Shaul Kuba’s Los Angeles-based CIM Group is resuscitating work on the Block 37 shopping mall development on 108 North State Street in Chicago’s Loop. The groundbreaking on the project was held eight years ago.
The tower will rise above the 275,000 square foot Block 37 retail structure currently located on the site opposite a Macy’s.
The three building structure’s previous developers suffered financial problems, and in 2011 Bank of America foreclosed on the property. CIM acquired it in 2012. Joseph Freed and Associates LLC assumed responsibility for the site’s retail development.
The name Block 37 comes from the fact that it was one of the original 58 designated blocks in Chicago. It is located in a square defined by West Randolph Street, North State Street, West Washington Street and North Dearborn Street.
There will also be an underground transit center, to be jointly funded by both the City of Chicago and the Chicago Transit Authority. One new building has already been completed at the site.