site currently development urban center located loop community area downtown chicago illinois building structure developed project inherited property sold retail development responsibilities undertaken associates located square block bounded clockwise north known designated number original blocks city project broke ground november july construction phase began july marked opening structures shopping center opened november contracted develop underground transit center beneath jointly funded planned project includes new subway station track connections common downtown airport check facility train service hare midway airports purchase april project stalled pulled project current economic climate stalled project delays completion caused project lose major tenants histories financial difficulties demolished contested redevelopment plan new chicago mayor debates included demolition proceeded decided private preservation groups standing challenge city decision site cleared initial redevelopment plan fell subsequent plans leaving block vacant undeveloped nearly generation financial difficulty past reputation changing financial climate caused delay contractors feared getting paid construction cost delays forced city chicago million november developer declared default named receiver february building remained percent occupied space bankruptcy proceedings construction apartment tower began october retail spaces remained percent leased time details according plans composed united structures story residential tower called story hotel tower called street story tower called point talk hotel tower abandoned favor second residential tower recently hotel tower anticipated structures rise lower level retail space expected eclectic mix shopping entertainment dining lower retail floors plans underground transit station providing express service hare midway airports local connections red line connecting stations respectively million cost limited interest private operator express service november city proposed new financing enable build room planned hotel main floor feature transparent project clear glass street level views multiple structures feature approximately square feet retail entertainment dining space square feet office space room hotel unit residential tower state art transit station providing service chicago hare midway airports flanked west east company building central business district includes james thompson center office building blocks history legislature appointed commissioners locate canal layout surrounding town commissioners employed survey town chicago time population historians regard august filing official recognition known chicago block city original blocks layout town block home chicago largest theaters late 19th century tall office buildings block block densely developed buildings housing theaters offices retailers like june mayor announced broad urban renewal initiative centered theater district ensuing years numerous private developers notably planned large mixed use developments site mall state street hotels office towers property assembly facilitated mayor creation tax financing district gave urban renewal effort steady revenue stream eminent domain authority demolished mayor approved demolition erect multi use skyscraper retail hotel office residential spaces mccarthy building chicago landmark stripped landmark status objection public interest groups order block cleared block central location loop state street retail district city county government complex street theater district history city history block nearly vacant city block attempts redevelopment failed chicago politics insufficient funding past developers single remaining building block architecture active building power great portion loop chicago mayor approved million develop series subsequent alternate redevelopment plans prior redevelopment plans block original original block demolished included story tower designed inc failed plan solomon plan including foot story residential tower story story retail base followed story design scheduled completion developments fell property city possession city initiated competition development rights property city sold property million loss mills sold development rights associates city committed million tax funding city learned development million budget complex originally developed commercial real estate developer best known ownership numerous super regional shopping inherited development rights corporate difficulties mills troubles began november revelations large losses failed projects cash investigation accounting sec inquiry upgraded formal investigation march formal investigation allows use additional techniques april simon property group announced joint acquisition share common stock troubles march contractors halted construction fears paid caused reconsider lease commitment result value project declined project rights difficult mills close deal german investment firm prior difficulties chicago developer international real estate investment company headquartered chicago closed office space portion project mills eventually sold retail space rights chicago developer previously purchased nearby scott company building located closed early mills legal certain square feet claims mills knew measurements floors actually totalled square feet contracted square feet claims affiliate induced agree lease bound fact measurement space additionally claims mills acted administration plans elimination proposed hotel favor second apartment tower required agreement addition sued residential portion project given freed claims accepted office space project low profit expectation making larger profit residential portion court ruling paved way mills terminate contract chicago based develop project residential towers sell residential portion project loop developer including moved retail transit portion mixed use development october developer ran money freed technically march cost exceeding million august freed owes million million construction loan according lawsuit filed november developer announced landed new tenants open succeeding months november circuit court judge stripped freed development rights turn responsibility day partial occupancy permit underground connecting red line blue line floor retail space granted freed claimed loan payments current default based receiver scheduled file status report court december report including january march acquired million property credit bid million sheriff sale february expected close negotiated purchase entire square foot shopping center progress phase construction purchased property project city november phase project groundbreaking began formally november followed winning competition master developer having plan approved city letters intent chicago broadcast center new concepts creator hugo frog bar creator hollywood future tenant commitments signed lease occupy square feet floors making largest tenant office tower april mills announced lease commitment square feet space offices showcase television studio february developer announced theatre mexican restaurant coffee shop named restaurant located state street complex june confirmed opening level flagship store block reported screen october spanish clothing store signed lease german athletic wear company athletic wear british clothing label confirmed retailers include sporting seller hair skin products retailer body bath products retailer stores rumored considering block time home phase construction july retail construction began retail portion construction cbs building building serve corporate headquarters story building feet height series previous failures project marks time redevelopment gone past ground breaking construction phase construction tower state street visible phase construction contracted completed march enable early lease present location drive financial troubles caused delays necessitated intended occupy half building seek lease proposals downtown office towers suffer penalties damages unable lease hesitant pursue opportunities lease market price low square foot june board scheduled hear city plan phase construction rapid transit station block plan included million additional tax financing comes extra million excess forces building developer agreed accept million cost round assistance covers costs incurred date funds committed station development halted funds arise original budget million costs date million year costs million budget city seeking private investment construction finally began building hotel residences end beautiful construction local artists created letters place temporary construction wall posted wall adjacent temporary pedestrian walkway construction site phrase beautiful spelled languages completion september mixed use story building held ribbon cutting ceremony cbs studio includes feet outside video display controversial addition loop community moved global headquarters building world luxury shared office host individual rent 15th floor space includes spa pool hall recording studio graphic design shop audio visual board room shopping center expected include coach operates food court water tower place operate cafe food court market floor occupied pulled david gym largest tenant project pulled project favoring instead south loop reason gym opted delayed opening mall scheduled fall opening fall scheduled march withdrew agreement month later signed agreement develop new corridor property bounded street avenue apple backed lease backed lease located apple march tenant included chicago crystal fast casual face declining advertising revenue cbs sought studio hotel built forthcoming years november underground connecting blue line red line opened following day shoes opened retail establishment structure february theatre food court gym opened longer planned building remained percent occupied time retailers commit developer battled bankruptcy court apartment building began moving forward adding rental residential tower atop march rumors began apartment building exceeding units planned september issued press release obtained permits story unit apartment tower described biggest apartment tower loop seen decades official commencement glass walled project october expected completion summer include amenities outdoor pool spa plus rooftop spa fitness center time retail spaces percent occupied apartment building construction eliminated plans build hotel atop structure apartment building construction coincided plans bring screen movie theater building 4th floor theater opened doors december scheduled loop major chain movie theatre theatre chicago theatre patrons order food touch button seats gallery
108 North State Street