The above sign was shot several years ago, but it may stand in for the opening of a different kind of level at Block 37 in Chicago’s Loop.
The current zoning for Block 37 allows for the development of 400 residential units at State and Randolph, on air rights above the existing buildings. According to Crain’s Chicago Real Estate Daily, LA-based CIM Group, which owns the shopping mall at Block 37, just acquired the development rights for the residential units, and the right to build 500 hotel rooms above the mall at Randolph and Dearborn.
Acquiring full control of the Block 37 site, at 108 N State St, is a logical move for CIM and doesn’t imply further development in the near future. Pending further announcements, we haven’t added the Block 37 apartment site to our list of new downtown apartment projects.