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The proposal, backed by the Chicago Loop Alliance, hardly seems radical, but it's probably not entirely adequate to the stated objective of securing new tenants to the substantially empty, 300,000-square-foot mall - only 35% leased, and continuing to hemorrhage tenants. Just this month, Beard Papa closed its pedway cream puffery. Alternative Shoes pulled out in August and Andy's Custard shut down in July. Block 37 was acquired for $84 million by Los Angeles real estate firm CIM Group this past April from Bank of America, which had worsened the mall's problems by blocking a lease to the Muvico chain for a multiplex proposed for the hard-to-rent upper-floor space.
Early in the design of the mall, it was to include a wrap-around digital art work, quickly eliminated, leaving reflections of the Ford Oriental marquee across the street the only animator of Block 37's woven metal facades . . .
PR event of the year. You can see video of it here.
|photos courtesy Fancy agency|