Full Breakdown
Edwards Realty Co. Acquires Block 37, Plans Experiential Revamp
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Core Event: Acquisition and Rebranding Plans
Edwards Realty Co., an Orland Park developer, announced the purchase of the Block 37 shopping complex in Chicago’s Loop for $30 million. The firm will reposition the five-story, 278,000 sq ft property as a “modern experiential destination,” adding new branding, a refreshed color palette, and updated signage. President Ramzi Hassan said the rebrand should be complete within six months, with visible changes possible as early as the start of 2027. Financing came from Republic Bank, LFI Energy, and The Rose Family Office.
Background & Context
Block 37 opened in 2009 amid the Great Recession. After a 2011 foreclosure, Los Angeles-based CIM Group bought the asset in 2012 and added a 38-story residential tower in 2016. Over the past decade the mall has struggled with vacancies and several failed development proposals. The complex also includes office and residential components owned by other parties.
Data & Statistics
- Purchase price: $30 million.
- Current occupancy: about 65 % (Hassan).
- Existing tenants: AMC Theatres, Zara, Sephora, Five Iron Golf, and Banana Republic Factory Store.
- Chicago retail vacancy (state-wide) reported by Colliers at 7.7 % (Aug 2026).
- State Street storefront vacancy cited by John Vance, Stone Real Estate, at 28.8 % (2025).
Official Statements & Responses
Hassan emphasized that Block 37’s “solid base” needs a new vision to align with the Loop’s evolving population. He outlined keeping the first two floors for traditional retail, converting the vacant third floor to entertainment and experiential uses, and adding an “incubator” space for small businesses. Edwards Realty’s release noted that the deep-discount purchase price enables “highly competitive lease terms” for prospective retailers and experience-based operators.
Why It Matters / Impact
The redevelopment aims to turn an underperforming asset into a destination that draws repeat foot traffic, potentially boosting the Loop’s retail health. By increasing experiential and locally-sourced offerings, Edwards Realty hopes to capitalize on post-pandemic consumer preferences for unique, in-person experiences. Success could encourage further investment in downtown Chicago retail, complementing projects such as the $170 million renovation of Water Tower Place and the $40 million upgrade of The Shops at North Bridge.
Conflicting Reports & Gaps
Sources uniformly cite a 65 % occupancy figure, though one description frames it as “about two-thirds occupied.” Vacancy metrics differ: Colliers reports city-wide retail vacancy of 7.7 %, while Stone Real Estate provides a State Street estimate of 28.8 % for 2025. No independent verification of the projected six-month rebranding timeline is provided.
Verbatim Quotes
- “Block 37 sits on one of the best corners in downtown Chicago — and it’s never acted like it,” — Ramzi Hassan, president
- “We have the unique opportunity to pair aggressive leasing and merchandising to build the right mix for the property,” — Aaron Gadiel, senior vice president of tenant relations and marketing at Edwards Realty Company
- “State Street has caught some momentum, it’s like the Magnificent Mile was about two years ago,” — John Vance, real estate principal