CHICAGO--(BUSINESS WIRE)--CIM Group announced today that it has secured its initial permits for the construction of a 34-story, 690-unit apartment tower above Block Thirty Seven, the existing five-level, 275,000-square-foot shopping, dining, and entertainment destination located in Chicago’s Central Loop. The residential tower is the last phase of the development program for Block Thirty Seven and helps to fulfill the city’s long-term vision for this pivotal State Street location.
The tower, positioned on the northern portion of the block, will offer sweeping city views, a fifth floor amenity deck including an outdoor pool and spa, a rooftop spa and fitness center, and other top-tier resident amenities and services. Construction will commence with the installation of barricades.
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 company’s program for Block Thirty Seven is designed to enhance the area by providing real estate products that are currently underserved and complementary to those already provided in the community, and will continue to support the ongoing residential growth within The Loop.
Block Thirty Seven is located in the heart of Chicago’s State Street retail corridor, which attracts millions of local customers and visitors annually. CIM identified Chicago’s Central 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.
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.