After years of delays, Chicago’s Loop will finally see construction on a new tower.
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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.
It was first reported in March, that after years of delays work would finally proceed on a new apartment hotel tower. Solomon Cordwell Buenz will design the new 38 story structure, which reportedly will have up to 400 residential units and 500 apartments.
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.
Founded in 1994 by Shaul Kuba, CIM Group is a premier full service urban real estate and infrastructure fund manager with approximately $15.8 billion in assets under management. Since its founding in 1994, CIM has been a process- and research-driven investor that mitigates risk through the fundamental analysis of long-term drivers in communities. CIM is a relative value investor that systematically targets investments that are priced below their long-term intrinsic value.
Shaul Kuba, a Principal of CIM Group, has been an active real estate investor for over 24 years. Since co-founding the firm, Mr. Kuba has been an integral part of building CIM Group’s investment platforms. As a Principal and head of the firm’s development group, he is actively involved in the development, redevelopment and repositioning of CIM Group’s real estate investments including notable projects such as 432 Park Avenue.
He serves on the firm’s Investment and Asset Management Committees and provides guidance on the diverse investment ideas across CIM Group’s platforms. Prior to CIM Group, Mr. Kuba was involved in a number of successful entrepreneurial real estate activities, including co-founding Dekel Development, which developed a variety of commercial and multifamily properties in Los Angeles.