Block 37 aims to become more than a Loop "cut-through"
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Block 37. Photo: Carrie Shepherd/Axios
A Chicago company has purchased Block 37 in the Loop with plans to make it more of a destination and less of a cut-through.
Why it matters: The mall sits on prime real estate between State, Washington, Dearborn and Randolph Streets, but aside from a couple of anchor tenants, it isn't much of a draw for locals or tourists.
Driving the news: Edwards Realty Company bought the property from CIM Group for $30 million in a deal that closed Tuesday.
- That's about a third of what CIM Group paid when it bought the mall out of foreclosure for $84 million in 2012, Crain's reports.
Context: The new owner says in a press release that it plans to add retail, entertainment, and year-round programming.
- Edwards focuses on revitalizing underperforming mixed-use properties.
- It also owns Gateway Plaza in Orland Park, LaGrange Crossing and other suburban shopping centers.
Reality check: For many Chicagoans, Block 37 now serves as a pass-through on the way to the CTA Red and Blue Lines.
What they're saying: "Block 37 sits on one of the best corners in downtown Chicago—and it's never acted like it," Edwards Realty Company president Ramzi Hassan said in a release. "It's always been a place people cut through. We're creating a place they come back to."
State of play: Retail spots at Block 37 include Zara, Akira and Banana Republic Factory.
- Magnolia Bakery and The Dearborn are two restaurants in the mall, along with an AMC theater.
Flashback: CIM Group has attempted to sell the property at least twice in the last decade.
What's next: A spokesperson tells Axios Edwards isn't ready to go into details about future tenants.