CIM Group to Begin Construction of Tower on Chicago’s Block 37
- Sep 15, 2014
Chicago—Initial permits have been secured for the construction of a new 34-story apartment tower on the north side of Block 37 in Chicago’s venerable Loop shopping and entertainment district. The announcement was made by CIM Group, which will develop the 690-unit apartment community.
The tower, which will be situated on the north side of the long-vacant block, helps to fulfill the city’s long-range plan for the high-visibility site along State Street between Randolph and Washington Streets. Panoramic city views, a fifth-floor amenity deck including an outdoor pool and spa, a rooftop spa and a fitness center will be among the tower’s many resident amenities and services.
With its department and specialty stores, restaurants and attractions, the Loop lures millions of local customers and visitors annually. The district has also become a hub of institutions of higher learning, including Roosevelt University, DePaul University, Harold Washington College, Columbia College Chicago and the School of the Art Institute, among many others.
CIM Group’s program for Block 37 is designed to support and enhance the swift and continuing growth of the Loop as a much-sought residential setting.
The tower’s location in the central Loop will put residents within easy walking distance of Millennium Park and Grant Park, the Randolph Street Theater district and North Michigan Avenue’s “Magnificent Mile.” Shopping, dining and entertainment will await them right outside their doorstep. The city’s museum campus, lakefront and near-in neighborhoods are short cab rides away.
Because Chicago Transit Authority subway lines and bus routes crisscross Block 37, the location will also make it easy and convenient for residents to access public transportation to destinations throughout the city and nearby suburbs, including Chicago’s O’Hare International and Midway International Airports.
And though residents will be able to fare nicely without cars, Chicago’s major expressways come together at the Jane Byrne Interchange about a mile southwest of Block 37.
“CIM identified Chicago’s Loop as possessing the attributes that fit CIM’s investment model that focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks,” the company reports.