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Daley Still Cheery on Block 37's Future
Produced by Tony Arnold on Tuesday, September 15, 2009
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Chicago Mayor Richard Daley says he's not too worried about the future of a troubled parcel of land in the downtown Loop.
Block 37 is the now-infamous property along State Street that's had problems finding retailers willing to invest in it. Earlier this week, Loews Hotel became the latest company to drop out of the development due to money problems.
Mayor Daley says retail is suffering across the nation, but Block 37 is still in demand.
DALEY: It's a good piece of property, Block 37. Right down the street is the Wit Hotel. They're breaking all records. So you know there's energy there. Retail is very, very hard.
Daley says Block 37's struggles have been no different than those of other shopping centers during the recession.
Other tenants to back out of the project include David Barton gym and athletic clothing maker Lululemon. A plan to develop a Chicago Transit Authority super station underneath Block 37 has also stalled.
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