Golub & Co. has teamed up with the owner of the Block 37 mixed-use complex to build a 41-story apartment high-rise in the South Loop, joining the pack of developers putting up multifamily towers in the city.
The joint venture between Chicago-based Golub and Los Angeles-based CIM Group has begun work on the 397-unit project at 1001 S. State St., which will cost about $130 million to build, said Golub President and CEO Michael Newman. The venture is moving forward before lining up a construction loan but is in talks with lenders interested in financing the development and probably will have a loan lined up in the next month or so, he said.
“We didn’t want it to hold up our groundbreaking,” he said.
It’s the second big apartment development in Chicago for CIM, which bought the Block 37 shopping center on State Street in the Loop in 2012 and began construction this fall on a 690-unit apartment tower on top of it—the biggest multifamily project in the Loop in decades.