CHICAGO – October 29, 2014 -- CIM Group today hosted community, business and civic leaders for a commemorative groundbreaking to celebrate the start of construction of its 34-story, 690-unit apartment tower at Block Thirty Seven located on State Street between Randolph and Dearborn Streets in Chicago’s Loop. In addition to CIM Group executives, the groundbreaking program featured Chicago leaders Mayor Rahm Emanuel and Alderman Brendan Reilly. The tower at Block Thirty Seven is part of the ongoing residential growth occurring in The Loop, a key component in the evolution of the area as envisioned by city leaders.
“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 Mayor Emanuel.
Set on the northern end of the block atop the five-story, 275,000-square-foot Block Thirty Seven retail center, the residential tower is the final phase of the development, creating a mixed-use property at this high profile State Street location. The Loop is a mature urban district with abundant shopping, dining and entertainment options, a major employment center and proximate to Chicago’s public transportation network including a station at Block Thirty Seven.
"Chicago has clearly emerged from the global recession and our Central Business District is one of the fastest growing in the country," said Alderman Brendan Reilly (42nd Ward). "I want to thank CIM for making this important investment in Chicago that will transform Block 37 into a dynamic mixed-use property in the heart of our city. This is an exciting project for the heart of the Loop."
The sleek, glass-clad tower’s recreation and relaxation areas are designed to take advantage of the sweeping city views with a fifth floor amenity deck with an outdoor pool and spa and a rooftop spa and fitness center. The Block Thirty Seven retail center is itself a top-tier amenity, just an elevator ride away for tower residents. Residence interiors will be designed as comfortable, modern living spaces with top-quality finishes and features.
“State Street in this portion of The Loop is rich in culture, shopping, dining and entertainment. 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. This is a ideal fit with CIM’s investment focus and track record in enhancing evolving urban environments,” said Avi Shemesh, co-founder and principal CIM Group.
Since acquiring Block Thirty Seven at 108 N. State Street in the heart of Chicago’s retail corridor, CIM Group has been implementing its plan to reposition and enhance the center as an attractive destination for the community. The company recently announced it is bringing an 11-screen AMC Dine-In Theatre to the fourth floor. The new theatres join the previously announced 22,000-square-foot sophisticated casual multi-concept dining hall to be created by Richard Sandoval Restaurants on the third floor and a signature new restaurant from the Lawless family on the ground floor at the corner of Randolph and Dearborn Streets.
CIM brings its experience and success in creating urban mixed-use properties in major U.S. markets to the development of the residential tower. The tower development expands CIM’s investment in Chicago’s Loop which the company identified 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.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced 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. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com