Chicago’s Block 37 mall is under new ownership.
The sprawling Loop complex has been acquired by local real estate firm Edwards Realty Company for $30 million according to a report from CBS Chicago.
The realty group is seeking to convert the shopping hub into an “experiential destination,” according to a quote obtained by CBS.
Specifics of the redevelopment remain undisclosed, including information on how the acquisition could impact existing retail and entertainment tenants.
Edwards Realty Company did confirm plans for a mix of entertainment, retail, brand partnerships, and year-round programming.
Currently, the mall houses an AMC movie theater, Magnolia Bakery, The Flip – Chicago Playable Pinball Museum, and other attractions.
Block 37 originally opened in 2009, according to CBS, and has changed hands multiple times since its inception.
In 2011, Bank of America acquired the mall in an auction for $100 million. The CIM Group then purchased the property in 2012 before putting the mall up for sale in 2023.
The most recent sale to Edwards Realty Company represents a 70% decrease from the price Bank of America paid at auction in 2011.
