Search
 

Nailing Down Financing May Be Last Hurdle for Block 37

CHICAGO-New, dazzling renditions of the $252-million project could jumpstart plans for the development of the block bounded by State, Washington, Dearborn and Randolph Streets, just east of the Richard J. Daley Center.

By Mark Ruda | Updated on January 22, 2001

CHICAGO-It now appears that only the economy, which stopped Block 37 in its tracks in the early 1990s, can stop plans for the mixed-use development that have languished for more than 12 years. A new design for the city block on North State Street goes to the Plan Commission Thursday, and those drawings may be dazzling enough to get the slumbering project going.

“Right now the question is, can the developer get the the deal signed that confirms pursuit of financing and pursuit of the leases?” Christoper Hill, former city of Chicago planning and development commissioner, tells GlobeSt.com. Hill, now senior vice president for Grubb & Ellis, adds that question mark could be erased Thursday by a favorable Plan Commission recommendation, and ultimately, a green light from the City Council. “That’s the kind of definitive approval the city can give to get financing.”

However, capital availability may become the new hurdle. The financial climate is not as good as it was a year ago, concedes Brent Minor, a vice president for LaSalle Bank as well as chairman of the State Street Commission and vice chairman of the Greater State Street Council. “I’m a banker and I’m a realist,” Minor said. “But I don’t believe (developer JMB Realty Corp.) will have difficulty with financing. Am I concerned? Yes. However, I believe the project will be easier to finance with the product we now have today.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.