Golub and CIM Begin Construction of 41-Story Residential Mixed-Use Development in Chicago

Chicago-based Golub & Company together with co-developer CIM Group, today announced the start of construction of the 41-story multifamily residential tower at 1001 South State Street in Chicago’s South Loop. The 440-foot-tall building being constructed at the corner of 9th and South State Street will offer a wide range of apartment sizes and amenities.

The Solomon Cordwell Buenz-designed contemporary glass and steel development has been shaped to align with the neighborhood’s vision of mixed-use residential, retail and entertainment properties that encourage community interaction. It will include 397 market-rate apartment units comprised of a range of studios to three-bedroom residences on 34 floors and three levels of semi-enclosed parking spaces for 248 cars. The approximately 7,800 square feet of street-level retail space will improve the streetscape and create opportunities for engagement with the neighborhood.

A large roof-top terrace and event rooms located on the building’s 40th floor offer panoramic views of the lake and city skyline, and an outdoor swimming pool and sundeck located on the 5th floor add to the quality amenities. Other features include a fitness area, media center, and bicycle facilities. The building is designed to achieve LEED certification, with environmentally-friendly features including a green roof area, shade trees around the building and sustainable roofing materials. Walsh Construction is the general contractor.

“We see strong demand for luxury apartments in the South Loop, based on the rising appeal of the neighborhood and its proximity to downtown and the lakefront,“ said Golub President and CEO Michael Newman. Prasan Kale, Golub & Company’s development manager, added, “We are rising to meet ever-increasing demand for luxury high-rise apartment living in one of Chicago’s fastest growing neighborhoods."

“CIM identified Chicago’s South Loop as a CIM Group Qualified Community as it possesses the attributes that fit CIM’s longstanding investment model, one that focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks,“ said Avi Shemesh Co-Founder and Principal of CIM Group. “1001 South State Street is a desirable luxury residential project that meets the growing demand for luxury residences in this transforming community.“

About Golub & Company LLC

Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Since its founding more than 50 years ago, the company has owned, leased or managed more than 45 million square feet of commercial and multifamily real estate properties valued in excess of $8 billion. Access more information by visiting www.golubandcompany.com.

About CIM Group

CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.

Source: http://www.cimgroup.com/

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