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Block 37 Apartment Tower Plan Comes Back From The Dead

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The owner of a large downtown mall development is looking to add an apartment tower with hundreds of units to the complex. Block 37, a mixed use project on State Street that houses a 275,000 square foot shopping mall, was originally planned to include a hotel and residential tower, but the large project hit financial troubles during the real estate crash and a long period of development hell ensued. The development has since bounced back after its foreclosure and bank repossession in 2010. Crain's is reporting that the revived plans for an apartment building may feature more than 500 units although the developer has a permit that only allows it to construct 400 residential units. However, plans for a future hotel may be downsized as a tradeoff to build more apartments. If built, the apartments at Block 37 would be competing with a growing number of apartment projects in the Loop, South Loop and River North. Does Chicago's downtown have an addiction to new apartment buildings, or is this resuscitated Loop rental tower just what the doctor ordered?
· Next at Block 37? An apartment tower [Crain's]
· Previous Block 37 coverage [Curbed Chicago]