Apartment Boom Town: Nearly 400 New Apartment Units on the Way to South Loop

December 14, 2014

With a new 397 unit, $130M tower planned for 1001 South State Street, a joint venture with Golub announced before securing a construction loan, LA-based CIM Group is aggressively making a claim on Loop real estate. Depicted in the new rendering above, which shows the same curved profile from an earlier rendering, the project comes on the heels of the group’s 34 story Block 37 apartment tower, which broke ground a few months ago. The company now has more than 1,000 units in various phases of construction, according to Crain’s, which will dramatically expand downtown rental options.

Golub President and CEO Michael Newman didn’t seem concerned about oversupply in the South Loop, telling Crain’s only “inferior-quality” buildings would be affected. Both towers, designed by Chicago-based Solomon Cordwell Buenz (SCB), are scheduled to open by 2016, when nearly 10,000 new units will be on the market.

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·Golub, Block 37 developer start South Loop apartment tower [Crain’s]
·Developer Lines Up Permit for Long Planned South Loop Tower [Curbed Chicago]
·Previous South Loop coverage [Curbed Chicago]

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