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Proposed 500-unit South Loop apartment tower teams up with Block 37 developer

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California-based CIM Group is betting big on Chicago’s real estate boom

The glassy, 46-story apartment tower proposed for 1326 S. Michigan Avenue took an important step forward last week as Chicago-based Murphy Development announced that it will co-develop the South Loop project with California’s CIM Group. The LA-based firm is is behind Block 37’s Marquee apartments and the upcoming 40-story rental tower at 1000 S. State. Looking to further make its mark on Windy City real estate, CIM has also reportedly emerged as the front runner to purchase and redevelop Chicago’s Tribune Tower.

Containing 500 rental units, 7,700 square feet of retail, and 190 parking spaces, the 1326 S. Michigan project was granted full city zoning entitlements this spring. While the architects at Solomon Cordwell Buenz (SCB) may not have gone "full frustum," the all-glass, multi-tube design with its beveled corners certainly bears a resemblance to Studio Gang’s soon-to-start 93-story Vista Tower.

According to Crain’s, the next hurdle in the development process will be landing construction financing and, with the new partnership now in place, the process should be that much easier. While Chicago’s South Loop has been heating up over the last few years, truly transformative proposals like Helmut Jahn’s 1000M, Rafael Vinoly’s 113 E. Roosevelt, and the multi-phased Riverline project have still yet to begin work in earnest.