Troubled Project Might Open Soon on Block 37 in Chicago

November 13, 2009 • Fashion


The ill-fated "Block 37" is looking to add some more tenants to the neighborhood. Though there is a current foreclosure lawsuit looming, the developers of the infamous Chicago block are pushing to open a section of the center before Thanksgiving.The 285,000 square foot component at 108 North State Street will include several quality retail stores, such as Zara, Steve Madden, Puma, and Swarovski.

Last month, a group of banks lead by Bank of America filed suit against developer Joseph Freed & Associates LLC charging that the company defaulted on $128.5 million. The Cook County Circuit Court set a hearing for November 20 on the banks' request to put the project in receivership.

Joseph Freed, who has publicly called the suit a “misguided action that could halt the project,” has signed leases with 13 new tenants and local specialty stores that would open in the center at a later date. “This is not an easy project and never has been,” Freed explained. Freed and Associated had taken over the project and been it since April of 2007.

The block, which is opposite of Macy's on State Street, has had a bit of trouble since the site was razed in 1989.It has shifted from developer to developer ever since, hence the jinxed disposition.

-Taneisha Jordan

Source: WWD

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