City of Chicago Partners With CIM Group to Build Residential Housing at Block 37
Chicago Mayor Rahm Emanuel joined CIM Group officials last week, at Block 37, 108 N. State St., to announce the construction project of 690 new residential units that soon will be built there.
“The City of Chicago is leading the nation in number one in corporate relocation, number one for people moving back into a city in a dynamic central business district,” said Chicago Mayor Rahm Emanuel. “That said, the measure for our city, for the people that will live here, work in the area, the real measure is to make sure that the children and all the families living throughout the city of Chicago participate in that dynamic growth, have opportunities, and not look at it as something else but as part of their future.”
Located in the heart of the Loop, Block 37 is planned to be a modern shopping, dining, and entertainment destination. Bordered by State, Randolph, Dearborn, and Washington streets, it encompasses an entire city block.
“CIM Group is helping control the city’s vision of growing residential options within the Loop,” said Michael Regan, vice president, CIM Group. “CIM brings its decades of experience in creating successful mixed use developments to major urban centers creating the Tower, the final of phase of the Block 37 development.”
CIM identified the Chicago Loop as a community that possessed attributes that fit CIM’s longstanding investment model: an urban districts positioned for economic expansion with solid infrastructure and transportation networks.
“All of us at CIM Group are proud to bring a significant residential addition to this iconic State St. location and to expand our investments in this dynamic urban district,” said Monica Yamada, principal, CIM Group. “CIM Group has a team of professionals across many disciplines who have worked together to bring the possibilities of Block 37 to reality.”
According to a City of Chicago spokeswoman, Elizabeth Langsdorf, no City funds were used to fund this project.
“I think CIM and their parents have done a phenomenal job. Once the 690 unit tower is erected this will be I think the most dynamic mixed use project in the 42nd ward,” said Alderman Brendan Reilly (42nd Ward). “This was a vision for Mayor [Richard M.] Daley but I have to give credit to Mayor [Rahm] Emanuel for really prioritizing this and making sure it got the attention and support it needed from the City of Chicago.”
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has invested in dynamic and densely populated communities throughout North America. CIM Group draws on its team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure.
For more information about Block 37 visit http://www.block37.com/. For more information about CIM Group visit http://www.cimgroup.com/.
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