Lake Shore Drive gives our residents a great option for running errands, exercising, living a greener lifestyle, or even having an extra bike on hand for a guest to use. It also lets them take full advantage of one of this building’s greatest attributes – its location right along the lakefront bike path.”

“As an avid cyclist myself, I’m incredibly proud we’re providing an amenity that’s so in keeping with Mayor Emanuel's recent initiatives and Chicago's efforts to be a bike-friendly city, with its great network of bike lanes and bike paths, and even its own city-wide bike share program launching this summer,” added Bailey.

“Related understands the changing dynamics of today’s urban resident, who is very interested in sustainable, convenient and efficient transportation,” said Timothy Ericson, co-founder and CEO of Zagster. “By offering Zagster, Related can meet their residents’ needs while providing Related a key differentiator in a highly competitive market.”

Through the Zagster program, residents of 500 Lake Shore Drive have access to four Breezer Uptown bikes, an award-winning bike known for its light weight, yet durable construction, specifically designed for city riding. The bikes are located in the building’s parking structure and are equipped with spacious baskets for transporting groceries, take out, or beach gear for an afternoon along the lakefront. With an attached flexible lock, riders can park their bikes wherever they want, allowing the ultimate in convenience.

Each onsite bike contains a bike lock with the key stored inside a lock box. After joining Zagster at www.zagster.com, Related riders will simply text 'start' plus the bike number (e.g. ‘start 46’) to a phone number. A confirmation message with the access code for the lock box will be texted back. This action reserves the bike for the remainder of the day or until the bike is returned. Riders will text “end” to the same number to release the bike for the next rider. Bikes are available only to residents of 500 Lake Shore Drive and are free for the first two hours of use; after two hours, there is a $5 usage fee.

The bike share program continues Related’s foray into groundbreaking advances in sustainability and lifestyle services, including the usage of Green Seal cleaning products and low VOC paints in all of its apartments across the country and integrating one of the world’s finest fitness brands, Equinox Fitness Clubs, into its residential portfolio, as well as offering credit card rental payment options to its residents. Related is also committed to building all LEED certified buildings and reducing global carbon emissions by advancing clean energy generation, energy management and energy conservation throughout all of its properties.

For more information, visit www.500LakeShore.com, call (312) 850-0500, or visit the building’s on-site leasing center.

About Related Midwest
Related Midwest, the Chicago office of Related Companies, is the preeminent Chicago developer of luxury condominium and rental homes, affordable housing and unique mixed-use properties since 1988.  Recognized for its innovative, market-defining developments, Related Midwest creates properties of enduring value such as 340 on the Park, the first LEED-Silver residential tower in the Midwest. Currently the most active player in Chicago development, Related Midwest has two ultra luxury rental developments totaling more than 1,000 residences in downtown Chicago: 500 North Lake Shore Drive (currently leasing) and 111 West Wacker Drive (opening Summer 2014). The firm is also marketing South Loop Luxury by Related, three marquee South Loop condominium properties, and One Evanston, one of Evanston’s fastest selling condo developments. Among Related Midwest’s successes in the downtown Chicago area are The Residences on Lake Shore Park (comprising 840 Lake Shore Drive, The Pearson, and The Belvedere), the Park Hyatt Hotel and Park Tower Condominiums at 800 N. Michigan Avenue, and 340 on the Park at 340 E. Randolph Street.

About Zagster
Founded in Philadelphia in 2007 as CityRyde and now headquartered in Cambridge, Mass., Zagster is one of the nation’s first bike sharing companies. Zagster is uniquely focused on contracting with property managers, hotels, businesses, and universities across North America to make bike sharing programs available to tenants, employees, guests and students. This highly efficient and unique model allows Zagster to offer services in areas that traditional city-wide bike sharing systems can’t reach. Zagster is developing a national footprint of bike sharing programs in partnership with real estate/apartment companies, businesses, hotel chains and universities, all of whom are looking to provide value added services and benefits to tenants, guests or employees. More information about Zagster is available online at http://www.Zagster.com.

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