A new, multi-family residential tower will soon be coming to the South Loop. Joining in with a number of developers already constructing towers in the same part of Chicago, Golub & Co. teamed has with a mixed-use complex owner to construct the 41-story high-rise.
Located at 1001 S. State Street, Golub is working with CIM Group of Los Angeles on the project. Planned for 397 units, the $130 million project is CIM Group’s second largest apartment development in the city. The same company is behind the Block 37 shopping center, constructed in 2012 on State Street. It also is behind the 690-unit residential tower that tops it. This makes more than 1,000 apartments being constructed by CIM Group in the city.
The new apartment tower is expected to be ready for the first tenants to move in sometime during summer of 2016. Under construction by Walsh Construction, architect Solomon Cordwell Buenz designed the new tower. Golub paid the city $6 million for the development site in 2013.
In total, a wave of residential construction is expected to add another 9,500 apartments to Downtown Chicago by late 2016. Golub broke ground in summer of 2014 on a Streeterville tower of 490 units. It is also behind the development of an Oak Park building containing another 270 units. As well, in summer of 2014, Golub purchased Chestnut Place. The Gold Coast high-rise was constructed in the 1980s. At the time, Golub had planned to spend roughly $5 million to fix it up.