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CIM Group Breaks Ground on Block 37 Residential Tower in Downtown Chicago

31 Oct 2014, 8:59 pm

By Ioana Neamt, Associate Editor

Block 37 Residential Tower

Los Angeles-based developer CIM Group recently broke ground on a 34-story, 690-unit residential tower at Block Thirty Seven, the largest apartment project in Chicago’s Loop neighborhood in decades.

Designed by Solomon Cordwell Buenz (SCB), the tower at 108 North State Street is part of a larger mixed-use development project which broke ground back in 2005. CIM Group plans to reestablish Block 37 as a high-profile location in the heart of The Loop, by combining a 34-story residential tower with approximately 400,000 square feet of retail, entertainment and dining space, up to 450,000 square feet of office space, and a 354-room hotel.

“The residential tower at Block Thirty Seven will bring a new, mixed-use residential and retail development to Chicago, and as importantly, create hundreds of good-paying construction jobs for Chicago workers,” said Chicago Mayor, Rahm Emanuel.

Located on the square block bounded by W. Randolph St., N. State St., W. Washington St. and N. Dearborn St., Block Thirty Seven takes its name from one of the original 58 blocks established in the city in 1830, and is part of the central business district which includes Chicago City Hall and the James R. Thompson Center. According to a news release, the 690-unit apartment tower will sit atop the five-story, 275,000-square-foot Block Thirty Seven retail center, already a popular shopping and entertainment destination developed by Joseph Freed and Associates.

“State Street in this portion of The Loop is rich in culture, shopping, dining and entertainment,” said Avi Shemesh, co-founder and principal of CIM Group. “Now with the vision of city leaders and the support of the community, it is transforming into an even more distinctive urban district by bringing residences to the area.”

The tower at 108 N. State St. will offer residents ample city views from its fifth floor amenity deck with an outdoor pool and spa, and will also feature a rooftop spa and fitness center. Additionally, CIM Group intends to bring an 11-screen AMC Dine-In Theatre to the building’s fourth floor.

Rendering courtesy of Solomon Cordwell Buenz via Chicago Curbed

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Amazon to Invest $75M in First Illinois Facility

29 Oct 2014, 10:31 pm

By Ioana Neamt, Associate Editor

Amazon.com, Inc., together with Illinois state officials, recently revealed plans to develop the company’s first facility in The Prairie State. The Seattle-based company will soon start site selection activities and intends to open the new distribution center next year, according to a news release. Amazon’s new facility is also expected to bring more than 1,000 jobs and $75 million in investment to the state of Illinois.

“With our top-notch transportation network and skilled workforce, Illinois has much to offer innovative companies seeking to expand their operations, especially those, like Amazon, seeking to better serve their customers in the most populous state in the Midwest,” U.S. Senator Dick Durbin said in a news release.

Amazon plans to create more than 1,000 new full-time jobs in Illinois by 2017, and will start hiring next year. Full-time employees of the company are eligible for comprehensive benefits including healthcare, 401(k) with 50 percent match, stock, bonuses, competitive wages and innovative programs such as Career Choice.

“We thank Governor Quinn and Senator Durbin for their leadership, and we’re thrilled to create in Illinois more than 1,000 full-time jobs and $75 million in investment,” said Paul Misener, Amazon vice president, global public policy. “The state of Illinois has an excellent workforce and we’re excited to roll up our sleeves and find the right locations, break ground, and start hiring.”

Amazon.com, Inc. would be required to collect and remit state sales taxes for its new property just like any other retailer, according to information collected by the Chicago Tribune. Vice President Paul Misener also stated that Amazon intends to develop a number of facilities in the state, and is looking into sites in the Chicago area.

Amazon’s latest announcement is meant to emphasize the fact that the economy of Illinois is recovering well after the recession. Recent data collected by Marcus and Millichap shows that the state’s unemployment rate fell from 9.2 percent to 6.7 percent in one year, the largest year-over-year decline since 1984.

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Focal Point Plans Expansion at Chicago Production Center

24 Oct 2014, 5:51 pm

By Ioana Neamt, Associate Editor

Architectural lighting manufacturer Focal Point is planning to expand its headquarters at 4141 S. Pulaski Road in Chicago’s Southwest Side. According to a news release, the company will invest more than $6.1 million to purchase surrounding parcels and expand its current production center. Focal Point currently employs 394 people at its LEED-certified building, and plans to add 50 full-time jobs following the expansion.

“Our expansion here in Chicago allows us to retain our valuable human capital both on the plant floor and in the office,” said Focal Point president Christopher Thornton. “Illinois has a long history as being a manufacturing stronghold and this project is a great example of business and government working together to grow a local economy.”

Focal Point’s expansion was made possible through a state incentive package worth roughly $2.9 million, under an Illinois Department of Commerce and Economic Opportunity-administered program. Illinois’ Economic Development for a Growing Economy (EDGE) program requires companies to meet established targets for job creation or retention and capital investment in order to receive the financial credit. According to a news release, the investment for Focal Point’s expansion also includes $156,500 for job training.

“Focal Point has dedicated itself to manufacturing innovative, environmentally-friendly lighting products for the past two decades in Illinois,” said Governor Pat Quinn. “Illinois is making a comeback. We are leading the Midwest in job growth, and are second in the nation with more than 40,000 jobs created in the past two months. As we continue on our path to recovery, family-owned businesses like Focal Point are driving our economy forward by taking a stake in our future and creating jobs in our local communities,” the Governor added.

Logo courtesy of Focal Point, LLC



Radisson Hotel Schaumburg to Open in Suburban Chicago in 2015

22 Oct 2014, 3:33 pm

By Ioana Neamt, Associate Editor

Radisson, a subsidiary of the Carlson Rezidor Hotel Group, recently announced the signing of the Radisson Hotel Schaumburg, a 137-room hotel to open in 2015 in Schaumburg, Ill. The Swift Hospitality Group broke ground on the 137-room hotel back in June.

“We are pleased to bring this new Radisson to the area as it brings a level of style and comfort that visitors have learned to expect from one of the world’s leading full-service hotel brands,” said Dave Swift, President and CEO of Swift Hospitality Group. “Guests will soon be able to experience not only premium accommodations, but also be welcomed by caring hotel team members that will ensure that the needs of the modern traveler are met.”

The Radisson Hotel Schaumburg is conveniently located in close proximity to popular destinations such as the Woodfield Mall, Strawberry Hill Plaza, the Highland Woods Golf Course and the Motorola Solutions global headquarters. The hotel will feature an open floor plan with a bar in the lobby, dining area with an extensive menu, business center, state-of-the-art fitness center, large indoor pool and whirlpool. Guestroom amenities will include large flat screen TVs, spacious work desks, upgraded bathroom amenities, and high-speed internet access.

“The signing of the Radisson Hotel Schaumburg demonstrates our desire to continue enhancing the brand’s portfolio, and further expand our presence in the Chicagoland market,” said Javier Rosenberg, Chief Operating Officer, Carlson Rezidor Group, Americas. “The village of Schaumburg is an important regional commercial and retail hub, and further enhances the presence of our brands in the state of Illinois.”

Logo courtesy of the Carlson Rezidor Hotel Group



Wood Partners and Golub & Co. Break Ground on Lake+Forest Apartment Community in Oak Park, IL

20 Oct 2014, 3:24 pm

By Ioana Neamt, Associate Editor

Lake+Forest

A joint partnership between Wood Partners, LLC and Chicago-based Golub & Company recently broke ground on a 1.6-acre, 270-unit luxury rental community in Oak Park, Ill. Lake + Forest consists of a 21-story, 240,000-square-foot building located on Forest Ave. in the suburban village of Oak Park, and is designed by award-winning architecture firm Gensler. The building will occupy the site of a former city-owned parking structure, according to a news release.

Lake + Forest will feature 124 one-bedroom units, 106 two-bedroom units, roughly 25,000 square feet of retail and office space facing Lake Street, as well as 288 private and 300 public parking spaces. Amenities include a fitness center, storage areas, a large outdoor deck, expansive hotel-quality lobby, and onsite car-sharing service. Each unit will feature stainless steel appliances, solid-surface countertops, vinyl plank flooring, floor-to-ceiling windows, washer and dryer, while select units will also feature private terraces and balconies.

“We couldn’t be more excited to be involved in this complex development and to be co-developing with Golub & Company,” says Clay Iman, development associate at Wood Partners. “This is the result of a tremendous collaboration with the Village of Oak Park and a lot of folks’ tireless efforts over a period of several years.”

Conveniently located just minutes away from the city of Chicago, close to shopping and employment centers such as Oak Brook and the O’Hare office market, Lake + Forest will create approximately 300 temporary construction jobs and 8 property management jobs, and is slated for completion by spring 2016. The property is situated in close proximity to medical campuses (RUSH, Loyola, Cook County Hospital, University of Illinois-Chicago Medical Center) and outdoor recreation areas such as Austin Gardens, Cummings Square and Scoville Park.

“Lake + Forest will enhance downtown Oak Park, an already vibrant and beautiful community, and serve as an anchor development for the village’s east end,” Iman says.

Tishman Construction is the general contractor for the project, while retail leasing will be handled by Golub & Co. and JLL.

Rendering courtesy of Gensler







One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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