Third Time's the Charm
By Scott Smith in News on Nov 8, 2006 6:50PM
The game of Hot Potato continues as the parcel of land known as Block 37 changes hands again.
On Tuesday, Mills Corp. agreed to sell the retail and transit rights on the site bordered by State, Washington and Randolph to Joseph Freed and Associates of Palatine. Freed also is developing the space currently occupied by Carson’s for future use.
The Tribune quotes Freed senior vice president Steven Jacobsen as saying "We're very bullish on this location based on its 24-hour-a-day population base." Chicagoist was unable to find any data on the retail buying habits of homeless people and overnight construction workers, but several businesses have already expressed interest in the site.
The complex, which should be completed in fall of 2008, is set to hold retail stores, condo residences, a CTA superstation with express service to the airports, and parking for 400 cars. Mills sold the residential rights to Chicago-based Golub and Co.
The area known as Block 37 has been empty – aside from some ice skaters and the occasional craft show – since 1989.
Image via Looper-312