|Rendering of High-rise at 9th and State (via CRED)|
Golub & Co. has teamed up with the owner of the Block 37 mixed-use complex to build a 41-story apartment high-rise in the South Loop, joining the pack of developers putting up multifamily towers in the city.
The joint venture between Chicago-based Golub and Los Angeles-based CIM Group has begun work on the 397-unit project at 1001 S. State St., which will cost about $130 million to build, said Golub President and CEO Michael Newman. The venture is moving forward before lining up a construction loan but is in talks with lenders interested in financing the development and probably will have a loan lined up in the next month or so, he said.Beyond this confirmation, it was also nice to read about the reason CIM chose this location/project:
As for the South Loop, the neighborhood “possesses the attributes that fit CIM's longstanding investment model, one that focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks,“ CIM Principal Avi Shemesh said in a statement.While the building doesn't really leave a lasting impression on us, it's better than a parking lot (IMHO).
We can confirm that equipment is present at the site and looks to be beginning the prep work.
For some background please check-out some older Sloopin posts: