Block 37, Square 1
By Matt Wood in Arts & Entertainment on Nov 16, 2005 8:15PM
Construction has finally begun on Block 37 in downtown Chicago. Well, a few golden shovelfuls of dirt have been excavated at least. Mayor Daley and a host of CBS 2 luminaries hosted a glitzy groundbreaking ceremony (see fancy tent and red carpet above) for the long-awaited but often-delayed development on the block bordered by Randolph and Washington, State and Dearborn. Boss Daley hoisted a golden shovel amidst dancers, confetti, and magicians at the party, which a corporate event planner told the Sun-Times probably cost CBS and the site's developer, Mills Corp, about $175,000 to host.
CBS 2 confirmed that it will be moving its headquarters to a new building on a corner of the lot, which should be finished by 2007. The CTA is also building a new underground station connecting express lines to both airports. But other than that there are no solid plans for the promised residential, retail, restaurant, and hotel space on the block. Mills has reportedly secured a few deals with commercial tenants, but no big anchor stores or tourist attractions yet.
The site has a troubled and expensive past. The city sold the land to Mills for $12.5 million after buying it back from a previous developer for $32.5 million, and has committed $42.4 million in subsidies for the site's development.
All that money, all those plans, and still we have a gaping hole in the middle of the Loop. Chicagoist finds that hard to believe, especially since a report by the Brookings Institution shows that Chicago led the nation in downtown housing through the 90s. As of 2000, over 72,000 people lived in the immediate downtown area, and that number has surely skyrocketed during the real estate boom of the last five years. We can't believe no one threw some high-rise condos and a half dozen Starbucks in there by now. What is it about that block, is it just too much space for one developer to handle? Or do people just love that Plug Bug mural so much, they've put a curse on anyone trying to cover it up?
Photo courtesy of Devyn from looper.