Block 37 Development Update- Apartment Tower on the Horizon?

Block 37 Development Update- Apartment Tower on the Horizon?
Image Courtesy Block37.com

We've been talking about Block 37 for years.  Back in 2010, we rated it #2 on our most disappointing developments.  There was nothing too exciting about Block 37 until recent rumors began to hint at an upscale apartment building.

Today, Alby Gallun and Crain's gave some insight into the proposed plan: a 500 unit apartment building in the heart of the Loop.

There's been plenty happening in the Loop as of late and Block 37 seems like a great plan but is this just another instance of Block 37's bad luck with  timing?

Some History:

After decades of being unused, in 2005 Block 37 finally had a plan everyone got on board with.  With the hype surrounding this project the Loop seemed to have a new central hub.  Block 37 was soon to be home to an Apple Store, Lululemon, CLub Monaco, a LEYE restuarant, Muvico Theatres, David Barton's gym, and s o much more.  That was back in 2006. That was before tenants started pulling out and the lawsuits began.

Apartment Towers In The Loop:

Back n 2011, Related (of 500 Lake Shore Drive fame)  took over the half-constructed concrete monstrosity that was formerly known as Waterview Tower and promised to bring new life to it.  Their Clark and Wacker apartment building promises to be a prime example for Loop living chic.

The challenge is, with so many new buildings, many of them apartment, Block 37 may be late to the party.
According to Crain's and the Appraisal Research report:

After completing 2,695 apartments in the greater downtown area last year, developers will finish 2,269 units this year and another 4,200 in 2015.

Given Block 37's rocky history do you think this will be a game change or just this another flashy plan plagued with delays and disappointment?

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