Block37, the downtown Chicago mall and office complex, is taking another step toward achieving its full potential. CIM Group, the development’s owner, is moving forward with plans for an apartment tower.
If this sounds familiar, it should. Crain’s Chicago Business reported this was coming back in March of this year. But yesterday, CIM put out a press release letting the world know it’s going to happen for realsies. Of course, we see press releases announcing new buildings almost every day. Few come to fruition. So, was this just a bit of puffery? We did some digging, and the answer is “nope.” It’s the real deal:
That’s the official language from the building permit that CIM pulled with the city on September 10th to get the project off the ground. That means it’s writing checks to move this puppy forward.
But the way ahead may not be all that simple. CIM wants to build 690 residences in the tower. At the time Block37 was initially built, the city limited it to just 500 residences. That means amendments and forms and lawyers and hearings and paper cuts are in CIM’s future.
It remains to be seen if Block37 will ever get its planned hotel tower, or if the abandoned high-speed subway superstation in its basement will ever see a passenger.
Here’s the text of CIM’s announcement:
CIM Group announced today that it has secured its initial permits for the construction of a 34-story, 690-unit apartment tower above Block Thirty Seven, the existing five-level, 275,000-square-foot shopping, dining, and entertainment destination located in Chicago’s Central Loop. The residential tower is the last phase of the development program for Block Thirty Seven and helps to fulfill the city’s long-term vision for this pivotal State Street location.
The tower, positioned on the northern portion of the block, will offer sweeping city views, a fifth floor amenity deck including an outdoor pool and spa, a rooftop spa and fitness center, and other top-tier resident amenities and services. Construction will commence with the installation of barricades.
CIM brings its experience and success in creating urban mixed-use properties in major U.S. markets to the development of the residential tower. The company’s program for Block Thirty Seven is designed to enhance the area by providing real estate products that are currently underserved and complementary to those already provided in the community, and will continue to support the ongoing residential growth within The Loop.
Block Thirty Seven is located in the heart of Chicago’s State Street retail corridor, which attracts millions of local customers and visitors annually. CIM identified Chicago’s Central Loop as possessing the attributes that fit CIM’s investment model that focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks.