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Block 37

Block 37 is a five-level mixed-use lifestyle center located in the heart of Chicago's Loop district, at the intersection of North State, North Dearborn, West Washington, and West Randolph streets. Originally platted as one of the city's foundational blocks in 1830, the site has housed diverse structures from early commercial buildings to later retail spaces before its clearance in 1989 for modern redevelopment.^[1]^[2]
The center encompasses approximately 400,000 square feet of retail space featuring fashion outlets like Zara and Sephora, dining options, and entertainment amenities such as AMC Dine-In Theatres, First Ascent Climbing and Fitness, and Five Iron Golf simulators, drawing over nine million visitors annually and integrating directly with CTA Red and Blue Line stations via the pedway system.^[1]^[3]
Its development spanned decades of challenges, including landmark disputes, repeated financing failures during real estate downturns, substantial city subsidies exceeding $39 million, and a 2011 foreclosure auction sale, ultimately resulting in a scaled-back project without the originally envisioned office and residential towers atop the retail podium.^[2]

Location and Site

Geographical and Urban Context

Block 37 occupies a full city block in the Loop, Chicago's central business district, bounded by North State Street to the east, North Dearborn Street to the west, West Randolph Street to the north, and West Washington Street to the south.^[2]^[4] This site corresponds to block number 37 in James Thompson's original 1830 plat, which laid out the foundational grid of 58 blocks for the emerging settlement of Chicago.^[5] Positioned at the heart of the Loop's commercial core, Block 37 benefits from immediate proximity to major landmarks and transit infrastructure, including Daley Plaza to the west and CTA stations such as Washington on the Blue Line, located adjacent at 19 North Dearborn Street.^[6]^[7] The surrounding streets, including State and Randolph, form part of a pedestrian-heavy corridor integrated with the city's Pedway system, facilitating connectivity across the central business district.^[8] The area's urban density supports substantial foot traffic, with pedestrian volumes in the Loop reaching 116% of 2019 levels on weekends as reported in October 2025, driven by commercial, governmental, and cultural activities in the vicinity.^[9] This positioning underscores Block 37's strategic role in enhancing urban linkages within one of the nation's densest downtown environments.^[10]

Pre-Development Land Use and Significance

Block 37, bounded by Randolph, Washington, State, and Dearborn streets in downtown Chicago, originated as one of the 58 blocks delineated in surveyor James Thompson's 1830 plat, which established the foundational grid for the settlement three years before its incorporation as a town.^[4] Early development on the site followed the pattern of nascent urban growth, featuring a mix of residential dwellings and rudimentary commercial establishments amid Chicago's transformation from frontier outpost to commercial hub, driven by canal and railroad expansions.^[5] By the late 19th century, the block had shifted toward denser commercial use, exemplifying the era's vertical expansion with structures such as the five-story McCarthy Building, erected in 1872 by architect John M. Van Osdel to house mercantile and office functions.^[11] This evolution mirrored broader downtown trends, where proximity to transportation nodes and retail corridors favored multi-story buildings for trade, publishing, and services over residential occupancy, though pockets of mixed-use persisted into the early 20th century.^[12] Into the mid-20th century, Block 37 sustained commercial vitality through retail and light commercial tenants, but by the 1970s, it exemplified urban stagnation, designated by city officials as "commercial blight" due to aging infrastructure, underutilized spaces, and associated low-end activities like adult entertainment.^[13] This status facilitated eminent domain acquisition as the core of the North Loop renewal project, a decade-long municipal effort to eradicate perceived decay—termed "raunch and honky-tonk"—through targeted clearance, reflecting causal pressures from suburban migration, white flight, and post-war economic shifts that hollowed out central business districts.^[2] The site's significance lies in its encapsulation of Chicago's urban trajectory: as an archetypal original block, it witnessed the causal sequence from platting amid speculative land booms to commercial intensification via technological and infrastructural advances, and eventual designation for intervention amid deindustrialization's fallout, underscoring how localized land uses aggregated to shape metropolitan resilience without inherent nostalgia for prior configurations.^[2]

Design and Planned Features

Architectural Elements and Buildings

The Block 37 development centers on a four-story retail podium spanning approximately 400,000 square feet, configured as a vertical shopping mall with multi-level atrium spaces that promote interconnected retail, dining, and entertainment experiences.^[3] Architectural firm Solomon Cordwell Buenz designed both exterior and interior elements to evoke the surrounding Theatre District, featuring a prominent canopy entrance mimicking a theater marquee, glass curtain walls that reflect nearby landmarks like the Chicago Theatre's signage and Marshall Field's clock, and thematic motifs integrated into facades and interiors.^[14]^[3] This podium supports a 38-story residential tower, Marquee at Block 37, comprising 690 luxury apartment units totaling about 767,000 square feet, constructed atop the retail base and an operational subway line using post-tensioned concrete slabs to accommodate structural loads and vibrations from below-grade transit.^[15]^[16] The tower's sleek glass facade continues the podium's reflective aesthetic while providing private amenities such as rooftop pools, spas, and fitness centers, fostering mixed-use synergy where residents access ground-level retail directly.^[17] Entertainment integration includes an AMC DINE-IN theater on the fourth floor, offering dine-in seating across multiple auditoriums within the atrium framework, which enhances vertical circulation via escalators and overlooks.^[18] The overall layout emphasizes urban density, with floor-to-ceiling glazing and metal accents on the podium promoting natural light penetration and visual connectivity to adjacent streets bounded by Randolph, State, Washington, and Dearborn.^[3]

Intended Transit Superstation

The Block 37 superstation was envisioned as a multi-modal transit hub designed to integrate Chicago Transit Authority (CTA) 'L' lines, including the Red and Blue lines, with dedicated express rail services to O'Hare International Airport and Midway International Airport, thereby consolidating passenger transfers in the Loop district.^[19]^[20] Planners aimed to create seamless underground connections via pedestrian walkways and mezzanine levels, linking the superstation to the existing pedway network and adjacent CTA stations at Washington and Randolph, to reduce surface congestion and enhance downtown accessibility.^[21]^[22] Engineering designs featured deep underground platforms excavated below the Red and Blue line tracks, forming a cavernous shell approximately the size of a football field, intended for high-speed express trains capable of reaching airports in under 15 minutes.^[23]^[24] The structure included provisions for potential future expansions, such as stubs for branching tracks from the Blue Line toward O'Hare, with the rationale rooted in first-principles urban planning to catalyze economic activity by streamlining commuter flows and supporting Block 37's mixed-use development above.^[25] This integration was projected to handle increased ridership from airport travelers and Loop workers, positioning the site as a pivotal node in Chicago's transit ecosystem without requiring extensive surface disruptions.^[19] Cost estimates for the transit center totaled $213.3 million, with the Mills Corporation committed to contributing $40.9 million and the balance—exceeding $172 million—anticipated from public sources including CTA bonds and federal grants.^[20]^[26] The public-private partnership model underscored the causal intent to leverage private development incentives for infrastructure upgrades, though empirical assessments later highlighted funding shortfalls and logistical complexities, such as securing ongoing operational commitments, as barriers to realization.^[22]^[19] Despite these ambitions, no tracks or service were installed, leaving the platform shell incomplete as of the mid-2000s planning phase.^[27]

Development History

Initial Redevelopment Efforts and Demolition (1980s–1990s)

In 1979, the City of Chicago designated the North Loop area, including Block 37, as a blighted commercial district to facilitate redevelopment under Mayor Jane Byrne's administration.^[2] This enabled the use of eminent domain and other tools to assemble the site, which consisted of aging commercial structures, theaters, and retail spaces producing modest tax revenue of about $1.5 million annually as of 1982.^[2] In 1983, the city established its first tax increment financing (TIF) district specifically for Block 37, allowing future property tax increases to fund infrastructure and incentives rather than the general budget; this initiated significant public investment projected to yield $15 million in annual taxes post-development but yielded no immediate returns.^[2] That year, FJV Venture—a consortium of JMB Realty, Metropolitan Structures, and Levy Organizations—secured development rights with a $24 million city subsidy for a mixed-use project featuring office towers, retail podium, and pedestrian connections.^[2]^[28] Architect Helmut Jahn of Murphy/Jahn designed multiple schemes between 1983 and 1987, emphasizing a 350,000-square-foot atrium mall linked underground to nearby landmarks like the Daley Center, alongside 1.8 million square feet of office space in towers of 46 and 30 stories.^[28] Progress stalled due to legal challenges from preservationists, including a 1987 lawsuit by the Landmarks Preservation Council against the delandmarking of the McCarthy Building, a key historic structure on the block; the suit failed in 1989 under Mayor Richard M. Daley's administration, clearing the way despite protests over the loss of 19th- and early 20th-century architecture.^[2] The city justified the blight declaration and demolition by citing the site's deterioration and potential for economic revitalization, though critics argued it prioritized development over verifiable heritage value without adequate alternatives.^[29] Demolition commenced in autumn 1989, razing most buildings—including the McCarthy, Hillman's, and theaters—except for a Commonwealth Edison substation, with full clearance achieved by fall 1990 at a city acquisition cost exceeding $46.5 million, after which the site was sold to FJV for $12.5 million.^[28]^[30] FJV's proposals faltered in the early 1990s amid a real estate downturn, as no anchor tenants committed pre-demolition and $500 million in private financing could not be secured, leading to a missed October 1, 1990, construction deadline and a $1.9 million penalty.^[28] These shortfalls left the 2.7-acre site vacant, underscoring the risks of front-loading public incentives into unproven ventures without diversified tenant or market safeguards.^[30]

Mills Corporation Involvement and Early 2000s Planning

In June 2002, The Mills Corporation, a real estate investment trust headquartered in Arlington, Virginia and specializing in expansive retail-entertainment destinations, was selected by the City of Chicago to negotiate redevelopment of Block 37, a long-vacant downtown parcel bounded by State, Dearborn, Randolph, and Washington streets. Mills' proposed vision emphasized a mixed-use complex integrating high-end retail, an "international marketplace" with luxury brands, public gathering spaces, and lifestyle amenities such as a spa in partnership with Canyon Ranch Health Resorts. This approach aligned with the company's strategy of creating experiential shopping environments that combined shopping, dining, and entertainment to draw urban consumers.^[31]^[32] By early 2003, the city completed the sale of the 2.7-acre site to Mills for approximately $32.5 million, marking a pivotal step in advancing the project after decades of stalled efforts. The refined plans outlined a four-story retail podium atop a subterranean transit superstation, designed to connect multiple CTA lines and foster a vertical urban mall with premium tenants, cinemas, and event spaces, positioning Block 37 as a central Loop destination comparable to a contemporary "Union Station for retail."^[2]^[33]^[3] City officials collaborated closely with Mills to leverage tax increment financing (TIF) mechanisms, originally established in 1984 as Chicago's inaugural TIF district specifically for Block 37's revitalization, providing subsidies for site preparation, infrastructure, and developer incentives to offset the high costs of integrating retail with below-grade transit enhancements. These public-private arrangements underscored Mills' corporate emphasis on securing municipal support to realize ambitious, high-density projects in prime urban locations.^[34]

Construction Delays and Corporate Challenges (2005–2008)

![Construction site at Block 37 in March 2008][float-right] The Mills Corporation initiated construction on Block 37 following groundbreaking ceremonies on November 15, 2005, targeting a mixed-use development encompassing approximately 1.25 million square feet of retail, office, residential, and entertainment space.^[35]^[3] Initial site work proceeded, with foundation steel sheeting installed by mid-2006, and retail podium construction commencing on August 1, 2006, for about 265,000 square feet.^[36] However, progress was hampered by early signs of tightening credit markets and Mills' internal financial strains, including failed attempts to secure a joint-venture partner in January 2006.^[37] Mills' corporate challenges intensified in late 2005 with disclosures of substantial losses on prior projects, a liquidity shortfall, and an ongoing U.S. Securities and Exchange Commission investigation into accounting practices, which delayed financial reporting.^[38] These issues culminated in the New York Stock Exchange initiating suspension and delisting procedures for Mills' securities in early 2007 due to the company's failure to file its 2005 Form 10-K, exacerbating funding constraints for Block 37.^[39] The resulting uncertainty prompted Mills to divest portions of the project, including the 400,000-square-foot office tower to Golub & Co. in August 2006, while on-site work continued amid stalled leasing efforts.^[40] Tenant commitments provided some momentum, such as Morningstar, Inc.'s December 2005 lease for over 210,000 square feet in the office component, though construction delays threatened its relocation timeline.^[38] By 2007, visible structural advances were evident, including rising frameworks observable from surrounding streets, yet emerging vacancies in planned retail spaces reflected broader hesitancy from prospective occupants amid Mills' deteriorating credit profile and pre-crisis economic signals.^[41]^[42] These factors collectively impeded full execution under Mills' stewardship, setting the stage for subsequent ownership transitions.

Financial Troubles and Ownership Changes

Foreclosure and Legal Disputes (2009)

In October 2009, Bank of America, as the lead lender on a $205 million construction loan for Block 37, filed a foreclosure lawsuit against developer Laurence Freed and his affiliated entities, including 108 N. State Retail LLC and Freed DDL LLC, alleging default due to failure to repay approximately $128.5 million plus interest.^[43]^[44] The bank cited Freed's refusal or inability to inject additional equity to address a $41.6 million loan-to-value imbalance, exacerbated by escalating construction costs and the broader 2008-2009 recession, which diminished retail leasing prospects and project financing options.^[45] The lawsuit sought immediate appointment of a receiver to assume control of the partially constructed retail podium and prevent further expenditures, effectively stalling completion of the mixed-use development, which remained unopened despite substantial groundwork.^[46] Freed contested the action, arguing that the bank's demands for extra funding violated original loan terms and ignored market disruptions, leading to protracted litigation over guarantees, mortgage enforcement, and the property's viability as collateral.^[47] By this juncture, public investments in Block 37, encompassing tax increment financing (TIF) reimbursements, subway infrastructure shells, and related urban improvements, had exceeded $400 million, with much of the outlay from city and Chicago Transit Authority funds now imperiled by the default and uncertain receiver oversight.^[19] These disputes underscored tensions between private overextension and taxpayer-backed subsidies, as court proceedings scrutinized whether lender remedies could salvage value from the encumbered site amid frozen credit markets.^[48]

Post-Foreclosure Acquisitions and Stabilizations (2010s)

In April 2012, CIM Group acquired the foreclosed Block 37 retail center from Bank of America for $84 million, marking a key post-foreclosure ownership shift aimed at reviving the underutilized property.^[49] ^[50] Under CIM's management, stabilization efforts emphasized incremental retail leasing and operational improvements rather than extensive redevelopment, including negotiations for fitness-oriented tenants to fill vacant spaces.^[51] However, retail vacancy persisted at around 70% shortly after the acquisition, reflecting ongoing challenges in attracting sustainable anchors amid broader Loop market recovery.^[2] To bolster financial viability and diversify beyond struggling retail, CIM secured initial permits in September 2014 for a 34-story, 690-unit rental apartment tower atop the podium, completing construction in June 2016 as Marquee at Block 37.^[52] ^[53] This addition shifted revenue streams toward residential occupancy, though retail underperformance metrics, including high vacancy relative to the Loop's overall 11.9% rate in 2012, highlighted limited stabilization success.^[54] By late 2019, CIM sold a 51% stake in the residential tower to Canadian real estate investment trust Morguard North American Residential REIT in an all-cash deal valuing the property at $265 million, providing capital for further diversification.^[55] ^[56] Niche tenants, such as indoor climbing facilities, began occupying spaces in the late 2010s, offering modest leasing progress but underscoring persistent retail inefficiencies compared to pre-acquisition projections.^[57]

Construction and Completion Phases

Phase I: Retail Podium and Core Infrastructure

The retail podium at Block 37 consists of a four-story base encompassing roughly 400,000 square feet of commercial space, designed to wrap around a central five-story atrium for enhanced vertical connectivity and daylight penetration. This structure spans the full length of the State Street facade, with multiple street-level entrances promoting accessibility from the adjacent pedestrian corridors in Chicago's Loop. Construction of the podium advanced amid broader project delays, reaching substantial completion by November 2009, marking the initial operational phase of the site's redevelopment.^[3]^[4]^[58] Core infrastructure supporting the podium included the integration of underground parking facilities, accessible primarily via Dearborn Street entrances on lower levels B2 and B3, alongside essential utilities such as electrical, mechanical, and plumbing systems embedded within the base. These elements were engineered to accommodate the retail operations and future vertical expansions, with the parking component providing on-site capacity for visitors. Public financing played a role in underpinning this foundational build-out, incorporating $130 million from Chicago Transit Authority revenue bonds allocated for capital improvements tied to the overall site development, as well as Tax Increment Financing resources from the City of Chicago to bolster infrastructure viability.^[59]^[20]^[60] Despite encroaching financial distress, including imminent foreclosure on the developer, Phase I saw the initiation of tenant fit-outs and soft openings in late 2009. Anchor retailers like Zara, Puma, and Godiva launched operations in November, complemented by signings for Sephora, Swarovski, and local entities such as Bigsby & Kruthers and Comic Vault, which collectively aimed to curate a blend of fashion, accessories, and specialty outlets. These early activations occurred with only partial leasing—around 40% of retail space occupied—yet proceeded under receivership oversight to sustain momentum.^[61]^[62]^[58]

Phase II: Entertainment and Additional Amenities

Phase II of the Block 37 development emphasized leisure enhancements atop the retail podium, incorporating experiential attractions to draw visitors beyond shopping. This phase, advancing in the mid-2010s, introduced dining destinations and interactive venues designed to leverage the site's multi-level atrium for immersive experiences, adapting to the lack of realized transit connectivity by prioritizing seamless pedestrian circulation via escalators and sightlines across floors.^[63] A key addition was Latinicity, a 24,000-square-foot Latin-American food hall curated by chef Richard Sandoval, which debuted on November 5, 2015, on the third level. Featuring 12 kiosks offering dishes like ceviche, empanadas, and grilled meats, alongside a full-service tapas bar, wine market, and grocery section, it aimed to create a vibrant culinary hub inspired by Eataly's model but focused on Spanish-speaking cuisines.^[64]^[65] The venue hosted events and tastings to engage patrons, though it later closed amid operational challenges.^[66] Entertainment facilities expanded with the opening of an 11-screen AMC Dine-in theater in early 2016, equipped with recliner seating and in-seat dining to complement the site's vertical layout. In 2018, First Ascent Climbing and Fitness launched a 20,000-square-foot bouldering gym on a dedicated level, incorporating yoga studios and fitness classes tailored for urban dwellers, with routes updated seasonally to maintain appeal.^[67] These additions utilized the structure's engineering for efficient flow, including wide escalators connecting entertainment zones without relying on subterranean transit links.^[3] Further amenities included event-capable spaces within the atrium, such as pop-up installations for live performances and immersive exhibits, fostering gatherings in the absence of the original superstation vision. Public art elements, like temporary installations echoing earlier scaffolding murals, were integrated to enhance aesthetic draw during this period.^[68]

Residential Tower Addition and Integration

In September 2014, CIM Group, which had acquired control of Block 37 following earlier financial restructurings, announced plans for a 34-story residential tower atop the existing retail podium to complete the site's mixed-use development.^[52] The project, named Marquee at Block 37, added 690 rental apartments ranging from studios to three-bedroom units, integrated vertically above the four-story mall and active subway lines below.^[15] Construction utilized a design-build approach, incorporating 767,000 square feet of space with amenities such as an outdoor pool, cinema, dog run, and grilling areas on dedicated floors.^[69] The tower reached substantial completion in mid-2016, with initial resident move-ins occurring that June.^[53] The residential addition was positioned by developers as a strategic enhancement to foster mixed-use synergy, with over 1,000 anticipated residents generating consistent foot traffic to activate and sustain the underlying retail and entertainment components.^[6] This vertical integration aimed to capitalize on Block 37's central Loop location amid growing downtown residential demand, diversifying revenue streams beyond struggling commercial tenancy.^[70] Amenities like a canopy entrance and shared footprint were designed to seamlessly connect residential access with podium-level circulation, promoting daily on-site activity.^[14] Post-completion performance of the residential component has contrasted with the site's retail challenges, evidenced by strong absorption and a 2019 transaction where CIM Group sold a 51% stake to Morguard North American Residential REIT in a deal valuing the tower at $265 million, or approximately $384,000 per unit.^[56] This valuation reflected robust rental market dynamics in the Loop, with average rents supporting luxury positioning despite broader property headwinds.^[71] The integration has thus provided a stabilizing residential base, though retail foot traffic benefits from residents have been limited by persistent vacancy issues in the podium levels.^[72]

Controversies and Criticisms

Historic Building Demolition and Preservation Losses

In 1989, the City of Chicago demolished nearly all structures on Block 37—bounded by State, Dearborn, Randolph, and Washington streets—to prepare the site for a major mixed-use redevelopment, leaving only a central art deco electrical substation intact.^[30]^[4] This clearance erased a collection of 19th- and early 20th-century commercial buildings that formed part of the Loop's architectural fabric, including the McCarthy Building at the northeast corner, a five-story structure designed by John M. Van Osdel and erected in 1872 shortly after the Great Chicago Fire.^[11]^[73] The McCarthy Building had received Chicago Landmark designation for its facade in 1984, recognizing its post-fire reconstruction significance, but this status was revoked by city authorities in 1987 amid redevelopment pressures.^[2] Other losses encompassed structures like the 1928 Stop and Shop building by architects Schmidt, Garden & Martin, which featured notable ornamental details such as Ohio sandstone keystones.^[11] The demolitions sparked opposition from preservation advocates, including the Landmarks Preservation Council, who filed lawsuits arguing for retention of key facades and interiors to preserve the block's contribution to Chicago's urban heritage.^[2] These efforts delayed the project from initial 1980s proposals, but the city invoked eminent domain to acquire properties, overriding private ownership claims through legal proceedings that included disputes over valuations.^[28] Demolition commenced in autumn 1989 under Mayor Richard M. Daley, after courts upheld the public interest in renewal against preservation arguments.^[28] Proponents justified the action by citing the block's pre-demolition deterioration, marked by aging infrastructure, underutilization, and exposure to 1960s-era urban decay that had diminished its viability as a commercial node.^[2] While the site's evident physical and economic decline—evidenced by fragmented tenancy and maintenance neglect—supported calls for intervention to avert further blight, the wholesale erasure of salvageable historic elements proved irreversible.^[73] Post-1989, the cleared parcel's persistent vacancy, functioning mainly as a surface parking lot for over 15 years until substantive construction in the mid-2000s, served as empirical evidence that clearance alone failed to catalyze the promised infusion of vitality, as occupancy remained near zero in the interim and market signals for adaptive reuse were disregarded in favor of ambitious but delayed plans.^[74] This outcome underscored a causal disconnect in urban renewal execution: intervention addressed symptoms of obsolescence but at the cost of authentic architectural continuity, without immediate private-sector absorption to validate the heritage trade-offs.^[30]

Abandoned Transit Project and Wasted Public Infrastructure

The Block 37 superstation was envisioned as an underground multi-modal transit hub beneath the site, designed to interconnect Chicago Transit Authority (CTA) Red and Blue Line platforms with potential links to Metra commuter rail and express services to O'Hare International Airport, facilitating seamless transfers in the Loop.^[25] Construction of the station's concrete shell and infrastructure began in the early 2000s as part of the broader Block 37 redevelopment, but the project was effectively abandoned by 2009, leaving vast unfinished platforms and tunnels idle without any rail service ever operating.^[19] The CTA excavated and poured over 200,000 cubic yards of concrete for these substructures, incurring sunk costs exceeding $218 million in public funds primarily allocated to the transit elements alone, separate from surface development expenses.^[26] Abandonment stemmed from flawed ridership projections that overestimated demand for the proposed express and transfer functions, compounded by coordination failures among the CTA, city officials, and federal funding agencies, which failed to secure commitments for operational rail lines or additional connections.^[19] Initial plans assumed high usage akin to successful hubs elsewhere, but empirical data from similar ventures, such as New York City's short-lived JFK Express, indicated insufficient patronage for premium services without subsidies, leading to shelved operations amid escalating costs and no viable private-sector backing.^[75] This reflects deeper planning errors in government-directed infrastructure, where ambitious designs prioritized speculative connectivity over validated user needs or market tests, resulting in non-revenue-generating assets that continue to accrue maintenance debt without utilization.^[22] Such outcomes parallel broader transit inefficiencies in U.S. cities, where hype surrounding multi-modal "superstations" often lacks empirical support from demand modeling or cost-benefit analyses, leading to stranded investments rather than efficient mobility solutions.^[25] Critics, including local transit analysts, attribute the failure to a lack of private viability checks prior to public expenditure, as developers and operators balked at integrating unproven underground links without guaranteed returns, exposing the risks of top-down mandates disconnected from causal drivers of ridership like frequency, affordability, and integration with existing lines.^[26] The unused facility remains sealed, with the CTA citing no near-term revival plans, underscoring how uncoordinated optimism can waste resources on infrastructure that fails to address actual commuter behaviors.^[19]

Taxpayer Subsidies, Cost Overruns, and Economic Inefficiency

The development of Block 37 relied heavily on taxpayer-funded mechanisms, including Tax Increment Financing (TIF) from the Central Loop district, municipal bonds, and grants, with the city of Chicago committing $42.4 million in TIF revenues initially to support infrastructure and retail components.^[20] An additional $12 million subsidy was approved in 2008 to fund a proposed hotel component amid escalating costs, bringing direct TIF allocations to over $54 million at that stage.^[76] By 2025, cumulative public expenditures, encompassing TIF transfers, bond issuances for site preparation, and federal grants funneled through local agencies, exceeded $400 million, according to analyses of project financing and opportunity costs.^[77] Cost overruns compounded the financial burden, as initial budgets ballooned due to design changes, economic downturns, and construction delays; the primary construction loan of $205 million exceeded projections by at least $42.6 million by 2009, prompting foreclosure proceedings.^[78] The city and Chicago Transit Authority absorbed approximately $100 million in overruns related to subsurface infrastructure, including abandoned transit elements, to cover contractor claims and halt further losses.^[30] These escalations reflect distorted incentives inherent in subsidized projects, where developers face reduced risk from public backstops, encouraging overambitious scopes without adequate private accountability; market-driven developments, by contrast, impose stricter discipline through equity exposure, often yielding more efficient resource allocation. Audits and policy critiques highlight low returns on this investment, with TIF mechanisms criticized for siphoning increment revenues that could have reduced property taxes or funded essential services, while Block 37 generated minimal net economic multiplier effects relative to inputs.^[79] Subsidy extensions, such as the 2008 infusion despite evident delays, suggest preferential treatment for select developers, echoing broader patterns of non-competitive awards in Chicago's TIF administration under prior administrations.^[76] Such interventions foster malinvestment by prioritizing politically connected projects over organic demand signals, as evidenced by the site's repeated ownership transitions and failure to achieve projected fiscal self-sufficiency, underscoring the inefficiencies of central planning in urban real estate.^[80]

Retail Failures, Vacancy Rates, and Design Flaws

Block 37's retail component has experienced persistent underperformance since its 2007 opening, with vacancy rates significantly exceeding those of the broader Chicago Loop submarket. While the central Loop's retail vacancy stood at 26.59% in 2023, Block 37 has faced chronic emptiness, peaking above 70% in multiple years amid failed leasing efforts and tenant departures.^[81]^[72] A notable example of these challenges occurred in early 2025, when Anthropologie permanently closed its flagship store at Block 37 on January 12, citing operational difficulties in the location despite the chain's broader viability. This closure exacerbated local vacancies, as the store had anchored a portion of the 290,000-square-foot retail podium, and similar exits have left large swaths untenanted. The Loop's overall retail vacancy rate climbed to 29.78% in 2024, reflecting submarket pressures, but Block 37's issues stem from site-specific factors rather than solely macroeconomic downturns.^[82]^[83]^[84] Critics have attributed much of the retail struggles to the property's vertical mall configuration, which buries storefronts on upper levels with limited street visibility and pedestrian access, deterring impulse shoppers in an era of e-commerce dominance and competition from off-Loop destinations like Michigan Avenue. Unlike traditional street-level retail, this multi-level atrium design—common in 1970s-era vertical malls—has proven maladaptive to modern consumer behavior, prioritizing enclosed isolation over dynamic urban flow.^[30]^[85]^[86] Developer decisions under Joseph Freed and Associates, including Laurance Freed's oversight, have compounded these design shortcomings through alleged financial mismanagement, such as protracted foreclosure battles from 2009 to 2014 that stalled marketing and leasing during prime recovery periods. Family lawsuits accused Freed of diverting funds and poor stewardship, prioritizing speculative spending over tenant recruitment, which delayed stabilization even as external recessions waned. These internal factors, rather than solely broader economic cycles, explain the sustained retail lethargy, as evidenced by ongoing litigation and persistent underleasing into the 2020s.^[87]^[88]^[86]

Current Status and Future Outlook

Occupancy, Tenants, and Operations (as of 2025)

As of 2025, Block 37 operates as a five-level vertical lifestyle center emphasizing entertainment and retail in Chicago's Loop district, with direct connections to the Pedway system and nearby CTA stations at Washington/State and Randolph. Key entertainment anchors include AMC Dine-In Theatres, Five Iron Golf (a multi-level simulator facility), and First Ascent Climbing (an indoor bouldering and gym space), which anchor daily operations and attract visitors seeking experiential activities.^[89]^[90] Retail tenancy features prominent brands such as Zara (spanning multiple levels), Sephora, and Anthropologie, complemented by outlet-style stores like Banana Republic Factory and accessory vendors including Akira. Dining options are integrated via venues accessible through the Marquee at Block 37 rooftop space, supporting event hosting and casual gatherings. Approximately 70% of retail space remained leased as of late 2023, aligning with persistent Loop-wide retail vacancy rates of around 30% reported through 2024, amid broader post-pandemic recovery in foot traffic that has exceeded 2019 weekend levels downtown but not fully translated to sustained leasing gains.^[91]^[92]^[9] Ongoing operations involve active leasing for flexible spaces accommodating national retailers and pop-ups, with management emphasizing customizable floor plans and pedway adjacency for accessibility. Maintenance encompasses the property's mixed-use infrastructure, including underutilized subterranean elements like the dormant CTA station constructed during initial development, though specific 2025 cost data remains undisclosed in public filings. No major tenant departures were reported in 2024-2025, maintaining stability among core operators despite regional retail pressures.^[6]^[93]

Recent Sales Attempts and Ownership Developments

In 2019, CIM Group divested a majority stake in the Marquee at Block 37 residential tower, the 691-unit apartment component atop the retail podium, valuing the property at $265 million in an all-cash transaction closed on December 9.^[55] ^[94] The buyer was a joint venture between Morguard Corporation and Morguard North American Residential REIT, retaining joint ownership on a 50:50 basis post-sale.^[95] CIM Group retained full ownership of the Block 37 retail mall but listed it for sale in November 2023, marking the firm's second attempt to offload the five-story vertical shopping center at 108 North State Street amid broader retail sector challenges including e-commerce shifts and post-pandemic foot traffic declines.^[72] ^[96] ^[97] Brokers from JLL marketed the property, though no specific asking price was publicly disclosed; a prior 2016 valuation had estimated potential sale value up to $200 million.^[98] As of late 2023, the listing highlighted opportunities for repositioning with existing tenants like Zara and experiential activations, but no completed transaction has been reported through 2025.^[72] Speculation linking Elon Musk or his ventures to Block 37 ownership or sales lacks substantiation, stemming instead from a 2018 unfulfilled proposal by The Boring Company to utilize the site's abandoned subsurface transit station for an O'Hare Express Loop, which was selected by city officials but never advanced beyond planning.^[99] ^[100] No evidence indicates Musk's involvement in CIM's divestitures or the 2023 mall listing.^[101] CIM's actions reflect efforts to streamline holdings and mitigate ongoing operational pressures from the retail component, with the firm continuing to manage leasing and activations while pursuing divestment to enhance portfolio stability.^[72] ^[6]

Potential Repurposing or Redevelopment Prospects

As of 2025, Block 37's retail podium continues to face high vacancy rates, with closures such as Anthropologie's store contributing to a central Loop submarket vacancy exceeding 26% as reported in 2023 data that persists amid ongoing challenges.^[81] Potential adaptive reuse strategies, such as converting portions of the underperforming retail space to office or additional residential units, have been floated in broader discussions of downtown Chicago revitalization, aligning with trends in repurposing vacant commercial structures to address housing shortages.^[102] However, no firm proposals specific to Block 37 have advanced beyond conceptual stages, hampered by the property's listing for sale since November 2023 without a reported buyer.^[72] ^[96] Significant barriers include substantial debt overhang from prior foreclosures and operational underperformance, with CIM Group, the current owner of the retail component, seeking divestiture amid a tough market for enclosed malls.^[91] Site encumbrances from the unfinished subterranean transit infrastructure—originally a $400 million taxpayer-funded "superstation" project abandoned in the late 2000s—further complicate redevelopment, requiring costly remediation or removal to enable structural alterations.^[99] These factors, combined with persistent vacancies like the post-pandemic closure of major tenants such as Latinicity, render full-scale repurposing economically unviable without private capital infusions that have eluded the site.^[103] A realistic assessment indicates limited prospects for near-term transformation, as additional public subsidies appear improbable given the project's history as a symbol of fiscal inefficiency and the city's fiscal constraints.^[99] While broader Loop adaptive reuse initiatives, such as office-to-residential conversions elsewhere, demonstrate feasibility, Block 37's unique underground liabilities and retail-focused design demand bespoke engineering solutions that exceed typical investment thresholds.^[104] Absent a deep-pocketed buyer willing to absorb these risks, the structure risks prolonged stagnation, underscoring inefficiencies in vertically integrated mixed-use developments reliant on retail viability in a post-ecommerce era.^[105]

Cultural and Artistic Contributions

Gallery 37 Program

The Gallery 37 Program, launched in 1991, transformed the vacant Block 37 site into a hub for youth arts apprenticeships, where Chicago teenagers collaborated with professional artists on workshops, public murals, and exhibitions utilizing the razed urban lot.^[106] Initiated by Department of Cultural Affairs Commissioner Lois Weisberg and Maggie Daley, the program targeted artistically inclined youth from across the city, providing paid summer training in disciplines such as painting, sculpture, and design, with outputs including marketable artworks and community-installed pieces.^[107] By 1993, it employed over 100 professional mentors to guide participants, fostering skill-building applicable to employment while generating empirical gains in youth engagement, as evidenced by sustained participation rates and artwork sales funding further initiatives.^[108] City grants from the Department of Cultural Affairs sustained the effort, enabling thousands of apprentices annually to produce professional-grade works displayed or sold publicly, which in turn supported program expansion and earned recognition, including a 1997 $100,000 award from the Innovations in American Government for its model of urban revitalization through youth involvement.^[109] Metrics of success included mentorship pairings yielding tangible artistic outputs—such as collaborative murals—and participant testimonials on acquired vocational skills, though independent evaluations noted challenges in scaling beyond seasonal operations.^[107] The initiative's ad-hoc use of Block 37's empty structures highlighted a provisional cultural activation amid stalled commercial plans, prioritizing accessible arts education over permanent infrastructure. The program's tenure at Block 37 ended in the late 1990s as site redevelopment advanced, prompting relocation and marking the close of its role in temporarily repurposing the lot for community arts rather than sustained economic development.^[109] This shift underscored the transient nature of the effort, with its legacy persisting in alumni career trajectories but ceasing direct contributions to the site's evolving footprint.^[106]

Public Art Installations like "You Are Beautiful"

One notable public art installation at Block 37 was the "You Are Beautiful" mural, a block-long wooden display spanning the State Street construction facade in 2006. Created by artists including Chris Silva, Mike Genovese, and contributors to Matthew Hoffman's You Are Beautiful project—which originated with stickers in Chicago in 2002—the installation used large-scale lettering on scaffolding to engage pedestrians during the site's prolonged development phase.^[110]^[111]^[112] Integrated as part of Phase II efforts under the Department of Cultural Affairs, the artwork symbolized urban renewal and community positivity amid construction delays that extended into 2007. Its prominent placement along the pedestrian-facing barriers ensured visibility from State Street, fostering brief public interaction without addressing the project's structural or financial hurdles.^[113]^[110] Post-completion, components of the installation were repurposed by Hoffman and collaborators like Camp Firebelly for subsequent displays elsewhere in Chicago, reflecting its temporary nature tied to the buildout timeline. Maintenance during erection involved artist coordination with site safety protocols, incurring limited costs absorbed into development budgets, though the piece's endurance lay more in cultural resonance than physical permanence.^[112]

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[111]
C O L L A B O R A T I O N - D A M I E N J A M E S
This is one of the letters I contributed to the You Are Beautiful State Street mural back in 2006. The installation spanned the entire length of Block 37 ...
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The High Price of Generosity - Chicago Magazine
Feb 26, 2013 · A gigantic “You Are Beautiful” wood mural spanned Block 37 at State Street for years while it was under construction, and the same panels are ...<|control11|><|separator|>
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Public Art — you are beautiful wine
Block 37 Scaffolding Structure for Department of Cultural Affairs, Chicago, IL. ... Interested in bringing a You Are Beautiful installation to your city? Email ...