Residential Tower to Complete Development of Chicago's Block 37
One of Chicago's most prominent and underutilized parcels will be the site of a 34-story, 690-unit apartment tower, completing a redevelopment plan for the property begun in the late 1980s.
Los Angeles-based developer CIM Group indicated earlier this month it has secured permits required to construct the tower atop a five-story mall located on Block 37, a parcel sandwiched between Daley Plaza and retailer Macy's in the heart of Chicago's Loop.
Architect for the project is Chicago-based Solomon Cordwell Buenz & Associates. When completed, the tower will be the largest apartment building to rise in the Loop since 2010, when developer Steve Fifield opened the 848-unit Alta at K Station.
The project concludes a decades-long saga surrounding Block 37, which was demolished in 1989 to accommodate a mixed-use development that failed to materialize, leaving the parcel vacant until 2008. In 2009, Bank of America seized the property from Joseph Freed & Associates, the mall's developer, as part of a foreclosure suit. CIM Group purchased Block 37 in 2012.
“The residential tower is the last phase of the development program for Block 37 and helps fulfill the city's long-term vision for this pivotal location,” CIM Group indicated in a statement. “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.”
Downtown Chicago has emerged as a magnet for luxury apartments in recent years, the most prominent being 111 W. Wacker Drive, a 60-story, 504-unit tower that opened this fall.